Soy Protein Global Market Opportunities And Strategies To 2031

This report describes and explains the soy protein market and covers 2016 to 2021, termed the historic period, and 2021 to 2026 termed the forecast period, along with further forecasts for the period 2026-2031. The report evaluates the market across each region and for the major economies within each region.

The soy protein market reached a value of nearly $9,358.4 million in 2021, having grown at a compound annual growth rate (CAGR) of 5.2% since 2016. The market is expected to grow from $9,358.4 million in 2021 to $11,893.3 million in 2026 at a rate of 4.9%. The market is then expected to grow at a CAGR of 4.5% from 2026 and reach $14,839.5 million in 2031.

Growth in the historic period resulted from the strong economic growth in emerging markets, growing number of health-conscious consumers, rising awareness associated with benefits of plant-based protein food products, shift towards vegan eating and growth in dietary supplements.

Going forward, government initiatives towards plant-based protein, change in preference of consumers for meat alternatives, increasing adoption of plant-based meat on menus, rising penetration of organized retail, increase in lactose intolerance and rapid growth in ecommerce will drive the growth. Factors that could hinder the growth of the soy protein market in the future include fluctuating soy bean prices, challenges in consistency, stringent regulations and the Russian-Ukrainian war.

The soy protein market is segmented by product type into soy protein concentrates, soy protein isolates, textured soy protein and soy flour, grits, and chunks. The soy protein concentrates market was the largest segment of the soy protein market segmented by product type, accounting for 40.1% of the total in 2021. Going forward, the soy protein isolates market is expected to be the fastest growing segment in the soy protein market segmented by product type, at a CAGR of 5.1% during 2021-2026.

The soy protein market is segmented by nature into organic soy protein and conventional soy protein. The conventional soy protein market was the largest segment of the soy protein market segmented by nature, accounting for 87.9% of the total in 2021. Going forward, the organic soy protein market is expected to be the fastest growing segment in the soy protein market segmented by nature, at a CAGR of 7.1% during 2021-2026.

The soy protein market is segmented by form into powder, ready-to-drink, bars, capsules and tablets and other forms. The powder market was the largest segment of the soy protein market segmented by form, accounting for 62.4% of the total in 2021. Going forward, the bars market is expected to be the fastest growing segment in the soy protein market segmented by form, at a CAGR of 4.93% during 2021-2026.

The soy protein market is segmented by application into bakery and confectionery, meat alternatives, functional foods, dairy replacers, infant foods, other applications. The bakery and confectionery market was the largest segment of the soy protein market segmented by application, accounting for 47.0% of the total in 2021. Going forward, the meat alternatives market is expected to be the fastest growing segment in the soy protein market segmented by application, at a CAGR of 5.3% during 2021-2026.

The soy protein market is segmented by distribution channel into specialty store, convenience store, e-commerce or online sale channel and supermarket or hypermarket. The convenience store market was the largest segment of the soy protein market segmented by distribution channel, accounting for 38.3% of the total in 2021. Going forward, the e-commerce or online sale channel market is expected to be the fastest growing segment in the soy protein market segmented by distribution channel, at a CAGR of 6.1% during 2021-2026.

North America was the largest region in the soy protein market, accounting for 32.4% of the total in 2021. It was followed by Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the soy protein market will be Asia Pacific, and, North America where growth will be at CAGRs of 5.5% and 5.1% respectively. These will be followed by Western Europe, and, South America where the markets are expected to grow at CAGRs of 4.7% and 4.5% respectively.

Soy protein is a protein that is isolated from the soybean, this soybean meal has been dehulled and defatted. The dehulled and defatted soybeans are further processed into three kinds of high protein commercial products: soy flour, concentrates, and isolates. Soy protein is often used in recent times to replace animal proteins in an individual's diet. Plant-based diets are also becoming increasingly popular due to studies establishing that vegetarian, vegan, or pescatarian (those that exclude meat but include fish) had a lower risk of developing moderate-to-severe COVID-19.

The global soy protein market is fragmented, with a large number of small players. The top ten competitors in the market made up to 19.18% of the total market in 2021. The players in the market are focusing on expanding their business and geographical presence in the market through strategic acquisition, new product launches and new manufacturing facility establishments. Archer-Daniels-Midland Company was the largest competitor with 4.09% share of the market, followed by Wilmar International Limited with 3.65%, CHS Inc. with 3.42%, Cargill, Incorporated with 2.87%, Fuji Oil Company Ltd. with 2.47%, International Flavors & Fragrances, Inc. with 2.01%, Royal Ingredients Group with 0.24%, Solbar Ningbo Protein Technology Co., Ltd. with 0.20%, Nordic Soya Oy with 0.11%, and Sonic Biochem with 0.11%.

The top opportunities in the soy protein market segmented by product type will arise in the soy protein concentrates segment, which will gain $999.1 million of global annual sales by 2026. The top opportunities in segment by nature will arise in the conventional soy protein segment, which will gain $939.4 million of global annual sales by 2026. The top opportunities in segment by form will arise in the powder segment, which will gain $1,587.2 million of global annual sales by 2026. The top opportunities in segment by application will arise in the bakery and confectionery segment, which will gain $1,136.0 million of global annual sales by 2026. The top opportunities in segment by distribution channel will arise in the convenience store segment, which will gain $939.4 million of global annual sales by 2026. The soy protein market size will gain the most in the USA at $666.9 million.

Market-trend-based strategies for the soy protein market include on developing new technology to improve the oil, protein, and sustainability profile, focusing on plant-based protein ingredients, using artificial intelligence (AI) to analyze phytonutrients for potential health benefits, focusing on high yield raw materials to reduce processing time and resource consumption and increasing investments in soy protein

Player-adopted strategies in the soy protein market include boosting alternative protein portfolio capacity to cater to the growing demand for plant-based protein, developing new technologies for improving the adoption of plant-based protein, capacity additions and renovations, increasing soy processing capacity, launching plant-based meat alternatives, and investing in research and development across the plant-based sector.

To take advantage of the opportunities, the publisher reccomends the soy protein companies to focus on new technological advancements, use artificial intelligence, focus on development of high yield protein, expand in emerging markets, continue to expand in developed markets, scale up through merger and acquisition activity, focus on competitive pricing, leverage social media to maximize reach, take initiatives to spread awareness, target local stores to spread awareness and target health-conscious population.