Global Soy Protein Ingredients Market, By Product Type (Soy Protein Isolates, Soy Protein Concentrates, Textured Soy Protein, Soy Flours), By Form (Dry, Liquid), By Application, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

In 2022, the Global Soy Protein Ingredients Market was worth US$ 7.9 billion. It is estimated to grow a CAGR of 7.2% between 2023-2032. It is expected to reach US$ 15.6 billion by 2032.

Soy protein is derived from soybeans and is a popular ingredient used in various food products. It is known for its high protein content and versatility, making it a valuable component in many vegetarian and vegan products.

Soy protein ingredients are considered an appropriate substitute for animal protein. It is a key ingredient in plant-based meat substitutes like veggie burgers, sausages, and meatless nuggets. It provides a meat-like texture and helps enhance the protein content of these products. It is used in dairy-free alternatives such as soy milk, soy-based yogurts, and soy-based cheeses.

It can mimic the texture and protein content of dairy products while providing a plant-based option for individuals who are lactose intolerant or following a vegan diet. It is used in some infant formulas as an alternative to cow’s milk-based formulas. It provides a source of complete protein for babies who have dairy allergies or sensitivities.

The rising health consciousness, increasing demand for protein-rich food, and rising demand for affordable meat substitutes are key factors driving the growth of the market during the forecast period. Moreover, the rising working population, along with the easy availability of dairy and soy substitutes, is likely to fuel the growth of the market over the estimated time period. Also, the rise in the popularity of soy supplements among the young population and the launch of new ingredients are expected to support soy protein ingredients market growth during the projection period.

Driving Factors

Rising Health Consciousness

Consumer attitudes towards lifestyle and health-related concerns are reflected by their level of health consciousness. Greater health consciousness generally benefits the soy protein ingredients market since more health-conscious consumers are more likely to buy healthy foods to manage their weight and enhance their overall health.

In the future, 77% of customers intend to take greater steps to maintain their health, according to data from ADM’s OutsideVoice 2020–2021 research platform.  Its research shows that consumers are more focused on the relationship between metabolic health and weight management, eating to improve mental health, interested in personalized nutrition, and intending to spend more money on products related to health and wellness. As soy protein ingredients are useful in enhancing muscle strength, weight loss, and boosting energy, rising health consciousness is likely to fuel the demand for soy protein ingredients market during the forecast period.

Increasing Demand for Plant-Based Meat Substitutes

Many people around the world consider plant-based meat alternatives to be very inventive, healthy, and environmentally beneficial. As more people prefer these food products as a result of their claimed health benefits, which include the prevention of non-communicable illnesses, digestive issues, and obesity, consumer knowledge of these meat substitutes is swiftly increasing. This has been one of the main reasons of the soy protein ingredients market growth.

A lot of non-vegetarians can also enjoy the flavour of animal meat without consuming animal products, owing to this product category. In accordance with the estimates from the Good Food Institute and the University of Bath, 63% of Indian consumers in 2019 were very likely to purchase plant-based meat regularly. Social media influencers and celebrities have played an important role in raising local knowledge of plant-based diets, which has resulted in increased consumption. Thus, rising demand for plant-based meat substitutes is expected to promote the demand for soy protein ingredients market during the projection period.

Restraining Factors

Side-Effects Associated with Soy Protein Ingredients

Soy protein is a known allergen, and individuals with soy allergies may experience adverse reactions when consuming soy-based products. These reactions can range from mild symptoms like hives and itching to more severe ones such as difficulty breathing or anaphylaxis. People with soy allergies need to avoid soy protein ingredients altogether.

Soybeans contain naturally occurring substances called anti-nutrients, such as phytates and trypsin inhibitors. Phytates can bind to minerals like iron, zinc, and calcium, inhibiting their absorption. Trypsin inhibitors can interfere with protein digestion. While processing methods like soaking, fermenting, or heating can reduce the levels of antinutrients, they can still pose a concern for some individuals. Thus, side effects associated with it may limit the soy protein ingredients market growth during the projected time period.

Ban On Genetically Modified Soy Proteins

Several countries around the globe have enacted stringent policies and banned genetically modified soy proteins. The EU has a strict regulatory framework for GMOs, including GM soybeans. While a complete ban on GM crops is not in place, individual EU member states can impose their own restrictions or bans on GMO cultivation.

Several EU countries, such as Austria, France, Germany, Greece, Hungary, and Luxembourg, have either banned or implemented restrictions on the cultivation of GM crops, including GM soy. Switzerland has implemented a moratorium on the cultivation of GM crops, including GM soybeans. The moratorium has been extended multiple times and remains in place. Thus, a ban on genetically modified soy proteins is expected to have a negative impact on the market growth during the forecast period.

COVID-19 Impact Analysis

The food and beverage business as a whole has suffered as a result of the pandemic. Manufacturing operations have been hampered by isolation constraints, a lack of raw material supply, and supply chain disruptions. On the plus side, the demand for food products with high nutritional value and multiple health benefits is increasing.

Soy protein offers several nutritional benefits as well as helps to lose weight, boost energy, and build muscle. The soy protein ingredients market is predicted to grow as a result of the rise in demand for high-protein intake as well as awareness regarding overall health and well-being. Furthermore, as a result of the pandemic’s health worries, customers are increasingly focusing on consuming high-nutritional food products. It is likely to stimulate the demand for soy protein ingredients market in the post-pandemic period.

By Product Type Analysis

Soy Protein Isolates are Witnessing Highest Demand

The soy protein isolates segment dominated the soy protein ingredients market in 2022 with the largest revenue share of 41%. Soy protein isolates are considered a healthy protein option as they are low in fat and cholesterol-free. They also contain beneficial compounds like isoflavones, which are associated with various health benefits, such as reducing the risk of heart disease and certain types of cancer. Thus, key health benefits offered by soy protein isolates are likely to contribute to the segment growth during the projection period.

Moreover, the soy protein concentrates segment is expected to grow at a high rate during the projection period. Soy protein concentrates have a wide range of applications in the food industry. They are commonly used ingredients in meat products, dairy alternatives, bakery products, nutritional bars, etc. The versatility of soy protein concentrates allows manufacturers to incorporate them into various food products to enhance their overall nutritional value. It also improves texture and facilitates moisture retention. Therefore, due to the versatile and large-scale utilization of soy protein concentrates in food applications, soy protein ingredients market is expected to grow at a high rate during the estimated time period.

By Form Analysis

Dry Soy Protein Ingredients Dominate the Market

The dry segment leads the source segment by accounting for a revenue share of 59% in 2022. Dry soy protein ingredients have diverse applications in the food industry. They are used as a functional ingredient in a wide range of products, including meat alternatives, dairy alternatives, protein bars, snacks, beverages, bakery items, and nutritional supplements.

The ability of dry soy protein ingredients to enhance the nutritional profile, texture, and functionality of food products has contributed to their growing demand. Thus, large-scale use of dry soy protein ingredients in various food applications is a key factor stimulating the soy protein ingredients market growth during the forecasted time period.

The liquid segment is expected to witness significant growth over the projection period. With the increasing demand for protein-fortified products, liquid soy protein ingredients serve as a convenient option for fortifying a wide range of food items. They provide a consistent and easily mixable protein source that can enhance the nutritional profile of products without compromising taste or texture. Thus, the growing demand for protein fortification is a major factor stimulating the expansion of the segment during the estimated time period.

By Application Analysis

Food & Beverages is The Leading Application

The food & beverages segment is expected to dominate the soy protein ingredients market with a revenue share of 42% throughout the forecast period. The demand for soy protein ingredients in the food and beverage industry has been steadily increasing in recent years. Overall, the demand for these ingredients in the food and beverage industry is driven by factors such as protein fortification, plant-based diets, health consciousness, functionality, allergen considerations, and sustainability.

Also, infant formulations are anticipated to witness high growth during the projection period. The demand for soy protein ingredients in infant formulations has been significant, particularly in cases where infants have specific dietary needs or when alternative protein sources are required. Soy protein ingredients offer a favorable nutritional profile for infant formulations. They provide all the essential amino acids required for infant growth and development. The application segment has significantly impacted the soy protein ingredients market development.

Additionally, soy protein ingredients contain other nutrients, such as carbohydrates, fats, vitamins, and minerals, which are essential for infants’ overall nutrition. Thus, the high demand for alternative protein sources and the presence of different essential nutrients in soy protein ingredients is likely to fuel the growth of the segment during the projection period.

Soy Protein Ingredients Key Market Segments

Product Type

• Soy Protein Isolates
• Soy Protein Concentrates
• Textured Soy Protein
• Soy Flours

Form

• Dry
• Liquid

Application

• Food & Beverages
• Infant Formulations
• Personal Care & Cosmetics
• Pharmaceuticals & Nutraceuticals

Opportunity

Rising Demand for Organic Soy Proteins

Consumers are increasingly focused on their health and wellness, seeking out products that are perceived as healthier and more natural. Organic soy proteins are seen as a healthier alternative to conventional soy proteins because they are produced without the use of synthetic pesticides, genetically modified organisms (GMOs), and other artificial additives.

Moreover, the sports and fitness industry has seen a surge in demand for protein supplements, and organic soy proteins are gaining popularity among athletes and fitness enthusiasts. Soy proteins offer a complete amino acid profile and are considered a high-quality plant-based protein source, making them an attractive option for those looking to build and repair muscle. Thus, the rise in demand for organic soy proteins is likely to stimulate the soy protein ingredients market growth during the projection period and offer lucrative growth opportunities in the upcoming years.

Trends

Demand for Clean Label Products and Advancements in Manufacturing

Consumers around the globe have shown an increasing preference for clean-label products with minimal processing. This trend has positively influenced the soy protein ingredients industry as well, with a growing demand for minimally processed or non-GMO soy protein ingredients.

Moreover, soy protein manufacturers have been focusing on improving some of the key functional properties of soy protein, such as solubility, emulsification, and gelation. These crucial manufacturing advancements allow for wider applications in various food and beverage products. Thus, increasing demand for clean-label ingredients and advancements in the manufacturing of soy proteins can be considered emerging trends that may contribute to the growth of the soy protein ingredients market.

Regional Analysis

Asia-Pacific Region Leads the Market With Highest Growth

The Asia-Pacific region is expected to hold the largest share of 37 % in the market during the projected time period. The region’s high vegan and vegetarian population is a key factor driving the market expansion. The soy protein ingredients market growth is also stimulated by rising disposable income, along with changes in dietary preferences among the general population.  Additionally, the expansion of the animal feed sector and rising health awareness is anticipated to boost the market growth throughout the forecast period.

Moreover, the North America region is likely to witness high growth during the estimated time period. The growth of the market in the region is driven by key factors such as rising health consciousness among consumers, increasing demand for plant-based products, along with rising popularity of vegetarianism and veganism. Additionally, technological advancements, strategic investments, and the launch of new products are fostering the expansion of the soy protein ingredients market throughout the region during the forecast period.

Key Regions and Countries

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis

The global Soy Protein Ingredients market is reasonably competitive, and major market players are prominent in the market. The market is growing at a high rate due to rising awareness regarding the benefits of soy protein ingredients. Additionally, key technological advancements, new strategic agreements, mergers and acquisitions, and the launch of new products by key market players are likely to have a positive impact on the market growth in the upcoming years.

Top Key Players in the Global Soy Protein Ingredients Market

• Cargill Incorporated
• Archer-Daniels-Midland Company
• International Flavors & Fragrances Inc.
• The Scoular Company
• CHS Inc.
• Devansoy
• Wilmar International Ltd
• Crown Protein Soya Group
• BRF Global
• Doves Farm Foods Ltd.
• Fuji Oil Holdings Inc.
• Other Key Players

Recent Developments

• In February 2022, the debut of TruVail, a new range of plant-sourced protein ingredients that are domestically produced, with particular sustainability benefits, was announced by Benson Hill, Inc., a food technology firm that unlocks plants’ natural genetic variety. TruVail’s initial product range consists of less processed high-protein soy flour which is equivalent to SPC i.e. soy protein concentrate. These texturized proteins are suitable for use in the fast-increasing alternative plant-based protein markets as well as traditional soy protein applications.
• In February 2021, Bunge, a U.S.-based agribusiness and food company, increased its soy protein manufacturing capacity by purchasing two soy processing plants from Imcopa, the country’s largest oilseed processor, for a hefty amount of USD 12 million.

Report Scope