Soy Protein Global Market Report 2024

The soy protein market size has grown strongly in recent years. It will grow from $10.45 billion in 2023 to $11.05 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The expansion observed in the historical period can be attributed to several factors, including robust economic growth in emerging markets, an increasing number of health-conscious consumers, rising awareness regarding the benefits of plant-based protein food products, a shift towards vegan eating habits, and the growth in dietary supplements.

The soy protein market size is expected to see strong growth in the next few years. It will grow to $13.7 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. Forecasted growth is fueled by government initiatives for plant-based protein, shifting consumer preferences, increased adoption in menus, expanding organized retail, rising lactose intolerance, and rapid e-commerce growth. Trends include technology development for improved profiles, emphasis on plant-based protein, AI analysis for health benefits, focus on high-yield raw materials, and increased investments in soy protein.

The escalating population of individuals adhering to vegan lifestyles is significantly contributing to the burgeoning growth observed in the soy protein market. Veganism, characterized by the exclusion of animal-derived products such as meat, dairy, eggs, and fish, is witnessing a notable uptrend, particularly as the plant-based industry expands and societal awareness grows regarding the challenges associated with conventional meat production. This surge in the vegan populace correlates with a heightened preference for flexitarian and vegan diets. Consequently, there's a palpable surge in the demand for soy protein, with individuals seeking to incorporate this protein source into their diets to ensure a balanced protein intake. Notably, according to the Good Food Institute, plant-based food sales in the US experienced a threefold increase compared to non-plant-based food sales in 2021, indicating the substantial growth and acceptance of plant-based alternatives. This surge in veganism is poised to be a driving force propelling the soy protein market's expansion in the forthcoming years.

The growth trajectory of the soy protein market receives a substantial boost from government-driven initiatives aimed at acknowledging the nutritional significance of alternative protein sources, particularly in public health programs emphasizing the shift away from animal-based foods. The promotion of soy protein foods aligns with providing balanced nutrition to vegan children, addressing their dietary requirements. For instance, in June 2021, the Indian government, in collaboration with The Good Food Institute (GFI) India, launched the 'India Smart Protein Innovation Challenge,' aimed at fostering innovation in plant-based and cultivated foods. This initiative is open to students, researchers, and entrepreneurs, offering participants the opportunity to receive backing, investment, or endorsements from industry leaders. Similarly, the Japanese government proposed the adoption of meat alternatives to curtail carbon emissions, striving toward achieving a decarbonized society by 2050. Furthermore, the U.S. Food and Drug Administration (FDA) established that a daily intake of 25 grams of soy protein could potentially reduce blood cholesterol levels by around 12%, highlighting its potential in mitigating heart disease risks as part of a diet low in saturated fat and cholesterol. These governmental endeavors are expected to fuel the demand for soy protein in the foreseeable future.

Technological advancements wield considerable influence over the soy protein market landscape. Within the soy protein industry, enterprises are actively engaged in leveraging novel technologies aimed at enhancing the oil, protein, and sustainability characteristics of soybeans. Their focus lies in augmenting the nutritional value of soy protein products to attract a broader consumer base. A case in point is ZeaKal, a US-based entity specializing in innovative crop technologies. In April 2021, the company unveiled its pioneering PhotoSeed technology, designed to elevate the oil, protein, and sustainability attributes of soybeans. This advancement notably enhances soy protein levels, optimizing carbon capture and overall nutritional composition.

Enterprises operating within the soy protein market are intensifying their financial commitments to expand production capacities. These increased investments are channeled toward bolstering production capabilities by embracing cutting-edge technologies and refining operational processes. ADM, a prominent American multinational engaged in food processing and commodities trading, exemplifies this trend. In April 2022, ADM directed an investment of approximately $300 million toward augmenting soy protein concentrate production at its Decatur, IL facility. Additionally, the company is set to inaugurate a new Protein Innovation Center in Decatur, reinforcing its prowess in alternative protein solutions. This strategic investment aligns with the company's objective of meeting the escalating global demand for sustainable alternative proteins.

In July 2021, Archer Daniels Midland (ADM), a U.S.-based food processing company, successfully acquired Sojaprotein for an undisclosed amount. This strategic acquisition is poised to enable ADM to broaden its alternative protein portfolio, complementing its existing assets such as a soy protein complex in Campo Grande, a pea protein plant in Enderlin, and a joint venture with PlantPlus Foods in Mato Grosso do Sul, North Dakota. Sojaprotein, the acquired company, is a Serbian-based agribusiness firm specializing in the production of soy-based products.

Major companies operating in the soy protein market report are Archer-Daniels-Midland Company, Wilmar International Limited, CHS Inc., Cargill Incorporated, Fuji Oil Company Ltd., International Flavors & Fragrances Inc., Royal Ingredients Group, Solbar Ningbo Protein Technology Co.Ltd., Nordic Soya Oy, Sonic Biochem, Vyas Bio Life Sciences Private Limited, Krungthep Trading Co. Ltd., Bw Binyuy Holdings (Pty) Ltd., Solitude Global Impex, Nutra Healthcare, Curemax Pharma, STDM Food & Beverages Private Limited, Titan Biotech Ltd., Halcyon Proteins, WuXi Biologics, FOODCHEM, Sun Green Group, Alfa Laval, Shandong Yuxin Soybean Protein Co, Jinan Grace Industry Co. Ltd., The BakeRite Company, Soya UK, Ingredients UK, Bion Corporation, Lantmannen, Kerry Group PLC, Biesterfeld AG, A. Costantino & C. S.P.A, Sojaprotein, Green Wise, Welldone, Roquette, Salconserv, Latraps, Vaks, Sbfoodinno, Benson Hill, Bunge Limited, DuPont de Nemours Inc., Green Labs LLC, Axiom Foods Inc., Ingredion Incorporated, Parabel, Burcon NutraScience Corporation, Glanbia plc, De Alimentos, Adm Do Brasil Ltda, Tomorrow Foods, Koita FZE, At Al Islami Foods, Blue Diamond Growers Inc., Daiya Foods Inc., Earth's Own Food Company Inc., Soy Africa Limited, Eden Foods Inc., Freedom Foods Group Ltd., The Hain Celestial Group Inc., Sunopta Inc.

North America was the largest region in the Soy Protein market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the soy protein market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the soy protein market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary product categories in the realm of soy protein include soy protein isolates, soy protein concentrates, textured soy protein, and soy flour, grits, and chunks. Soy protein isolate, containing around 90% protein, stands out as a particularly valuable form used to enhance texture and eating quality in meat ingredients. Soy protein is available in different forms such as powder, ready-to-drink, bars, capsules, tablets, and others, and it comes in various natures, including organic soy protein and conventional soy protein. The diverse applications of soy protein encompass bakery and confectionery, meat alternatives, functional foods, dairy replacers, infant foods, among others. These products are distributed through multiple channels, including specialty stores, convenience stores, e-commerce platforms, and traditional supermarkets or hypermarkets.

The soy protein market research report is one of a series of new reports that provides soy protein market statistics, including soy protein industry global market size, regional shares, competitors with a soy protein market share, detailed soy protein market segments, market trends and opportunities, and any further data you may need to thrive in the soy protein industry. This soy protein market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The soy protein market consists of sales of textured soy protein, soy protein isolates, soy protein concentrates, and other soy protein products. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.