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Soy Protein Market is Projected to Reach $14.1 Billion by 2029, at a CAGR of 9.9% from 2022 to 2029 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®
The rising health concerns and increasing obesity levels in human society have led consumers to cut back on animal protein consumption and switch to plant-based proteins as an alternative. Soy protein is a versatile protein supplement and contains well-balanced amino acids, making it comparable to animal protein. It also contains health-promoting compounds like isoflavones.
The growth of this market is backed by the increasing awareness about the benefits of protein-rich diets, the rising demand for protein-rich food products, the rising health & wellness trends, the increasing demand for meat alternatives, the rising demand from the food & beverage industry, and advancements in ingredient technologies, such as microencapsulation. Moreover, an increasing inclination toward vegan diets and emerging economies in the Middle East & Africa , Southeast Asia , and Latin America provide significant growth opportunities for the players operating in this market.
However, the significant preference for animal-based protein, fluctuating raw material prices, and high demand for soy-free products obstruct the growth of this market to some extent.
Proteins are used in the food industry for both nutritional and functional reasons. The human requirement for proteins can be met by consuming plant-based proteins. Increasing health awareness has resulted in global health and fitness trends in recent years. This has boosted the demand for healthy food products, especially low-calorie, nutritious, and weight-control products.
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The increasing demand for functional food is driven by the increasing prevalence of diseases, health awareness, nutritional requirements, and consumers' willingness to experiment with new products. As a result, the number of food products containing nutritional ingredients has grown significantly in recent years. These global consumer trends have increased the demand for functional food ingredients like soy protein.
Protein is a key ingredient in enhancing the nutritional content of food and improving functionality. A protein's most important functional properties are its water solubility, water & fat binding capacity, gel-forming & rheological behaviors, and emulsifying & foaming capability.
Soy protein is used in food applications because it can form gels, absorb juices during cooking, and have whipping and binding properties. Soy proteins are natural ingredients that are rich in protein and provide an appealing sensory aspect of food, shelf life, and stability in many food applications.
Soy protein is used in the manufacturing of weaning foods, porridge & gruel, cookies, crackers, muffins, bread, cereals, cakes, doughnuts, pasta, dry mixes, tortillas, nan & flatbreads, soups & sauces, ground meat, ground meat for patties, sausages, meatloaves, vegetarian foods, stews & soups, a variety of meat systems, baked goods, and specialty items.
Thus, the functional & nutritional properties and the applications of soy protein in a wide range of food products drive its demand in the food & beverage industry.
To provide efficient analysis, Meticulous Research has segmented this market based on type (soy protein concentrates, soy protein isolates, textured soy proteins, and soy flour, grits, & chunks), crop type (genetically modified organism crops and non-genetically modified organism crops), source process (conventional soy protein ingredients and organic soy protein ingredients), form (solid and liquid), application (food & beverages {meat, poultry, and seafood, bakery & confectionery, meat analogues, dairy & dairy alternatives, beverages, and other food & beverage applications}, animal feed, nutrition & health supplements, and other applications), and geography ( North America , Europe , Asia-Pacific , Latin America , and the Middle East & Africa ).
Based on type, in 2022, the soy protein concentrates segment is expected to account for the largest share of the soy protein market. However, the soy protein isolate segment is projected to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the high demand for soy protein isolates from food & beverage manufacturers due to their nutritional and functional properties, including high protein content, neutral taste, and high viscosity.
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Based on crop type, in 2022, the genetically modified organism crops segment is expected to account for the largest share of the soy protein market. However, the non-genetically modified organism crops segment is projected to register the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the rising trend of consuming non-GMO food products, the rising demand for eco-friendly, natural, and organic food products, and stringent regulations for genetically modified crops in Europe and Asia-Pacific .
Based on source process, in 2022, the conventional soy protein ingredients segment is expected to account for the largest share of the soy protein market. This segment's large market share is mainly attributed to the wide availability of crops grown through the traditional harvesting method (with the use of chemical fertilizers), easy accessibility to cost-effective conventional soy protein ingredients, the longer shelf life of conventional soy proteins, and wide availability of substantial crop varieties. However, the organic soy protein ingredients segment is projected to register the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing demand for preservatives and additive-free products. In addition, the increasing trend of clean-label products, which are natural with fewer chemicals and additives, due to consumers' preferences is also driving the growth of this segment.
Based on form, in 2022, the solid segment is expected to account for the largest share of the soy protein market. The large market share of this segment is attributed to the growing demand for powder soy protein, ease of handling and transport, lower costs, lower chances of formulation errors, and their capability to maintain ingredient stability. Moreover, this segment is also projected to register the highest CAGR during the forecast period.
Based on application, in 2022, the food & beverages segment is expected to account for the largest share of the soy protein market. However, the nutrition & health supplements segment is projected to register the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the changing lifestyles, growing health & wellness trends, and increasing prevalence of diseases.
Based on geography, the protein market in North America is developing and expanding at a significant pace. The large share of this region is primarily attributed to the well-established food & beverage industry, the rising concerns about the negative effects of animal-derived products and protein, the increasing vegan population, the growing preference for plant-based food products, the increasing demand for healthy & nutritional products, the rising health & wellness trends, and the growing consumer awareness about the health benefits of consuming soy protein.
However, Asia-Pacific is slated to register the highest CAGR during the forecast period. The rapid growth of this region is mainly attributed to the large vegetarian population, the growing awareness about the importance of consuming protein-rich diets, technological advancements in the food & beverage industry, and the wide availability of raw materials.
China is expected to dominate the Asia-Pacific market through 2029 as it is the world's biggest food & beverage and animal feed consumer. The substantial change in the consumption pattern within the country has led to increasing demand for soy protein.
The key players operating in the soy protein market are Archer Daniels Midland Company (U.S.), Cargill, Incorporated (U.S.), Kerry Group plc ( Ireland ), International Flavors & Fragrances Inc. (U.S.), NOW Health Group, Inc. (U.S.), Burcon NutraScience Corporation ( Canada ), Sotexpro ( France ), Farbest Brands (U.S.), Wilmar International Limited ( Singapore ), CHS Inc. (U.S.), and Devansoy Inc. (U.S.).
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