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Soy Protein Ingredients Market worth $10.8 billion by 2027 - Exclusive Report by MarketsandMarkets™
Asia Pacific has a significant market share in the soy protein ingredients market which implies that the demand and consumer awareness is high in the region, making it the most lucrative region for soy protein ingredients market players to enter. Other factors such as rapidly rising urbanization, per capita incomes, population, and fast-growing economies with attractive investment opportunities are pulling investments in the industry from various players around the globe. Singapore -based Wilmar International Ltd is a leading and well-established player in the market. It has a dominant share in the region and globally. The knowledge of consumer perception gives it a competitive edge over other players that are not from the fast-growing region.
Soy protein ingredient-based feed is relatively less commercialized than soy protein ingredient-based food in the market. This is because the demand for soy-based products for human consumption is high. The animal end-user market is at a very nascent stage, and the importance of soy-protein ingredients based feed has just started gaining momentum in the market, which already has a big dominant presence of food products in applications such as bakery & confectionery, meat alternatives, dairy alternatives, infant nutrition etc. However, as the awareness in the animal feed segment is on the rise, the demand for the segment is gradually rising, further pushing the players to manufacture products to cater to the interests of the gradually rising market.
A wide range of dairy alternatives, meat substitutes, and baked goods use soy flour in various forms. Soy flour either has soybean's naturally occurring oil content retained to make them full-fat flour, or it can be used as de-fatted flour by solvent-extraction of the oil. Full fat and de-fatted flour products are available in toasted or enzyme-active forms. Soy flour has been gaining considerable significance for processing bakery products, such as bread and cakes, due to its high protein content compared to other plant proteins. Bread made from soy flour is dense, as it is gluten-free. As per a recent article published in Mintel in November 2021 , there is a rise in demand for gluten-free foods and drinks. Thus, manufacturers are exploring various gluten alternatives, including flour derived from soybeans, nuts, fruits, and vegetables. This is further driving the market for soy flour which is projected to grow at a significant CAGR during the forecast period.
The sales of organic food products have seen a spike since the last two decades globally. Though the price of organic food products are relatively at a higher side, consumers are still inclined to buy organic food products owing to their health benefits. A similar consumer pattern is observed in consumers that purchase soy based food products. Thus, players in the market are focused on manufacturing products sourced from organic soy. As a result Organic certifications have started gaining significance in the soy protein ingredients market. Therefore, this exponential surge in consumer demand and preference for organic soy protein ingredients is driving the market.
Though soy protein ingredients in dry form are relatively in high demand, soy protein ingredients in liquid forms are used for specific applications. Soy ingredients in liquid forms are easily blendable, which makes them an ideal preference for beverages and infant nutrition food items. Since they do not have a longer shelf life as compared to powdered forms, they are ready to use and present an ideal choice for RTD beverages.
According to an article published in Forbes in September 2022 , demand for RTD beverages is skyrocketing, fueling the demand for soy protein ingredients in liquid form, making it the fastest growing segment during the forecast period.
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The ethical limitations and consumer awareness regarding personal and environmental health have contributed greatly to the mass shifting of people toward adopting veganism and flexitarian diets. According to a recent report published in
March 2022 by the Plant-Based Foods Association (PBFA), the US plant-based food retail sales reached
USD 7.4 billion , outpacing total food retail sales and showing a growth rate of 6.1% in 2021 from the previous year, despite supply chain interruptions and pandemic restrictions. This growth and increase in the demand for and consumption of plant-based foods are likely to continue during the forecast period and present significant business opportunities for soy protein ingredients.
Similarly, in Mexico , the demand for protein-rich food and beverage products is high due to the highly diversified and multicultural population, which is among the key contributors to the growth of plant-based protein offerings in the region.
The key players in this market include ADM (US) , Cargill, Incorporated ( Sweden ), International Flavors & Fragrances Inc. (US) and Devansoy (US).
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Plant-based Protein Market by Source (Soy, Wheat & Pea), Type (Isolates, Concentrates, & Textured), Application (Food (Meat Alternatives, Dairy Alternatives, Performance Nutrition & others) and Feed), Form, Nature and Region - Global Forecast to 2027
Protein Ingredients Market by Source (Animal and Plant), Form (Dry and Liquid), Application (Food & Beverages, Animal Feed, Pharmaceuticals, and Cosmetics & Personal Care), and Region (NA, EU, APAC, SA, RoW) - (2020 - 2025)
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