Soy Protein Ingredients Market 2023: Business Strategies, Demand Dynamics, Growth Rate and Assessment to 2028

Soy Protein Ingredients Market research Future insights:

It is anticipated that the global market for soy protein ingredients will grow at a CAGR of 7.45% between 2021 and 2028, ultimately reaching a value of USD 13.55 billion. Soybeans are the source of the components that make up soy protein. They are most commonly found in the forms of soy flour, soy protein isolates, and soy protein concentrate. All three forms are readily available. Amino acids included in soy protein are available to the consumer, which is significant for human nutrition. On the other side, soy protein components find widespread application in the production of feed products such as animal feed, pet food, and aquatic animal feed. Ingredients derived from soy proteins find use in the pharmaceutical and nutraceutical industries. It is generally agreed that soy protein isolates and isolates are among the least costly forms of protein. The rising incidence of lactose intolerance and the growing inclination among consumers for vegan and vegetarian diets are likely to be the primary drivers of development in the worldwide market for soy protein components over the forecast period.

The global soy protein ingredients market has witnessed a significant increase in the number of product line extensions over the past few years. The rise of creative items in the marketplace may be attributed to both rising spending on research and development as well as progress made in technology. Food and beverage manufacturers have started focusing more on the various plant-based product options and developing products with flavours derived from plant sources as a result of the growing stability of the vegetarian population at the global level, as well as the assurance of the steady and mature vegetarian market in developed countries such as the UK, the US, Germany, and France. This is due to the fact that the vegetarian market in these countries is already mature. A growing number of businesses are broadening their appeal to customers by concentrating on the use of proteins derived from plants rather than animals and avoiding the use of animal products whenever this is possible. It is anticipated that the size of the global market for soy protein components will see enormous increase in the years to come as a result of ongoing product advancements and the launch of new products based on plant-based foods.

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Analysis of the Region

The market for soy protein ingredients in the world has been segmented into four different regions: North America, Europe, Asia-Pacific, and the Rest of the World.

In 2020, North America held the greatest market share with 33.58% of the total, and it is anticipated that the region would record a CAGR of 4.37% over the course of the forecast year. In 2020, Europe was the second-largest market, with a value of 2,606.58 million USD; it is anticipated that the market would demonstrate moderate development throughout the course of the projection year. Nevertheless, it is anticipated that the market in the Asia-Pacific region would record the greatest CAGR over the period covered by the projection.

Market Segment Overview

The global market for soy protein ingredients has been divided into the categories of soy protein concentrates, soy protein isolates, soy flours, and others based on the kind of product. Powder and textured soy concentrate are the two subtypes that fall under the category of soy protein concentrates. In 2020, the soy protein concentrates sector held the biggest market share, accounting for 40.97% of the total market, and it is anticipated to record a respectable CAGR of 4.65% throughout the period covered by the projection. After a meal has been defatted, the production of soy protein concentrates begins with the removal of soluble carbohydrate fractions as well as some taste components.

The global market for soy protein ingredients has been divided into three categories: food and beverages, feed, and medicines and nutraceuticals, based on their respective applications. The bakery & confectionary, meat alternatives, meat products, functional foods, dairy replacement products, baby nutrition, and other categories make up the other subcategories that fall under the umbrella category of “food & drinks.” Animal feed, food for pets, and aquatic animal feed are the sub-categories that fall under the feed category. In the year 2020, the food and beverage sector commanded the lion’s share of the market share. The meat products sub-segment was responsible for the largest share of the market in 2020 and is anticipated to record a CAGR of 7.45% over the course of the analysis period.

Ingredients derived from soy proteins have found significant use in the food and beverage industries. The expansion of the category is being driven by the preference of consumers for food products that are high in protein. The growing popularity of veganism has resulted in a rise in the amount of soy protein components used in the manufacturing of food products. In addition, the food industry is shifting away from using wheat flour and toward using soy flour as a result of the growing demand for goods that are gluten-free.

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Key Players:

Archer Daniels Midland Company (United States), DuPont (United States), Cargill Incorporated (United States), Wilmar International Limited (Singapore), The Nisshin OilliO Group Ltd (Japan), CHS Inc. (United States), Devansoy Inc. (United States), Ag Processing Inc. (United States), Natural Products Inc. (United States), BIC Services (United States (Netherlands)

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