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.
Table of Contents
Executive Summary
Soy Protein Global Market Opportunities And Strategies To 2031 provides the strategists; marketers and senior management with the critical information they need to assess the global soy protein market as it emerges from the COVID 19 shut down.
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Description:
Where is the largest and fastest growing market for soy protein? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The soy protein market global report answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider soy protein market; and compares it with other markets.
The report covers the following chapters
- Executive Summary - The executive summary section of the report gives a brief overview and summary of the report.
- Report Structure - This section gives the structure of the report and the information covered in the various sections.
- Introduction - The introduction section of the report gives brief introduction about segmentation by geography, segmentation by product type, segmentation by nature, segmentation by form, segmentation by application and segmentation by distribution channel.
- Market Characteristics - The market characteristics section of the report defines and explains the soy protein market. This chapter also defines and describes goods and related services covered in the report.
- Trends And Strategies - This chapter describes the major trends shaping the global soy protein market. This section highlights likely future developments in the market and suggests approaches companies can take to exploit these opportunities.
- Impact Of COVID-19 - This chapter discusses the impact of COVID-19 on the soy protein market.
- Global Market Size And Growth - This section contains the global historic (2016-2021) and forecast (2021-2026), and (2026-2031) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional Analysis - This section contains the historic (2016-2021) and forecast (2021-2026), and (2026-2031) market values and growth and market share comparison by region.
- Segmentation - This section contains the market values (2016-2031) and analysis for different segments.
- Regional Market Size and Growth - This section contains the region’s market size (2021), historic (2016-2021) and forecast (2021-2026), and (2026-2031) market values, and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region. The market overview sections of the report describe the current size of the market, background information, government initiatives, regulations, regulatory bodies, associations, corporate tax structure, investments, and major companies.
- Competitive Landscape - This section covers details on the competitive landscape of the global soy protein market, estimated market shares and company profiles for the leading players.
- Key Mergers And Acquisitions - This chapter gives the information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- This section includes market opportunities and strategies based on findings of the research. This section also gives information on growth opportunities across countries, segments and strategies to be followed in those markets. It gives an understanding of where there is significant business to be gained by competitors in the next five years.
- Conclusions And Recommendations - This section includes conclusions and recommendations based on findings of the research. This section also gives recommendations for soy protein market providers in terms of product/service offerings, geographic expansion, marketing strategies and target groups.
- Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope
Markets Covered:
- By Product Type: Soy Protein Concentrates; Soy Protein Isolates; Textured Soy Protein; Soy Flour, Grits, and Chunks
- By Nature: Organic Soy Protein; Conventional Soy Protein
- By Form: Powder; Ready To Drink; Bars; Capsules And Tablets; Other Forms
- By Application: Bakery And Confectionery; Meat Alternatives; Functional Foods; Dairy Replacers; Infant Foods; Other Applications
- By Distribution Channel: Specialty Store; Convenience Store; E-Commerce Or Online Sale Channel; Supermarket Or Hypermarket
Companies Mentioned:
Archer-Daniels-Midland Company; Wilmar International Limited; CHS Inc.; Cargill, Incorporated; Fuji Oil Company Ltd.
Countries:
China; Australia; India; Indonesia; Japan; South Korea; USA; Brazil; France; Germany; UK; Russia
Regions:
Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series:
Five years historic and ten years forecast.
Data:
Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; Soy Protein indicators comparison.
Data segmentations:
country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing:
Data and analysis throughout the report is sourced using end notes.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Archer-Daniels-Midland Company
- Wilmar International Limited
- CHS Inc.
- Cargill, Incorporated
- Fuji Oil Company Ltd.
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 259 |
Published | July 2022 |
Forecast Period | 2021 - 2031 |
Estimated Market Value ( USD | $ 9358.4 Million |
Forecasted Market Value ( USD | $ 14839.5 Million |
Compound Annual Growth Rate | 4.7% |
Regions Covered | Global |