Soy Protein Ingredients Market Analysis

Global Soy Protein Ingredients Market Overview

The Soy Protein Ingredients Market Size was valued at USD 8.1 billion in 2022. The Soy Protein Ingredients market is projected to grow from USD 8.7 Billion in 2023 to USD 13.39 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.45% during the forecast period (2023 - 2030). The market is expanding due to the growing vegan population, and escalating consumer demand for nutritious foods is the key market driver for growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Soy Protein Ingredients Market Trends

• Market is expanding due to the growing vegan population boosting market growth

Due to a rise in the demand for soy protein ingredients across infant foods, readymade foods, and packaged foods. Another important factor driving the demand for soy protein ingredients is the rise in infant demand for effective and affordable meat substitutes. Due to the rising demand for soy protein ingredients and the consistent growth in per capita disposable income, the use of soy protein ingredients in infant foods has undergone significant changes. However, rising prices and the threat of substitutes are anticipated to impact both developed and developing nations' overall market growth. Additionally, investments in R & D activities to produce soy protein ingredients that are affordable and high in nutrition will open up opportunities for growth of the soy protein market revenue.

With many uses in the food and animal feed industries, soy protein is one of the most adaptable, wholesome, dependable, and affordable plant-based protein sources. Adopting this plant protein ingredient could be aided by the rising demand for meats free of antibiotics and the diversification of animal nutrition plans. In the U.S., a sizeable portion of total farm production costs is spent on animal feed. As a result of these trends, the demand for high-nutrient animal feeds will increase, improving the quality of the meat produced and boosting the outlook for the sector.

Additionally, the product's demonstrated advantages in improving cardiovascular and gastrointestinal health while controlling cholesterol levels. Antioxidants, vitamins, and minerals found in soy protein isolates, including zinc, iron, and isoflavones, can help prevent bone loss brought on by menopause or certain cancers. Since soy protein isolate has a low-fat content and a bland flavor, it is frequently used in dairy products, infant formulas, and functional foods. This helps meet the younger generation's demand for protein-rich foods, improving the market outlook and enhancing the Soy Protein Ingredients market CAGR globally in recent years.

Soy Protein Ingredients Market Segment Insights:

Soy Protein Ingredients Type Insights

Based on type, the Soy Protein Ingredients market segmentation includes Soy Protein Concentrates, Soy Protein Isolates, and Soy Flours. The Soy Protein Isolates segment held the majority share in 2022 contribution concerning the Soy Protein Ingredients market revenue. The product's demonstrated advantages in improving cardiovascular and gastrointestinal health while controlling cholesterol levels. Antioxidants, vitamins, and minerals found in soy protein isolates, including zinc, iron, and isoflavones, can help prevent bone loss brought on by menopause or certain cancers. Since soy protein isolate has a low-fat content and a bland flavor, it is frequently used in dairy products, infant formulas, and functional foods. This helps meet the younger generation's demand for protein-rich foods, improving the market outlook.

June 2021: Sojaprotein, a top producer of non-GMO soy ingredients, was acquired by Archer Daniel Midlands. By serving a wider customer base, the company hoped to increase its geographic presence and market penetration through this acquisition.

Soy Protein Ingredient Applications Insights

Based on Applications, the Soy Protein Ingredients market segmentation includes Food & Beverages, Feed, and Pharmaceuticals & Nutraceuticals. The Feed segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Animal farming is expanding quickly, and there is a growing demand for healthy, high-protein livestock diets. According to USDA statistics, the gross cash farm income was expected to increase by 14% from 2021 to 2022. Additionally, given that most GMO crops are used in U.S. S. To meet shifting consumer demands, the production of GMO soy protein powder is anticipated to soar. However, the potential risk of allergic reactions may restrict the consumption of GMO foods to some extent, harming the market's dynamics. Implants for Soy Protein Ingredients positively impact the market growth.

Figure 1: Soy Protein Ingredients Market, by Application, 2022 & 2030 (USD Billion)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Soy Protein Ingredients Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. In North America, the Soy Protein Ingredients market accounted for USD 3.7 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. Most of its uses are in the food and beverage industry. With a volume share of 44% in 2022, meat and dairy substitutes dominated consumer demand. This expansion can be attributed to the rising demand for plant-based products, particularly in the United States and Canada, where there were roughly 10 million vegans in total as of 2021. The United States significantly contributes to the demand for soy protein in the region as one of the world's largest producers of soybeans. Production of soybeans reached a record-high 4.44 billion bushels in 2021, an increase of 5% from 2020.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: SOY PROTEIN INGREDIENTS MARKET SHARE BY REGION 2022 (%)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s Soy Protein Ingredients market accounts for the second-largest market share. Because of the growing health consciousness, the demand for natural and sustainable ingredients is rising quickly over the forecast period. Consumers' worries about environmental harm and the unethical treatment of animals in intensive farming systems have grown over the past few years, increasing demand for sustainable protein. The demand for plant proteins has increased in most of Europe. Further, the Germany Soy Protein Ingredients market held the largest market share, and the UK Soy Protein Ingredients market was the fastest-growing market in the European region.

The Asia-Pacific Soy Protein Ingredients Market is expected to grow at the fastest CAGR from 2022 to 2030 due to high production capacity, which lowers the cost of the ingredient and increases volume consumption. The processing of soy protein isolates, a key component of many plant-based foods, takes place in the Chinese province of Shandong, where about 70% of the world's supply is produced. This factor also makes a significant innovation in the plant-based industry possible, encouraging more customers to try the unique product offerings. During the forecast period, the region is anticipated to experience a CAGR of 5 points 67 percent by value. Moreover, the China Soy Protein Ingredients market held the largest market share, and the India Soy Protein Ingredients market was the fastest-growing market in the Asia-Pacific region.

Soy Protein Ingredients Key Market Players & Competitive Insights

Major market players are spending a lot on R&D to increase their product lines, which will help the Soy Protein Ingredients market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Soy Protein Ingredients industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

Manufacturing locally to reduce operating costs is one of the primary business strategies manufacturers adopt in the Soy Protein Ingredients industry to benefit clients and expand the market sector. The Soy Protein Ingredients industry has provided medicine with some of the most significant benefits in recent years. The Soy Protein Ingredients markets major players such as Archer Daniels Midland Company (US), DuPont (US), Cargill Incorporated (US), Wilmar International Limited (Singapore), The Nisshin OilliO Group Ltd (Japan), CHS Inc. (US), Devansoy Inc. (US), Ag Processing Inc. (US), Ruchi Soya Industries Limited (India), Natural Products Inc. (US), BIC Services (Netherlands) and others are working on expanding the market demand by investing in research and development activities.

DuPont (US) Often abbreviated as DuPont, the French-American industrialist and chemist Éleuthère Irénée du Pont de Nemours founded the multinational chemical company in 1802. The business began as a significant supplier of gunpowder and later played a significant role in the growth of Delaware. In the 20th century, DuPont produced a variety of polymers, including Vespel, neoprene, nylon, Corian, Teflon, Mylar, Kapton, Kevlar, Zemdrain, M5 fiber, Nomex, Tyvek, Sorona, Corfam, and Lycra. Its scientists also produced a variety of chemicals, most notably Freon (chlorofluorocarbons), for the refrigerant. Additionally, it produced synthetic paints and pigments like ChromaFlair.

Also, Cargill Incorporated (US), to nourish the world safely, ethically, and sustainably, Cargill's 155,000 employees across 70 countries work tirelessly every day. We link customers with ingredients, farmers with markets, and people and animals with the food they require to survive every day. We serve as a trusted partner for customers in the food, agriculture, financial, and industrial sectors in more than 125 countries by fusing our 155 years of experience with new technologies and insights. We are constructing an agricultural future that is more robust and sustainable together.

Key Companies in the Soy Protein Ingredients market include

• Archer Daniels Midland Company (US)


• DuPont (US)


• Cargill Incorporated (US)


• Wilmar International Limited (Singapore)


• The Nisshin OilliO Group Ltd (Japan)


• CHS Inc. (US)


• Devansoy Inc. (US)


• Ag Processing Inc. (US)


• Ruchi Soya Industries Limited (India)


• Natural Products Inc. (US)


• BIC Services (Netherlands)

Soy Protein Ingredients Industry Developments

February 2021: To strengthen its position as the largest oilseed processor in the nation, Bunge expanded its soy protein manufacturing facilities by paying USD 12 million for two soy processing plants from the neighborhood crusher Imcopa.

March 2021: Mikio Sakai has been named the new president and CEO of Fuji Oil Group. In addition to the Chocolate and Oil and Fat businesses, Mikio Sakai is working to develop Plant-based Food Solutions as a key concept to expand a third business pillar. Soy meat and soybeans, used as the starting points for plant-based protein, are examples of plant-based food solutions.

April 2022: Fuji Oil Holdings Inc.'s Dutch subsidiary invested in UNOVIS NCAP II Fund, a significant fund focusing on food technology. The company hopes to contribute to a sustainable society by utilizing its plant-based food processing technologies to address the problems consumers face globally.

Soy Protein Ingredients Market Segmentation:

Soy Protein Ingredients Type Outlook

• Soy Protein Concentrates


• Soy Protein Isolates


• Soy Flours

Soy Protein Ingredients Applications Outlook

• Food & Beverages


• Feed


• Pharmaceuticals & Nutraceuticals

Soy Protein Ingredients Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America