Global Soy Protein Market- Size, Trends, Competitive Analysis and Forecasts (2022-2027)

Global Soy Protein Market to be worth be worth $17.1 billion by 2027

Globally, the soy protein market was worth $11,519.8 million in 2021. The demand for plant-based proteins has been growing continuously for the past few years. Growing demand for plant-based proteins can be explained by the increase in the trend of adopting the vegan and vegetarian lifestyle and concerns related to health and the environment. The soy protein industry is highly developed in the North American and European region, and the market is relatively mature compared to the other regions. The emerging countries in the Asia-Pacific and South America present a huge growth potential for the soy protein market primarily because of their large customer base. Based on the current market trend, the soy protein industry is estimated to attain a value of $17,144.7 million by 2027, growing at a CAGR of 6.8% during the forecast period 2022 to 2027.

Soy Protein Concentrate-Most consumed Type

Soy protein concentrate is the most widely used type and accounts for more than 40% market share. In terms of revenue, it stands at $4,981.3 million in 2021. The use of soy protein concentrate is very high in the food industry, mainly as a primary application. It is used as a nutritional ingredient in baked items such as cookies, bread, biscuits, and breakfast cereals. Soy protein isolates contain the highest amount of protein compared to other types. With a growing demand for high protein-containing products across various industry segments, the exploration of other applications of soy protein isolates has intensified.

Food Industry-Major Consumer of Soy Protein

Soy protein is popularly used as both primary and secondary ingredients in the food industry. Soy protein isolates and soy protein concentrate contain high protein, and these soy protein types can be added to food items depending upon the required nutrition. In addition, other soy protein types i.e. textured and hydrolyzed forms of soy protein, are used as a seasoning, texture improvement, taste enhancer, and to improve the aesthetic appearance of food products. The application of soy protein in the food industry represents a market share of 36%.

The beverage industry has recorded a significant surge in product launches and demand for various juices, smoothies, and flavored drinks. Even the market revenue of the beverage industry is expanding at a rapid rate with the growing income of the population in the middle and lower class. In addition, the demand for ready-to-drink products is growing rapidly with the increase in busy lifestyle of the population worldwide. Growing consumer interest in healthy diets has forced the manufacturers in the beverage industry to embrace the popularity of soy and develop healthy beverages.

Asia-Pacific-Opportunity region for the manufacturers

The soy protein market in North America holds the largest percentage share of around 35% of the global soy protein market. U.S. alone represents just less than 60% of the North America soy protein market, while Canada and Mexico contribute around 35%, respectively. Europe has a soy protein market share of 28%. Major drivers for the soy protein market in both regions are the increasing trend of consuming plant-based protein diets, growing health consciousness, and high demand for natural and organic products. In the European region, Germany, U.K, France, Spain, and Russia lead in terms of soy protein market share.

Asia-Pacific is one of the most attractive markets globally. The region has a very high potential due to its large customer base and growing population income at the middle and lower-class level. Major drivers for the soy protein market in the region are growing disposable income, increasing trend of fitness, surging demand for vegetable-based proteins ingrained in the food products, and increasing demand for a variety of beverages such as juices, flavored drinks, etc. with nutritional contents. China, Japan, and India are major markets for the soy protein industry. China and India are leading contenders of the soy protein market in the region because of their high economic growth.

Brazil and Argentina are the most attractive soy protein market as the population in both countries are switching to plant-based food in their diets instead of meat due to rising awareness about the negative impact of meat-based products consumption. The South American soy protein industry has a good potential to grow further as the population in these countries is increasingly demanding protein products. The soy protein market of Africa holds just 5% of the market share. However, due to the agriculture-based economy and high production of soybeans, the soy protein in the region is widely popular compared to the other plant protein products. South Africa, Egypt, and Nigeria are the leading soy protein consumers in the region.

The soy protein industry is relatively older than other plant-based proteins. Leading soy protein producers are primarily based in the U.S. The companies based in the United States possess the latest technological know-how in soy protein processing. The presence of leading research institutes and high financial resources are considered some of the major reasons for this. Cargill Inc., DowDuPont Inc., Archer Daniels Midland, Kerry ingredients Inc., and Wilmar International are among the major players in the market.

Key Deliverables

• Market trends since 2018 and five-year forecasts of market growth
• Detailed analysis of the micro and macro elements influencing demand trends
• Identifying opportunity spaces across segments and countries
• Supply & demand side trend and analysis
• Price trend analysis, investment prospects, and competition pattern
• Insights on the growth potential of the market in key countries
• Detailed analysis of major producers covering financial investments & strategies adopted
• Competitive landscape of the industry