The global Soy Protein Ingredients Market size was valued at USD 7.81 billion in 2022 and is predicted to reach USD 12.25 billion by 2030 with a CAGR of 5.8% from 2023 to 2030. Soy protein ingredients are derived from soybeans and are a popular plant-based protein source. They are commonly used in food and beverage products as a replacement for animal-based protein sources or as a supplement to boost protein content.
Soy protein ingredients can be produced in various forms, including soy protein concentrate, soy protein isolate, and textured soy protein. One of the major advantages of soy protein ingredients is that they contain all essential amino acids required for the body. Soy protein ingredients are also low in fat, cholesterol-free, and contain a range of vitamins and minerals.
Additionally, soy protein ingredients have been linked to a range of potential health benefits, including reducing the risk of heart disease and certain cancers, as well as aiding in weight management. Soy protein ingredients are used in a variety of food and beverage products, including meat substitutes, dairy alternatives, energy bars, and nutritional supplements. They are also used as an ingredient in bakery and snack products, such as bread, crackers, and granola bars.
Soy protein ingredients can improve the nutritional profile of these products by boosting protein content and providing a range of other beneficial nutrients. In addition, soy protein ingredients are popular among consumers following vegetarian or vegan diets, as they provide a plant-based protein source that is free from animal products.
The growing adoption of soy proteins across the world owing to the high nutritional value of soy as they are naturally cholesterol-free and low in saturated fat and cheaper alternative to animal proteins found in meat, poultry, fish and seafood is driving the growth of soy protein ingredients market.
Moreover, the use of soy as animal feeds in livestock and poultry farms as a protein supplement and primary energy source in poultry diets is further driving the soy protein ingredients market. Furthermore, increasing consumption of soy beverages across the world owing to the increasing health concerns among people related to dairy based beverages and carbonated beverage is driving the growth of soy protein ingredients market.
However, factors such as the presence of phytate antinutrients in soy that poses a risk for people with iron or zinc deficiency is restraining the growth of the market. On the contrary, introduction of organic soy protein as they are rich in nutrients including B vitamins, fiber, potassium, magnesium, and high-quality proteins is expected to create ample opportunities for the soy protein ingredients market in coming years.
The soy protein ingredients market share is segmented on the basis of type, nature, form, application and region. Based on type, the market is divided into soy protein isolates, soy protein concentrates, and soy flours. On the basis of nature, the market is classified into organic soy proteins and conventional soy proteins. Based on form, the market is categorized into solid/dry and liquid.
On the basis of application, the market is classified into food and beverages, animal feed, nutrition & health supplements, and others. The food and beverage segment is further divided into bakery and confectionery, meat alternatives, dairy alternatives, beverages, and others.
Based on distribution channel, the market is categorized into specialty & convenience stores and e-commerce. Regional breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia Pacific, and Rest of World (RoW).
North America holds the dominant share of the soy protein ingredients market, and is expected to continue its dominance during the forecast period. This is attributed to the factors such as high consumption of bakery products such as breads, donuts and cakes in this region that uses soy flour as it increases water absorption of the dough, requires less mixing time and decreased fermentation time.
Moreover, the presence of major market players such as Dupont De Nemours Inc, Cargill Inc and ADM further boost the market growth for soy protein ingredients in this region. For instance, in August 2022, Archer Daniels Midland (ADM) and Benson Hill partnered to scale Benson Hill's Ultra-High Protein (UHP) soybeans for use in plant-based food ingredients. Under this collaboration, ADM will bring innovative ingredients that feature less-processed proteins with significant water savings.
In addition, ADM and Benson Hill aim to make UHP soybeans a key player in the ingredients space, allowing plant-based food and beverage producers to meet demand for meat alternatives and other products using soy as a key ingredient. Furthermore, in February 2020, Cargill launched a range of plant-based patty such as soy patty and ground products for foodservice and retail sectors. It will be available in stock keeping units of 8-ounce soy patties with options of private label.
On the other hand, Europe is expected to show a steady rise in the soy protein ingredients market owing to the presence of high number of vegan people in countries such as the UK, Austria, Germany and Sweden that depends on plant-based proteins such as soy to meet their protein requirements. According to the statistics of Our World In Data, as of 2023, 11% of the total pupation in the UK is vegetarian. It shows there is a significant opportunity for the demand for the soy protein ingredients across the region that follows vegetarianism.
Moreover, growing health awareness among people and the increasing adoption of soybased cereals, nutritional bars and functional beverages in the region is further driving the growth of soy protein ingredients market in this region.
Various market players operating in the soy protein ingredients industry includes Dupont De Nemours Inc., Archer Daniels Midland (ADM), Cargill Inc, Kerry Group, Now Foods (Now Health Group, Inc.), Burcon Nutrascience Corporation, Sotexpro SA, Farbest Brands, Wilmar International, and CHS Inc. among others.
These market players are expanding production capabilities and launching numerous products across various regions to maintain their dominance in the soy protein ingredients market. For instance, in April 2022, Archer Daniels Midland (ADM) invested 300 million USD to expand its alternative protein production in Decatur, Illinois. Through this investment, ADM will be able to enhance its alternative protein production capabilities to meet the growing demand of soy proteins.
Moreover, in February 2022, Benson Hill launched high protein soy flour under the brand name TruVail. TruVail ingredients are sourced from Benson Hill's proprietary Ultra-High Protein (UHP) soybeans that reduces the need for additional processing steps typically required to concentrate protein levels. This launch will help Benson to expand its product portfolio and enhance its market presence.
The report provides a quantitative analysis and estimations of the soy protein ingredients market from 2023 to 2030, which assists in identifying the prevailing industry opportunities.
The study comprises a deep dive analysis of the current and future soy protein ingredients market trends to depict prevalent investment pockets in the market.
Information related to key drivers, restraints, and opportunities and their impact on the soy protein ingredients market is provided in the report.
Competitive analysis of the players, along with their market share is provided in the report.
SWOT analysis and Porter's Five Forces model is elaborated on in the study.
Value chain analysis in the market study provides a clear picture of the stakeholders' roles.
Soy Protein Isolates
Soy Protein Concentrates
Soy Flours
Organic Soy Proteins
Conventional Soy Proteins
Solid/Dry
Liquid
Food and Beverages
Bakery and Confectionery
Meat Alternatives
Dairy Alternatives
Beverages
Others
Specialty & Convenience Stores
E-Commerce
North America
The U.S
Canada
Mexico
Europe
The UK
Germany
France
Italy
Spain
Denmark
Netherlands
Finland
Sweden
Norway
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Singapore
Taiwan
Thailand
Rest of Asia-Pacific
RoW
Latin America
Middle East
Africa
REPORT SCOPE AND SEGMENTATION:
Parameters |
Details |
Market Size in 2022 |
USD 7.81 Billion |
Revenue Forecast in 2030 |
USD 12.25 Billion |
Growth Rate |
CAGR of 5.8% from 2023 to 2030 |
Analysis Period |
2022–2030 |
Base Year Considered |
2022 |
Forecast Period |
2023–2030 |
Market Size Estimation |
Billion (USD) |
Growth Factors |
Growing adoption of soy proteins across the world owing to the high nutritional value of soy Increasing use of soy as animal feeds in livestock and poultry farms as a protein supplement |
Countries Covered |
28 |
Companies Profiled |
10 |
Market Share |
Available for 10 companies |
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
Dupont De Nemours Inc
Archer Daniels Midland (ADM)
Cargill Inc
Benson Hill
Now Foods (Now Health Group, Inc.)
Burcon Nutrascience Corporation
Sotexpro SA
Farbest Brands
Wilmar International
CHS Inc.