Soy Protein Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The global soy protein market experienced robust sales growth during the historical period, maintaining a steady growth rate. In 2024, the market is valued at $7.27 billion, and it is projected to reach $10.12 billion by 2031, reflecting a CAGR of 4.8%. This notable increase in value underscores the rising significance and demand for soy protein.

Soy Protein Consumption Analysis Vs. Market Estimations

The global soy protein market has witnessed considerable growth, registering a steady CAGR in the historical period. The market is expected to maintain its growth trajectory, fueled by growing economies and increasing consumer disposable income on food and beverage products. This growth is driven by heightened demand in food & beverage, nutraceutical, and functional food applications. Soy protein's functional properties, including fat and water absorption, emulsification, and whipping, make it a valuable food ingredient.

North America and Europe are key regions for soy protein demand due to their dominance in the food industry. These regions are anticipated to accelerate market demand in the coming years.

Proteins are essential nutrients for the human body, providing necessary amino acids. Soy protein concentrates, prepared from dehulled and defatted soybeans, are becoming increasingly popular due to the rise in veganism, vegetarianism, and lactose intolerance. Additionally, soy protein is used as a meat analog or extender, mimicking the taste and texture of meat.

Key Trends in the Soy Protein Market

Direct to Consumer Model Gaining Traction

The direct-to-consumer (D2C) model is becoming popular in the plant-based protein ingredients industry. This approach allows manufacturers to gain significant consumer insights, enabling them to customize market and differentiation strategies. The D2C model helps companies build direct relationships with consumers, which is not possible through other channels. Online retailing and specialty stores help manufacturers identify new trends and enhance product offerings.

For instance, NOW Health Group, a leading producer and supplier of plant-based protein powder, has adopted the D2C approach, offering soy protein isolate powder in various flavors through multiple channels, including online shopping and specialty stores.

Growing Awareness about Plant-based Proteins

The shift from animal-based proteins to plant-based food sources is driving the demand for plant-based proteins, including soy protein. Concerns about weight gain, food safety issues, and animal suffering are significant factors behind this shift. Plant-based proteins, associated with weight loss properties, are becoming popular among health-conscious consumers. Soy protein, low in fat and calories but high in key nutrients and fiber, is an attractive option for these consumers.

Awareness about animal cruelty and the environmental impact of animal-based proteins is also influencing consumer preferences towards plant-based proteins like soy protein.

DuPont, for example, has expanded its plant-based solution portfolio for food producers. This comprehensive launch includes plant-based ingredients such as proteins, cultures, probiotics, enzymes, and stabilizing solutions that deliver nutritional and functional benefits.

Growing Demand in the Foodservice Industry

Soy protein's consistent availability and operational advantages make it a popular choice in the foodservice industry. It addresses labor shortages by eliminating time-consuming preparation and the need for specialized labor, being simple and quick to produce and serve.

Demand from the Animal Feed Industry

Soy protein is increasingly used in animal feed products, favored by manufacturers for its excellent amino acid composition and high digestibility. Livestock farmers, pet owners, and poultry farmers prefer soy-based products like soy protein and soybean meal for their optimal crude protein, digestible energy, and crude fiber composition.

For instance, soybean meal contains a high percentage of crude protein, digestible energy, and crude fiber, making it a preferred choice in animal feed.

Environmental Impact of Meat and Dairy Production

The meat and dairy industries have a significant environmental impact due to the high consumption of non-renewable resources like water and land. The carbon footprints of animal protein and dairy protein contribute to global warming and greenhouse gases. Animal welfare groups are raising awareness about the treatment of animals in producing animal-based products, leading to a shift in consumer preferences towards plant-based proteins such as soy protein.

Soy Intolerance as a Market Restraint

Soy intolerance, causing symptoms like nausea, vomiting, diarrhea, and respiratory issues, affects a substantial number of consumers. As a result, these consumers avoid soy-based products, including soy protein. This intolerance significantly impacts soy protein usage in the food industry, posing a challenge to market growth.

According to Allergy Facts Organization Australia, a notable percentage of young children have tested positive for soy allergy in Australia.

Country-wise Insights

Europe's Market Outlook

The increasing popularity of plant-based diets is driving the global soy protein market. Soy protein, considered a nutritious ingredient for manufacturing vegan and health-conscious food products, is gaining traction.

Market Share in Europe

The U.K. holds a significant share in the European soy protein market and is expected to expand at a steady rate. The increasing popularity of plant-based food products and other vegan dietary forms drives this growth.

Category-wise Insights

Dominant Forms of Soy Protein

Soy protein concentrates and isolates, which account for a substantial market share, are the most utilized forms in industrial applications. These forms do not pose operational difficulties when used as food ingredients.

Nutraceuticals and Functional Food

Soy protein is a vital source of protein for the nutraceutical industry. It is nutritionally beneficial and helps build muscles when paired with resistance training. Manufacturers can target the sports nutrition sector, as athletes increasingly seek high-protein products for health, strength, and stamina.

Competitive Dashboard

The global soy protein market comprises numerous large-scale international and local businesses. Multinational companies with diverse product portfolios dominate the market. Key players include DuPont, Gushen Biological Technology Group, Archer Daniels Midland Company, Cargill, BASF SE, and Wilmar International Ltd., among others. Multinational players account for a significant market share, while regional players operate on a smaller scale and are more export-oriented.

Recent Developments

• Archer Daniels Midland Company has expanded its soy protein concentrate production, investing substantially in its new Protein Innovation Center.
• Euroduna Food Ingredients GmbH is a major importer of soy protein in Germany, offering a variety of soy products.
• Gushen Biological Technology Group produces high-quality soy proteins in large quantities annually.
• Wilmar International Ltd. has developed a new process for producing soy protein as an egg albumin substitute in various food applications.
• DuPont launched a new isolated soy protein designed to improve the profitability of ready-to-drink and high-protein beverages.

Soy Protein Industry Research by Category

By Nature

• Organic
• Conventional

By Form

• Soy Protein Isolates
• Soy Protein Concentrates
• Others

By Application

• Food & Beverage (Bakery & Confectionery, Meat Analogue, Processed Food, Snacks & Cereals, Beverages, Others)
• Animal Feed
• Nutraceuticals & Functional Food

By Region

• North America
• Latin America
• Europe
• South Asia & Pacific
• East Asia
• Middle East & Africa

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