Global Soy Protein Ingredients Market Insights Forecasts to 2032
- The Global Soy Protein Ingredients Market Size was valued at USD 7.6 Billion in 2022.
- The Market is Growing at a CAGR of 6.9% from 2022 to 2032
- The Worldwide Soy Protein Ingredients Market Size is expected to reach USD 14.9 Billion by 2032
- North America is expected to Grow the fastest during the forecast period
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The Global Soy Protein Ingredients Market is projected to exceed USD 14.9 billion by 2032, growing at a CAGR of 6.9% from 2022 to 2032. Soy protein ingredients are in high demand in the food industry and animal feed industries due to their positive health effects and functionality. It is also a less expensive alternative to animal protein. When compared to other vegetable proteins, the market for soy protein ingredients is projected to expand more rapidly during the forecast period.
Soy protein ingredients are made by processing soymeal in order to get higher protein quantities that can be used as a protein source in a variety of agricultural and food applications. The global soy protein ingredients market is a rapidly growing industry driven by increasing demand for plant-based proteins in food and beverage products. Soy protein ingredients are derived from soybeans and are commonly used as a source of protein in various applications such as meat alternatives, dairy alternatives, baked goods, and nutritional supplements. The market is expected to continue to grow at a significant rate over the forecast period due to several factors, including the increasing health consciousness among consumers, the rise in vegan and vegetarian diets, and the growing demand for sustainable and environmentally friendly products.
Soy protein isolate is the most commonly used soy protein ingredient due to its high protein content and functional properties. However, soy protein concentrate and textured soy protein are also used in various applications.
The market is highly competitive, with key players including ADM, International Flavours & Fragrances Inc., Cargill, DuPont, Wilmar International, and Kerry Group. These companies are constantly investing in research and development to innovate new products and enhance their production capabilities to meet the growing demand for soy protein ingredients.
For instance, in November 2022, Supro Tex, a soy-based plant protein ingredient, was introduced by International Flavours & Fragrances Inc. The ingredient contains 80% protein, giving it a protein profile similar to that of animal meat. It is the most recent addition to IFF's Reimagine-Protein Programme, which began in 2017. The debut will assist IFF in expanding its product portfolio in this group of soy protein ingredients.
This research report categorizes the market for the global soy protein ingredients market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the soy protein ingredients market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the soy protein ingredients market.
Global Soy Protein Ingredients Market Report Coverage
|Market Size in 2022:||USD 7.6 Billion|
|Forecast Period 2022-2032 CAGR:||6.9%|
|2032 Value Projection:||USD 14.9 Billion|
|Historical Data for:||2020-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||130|
|Segments covered:||By Type, By Application, By Form, By Region and COVID-19 Impact Analysis|
|Companies Covered:||Wilmar International Ltd, ADM, Cargill, Incorporated, CHS Inc., International Flavors & Fragrances Inc., Devansoy, AG Processing Inc., Farbest Tallman Foods Corporation, The Scoular Company, Linyi Shansong Biological Products Co., Ltd, Now Foods, Bremil Group, Crown Protein Soya Group Company, Taj Agro International, Others|
|Pitfalls & Challenges:||COVID-19 has the potential to impact the global market|
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The food and beverage industry is one of the largest consumers of soy protein ingredients. Soy protein ingredients are used in a wide range of food and beverage products such as meat alternatives, dairy alternatives, baked goods, and nutritional supplements. The increasing demand for these products is driving the growth of the soy protein ingredients market. There is a significant increase in the number of consumers adopting vegan and vegetarian diets. Soy protein ingredients provide an excellent source of protein for these diets, as they are plant-based and offer a complete amino acid profile.
The development of new and improved production processes for soy protein ingredients has made it easier and more cost-effective to produce high-quality soy protein ingredients. This has increased the availability of soy protein ingredients in the market and has contributed to its growth. There is growing concern about the environmental impact of animal-based protein production. Soy protein ingredients offer a sustainable alternative that is environmentally friendly, as they require less water and land to produce than animal-based proteins.
The production of crops that have undergone genetic modification is prohibited in developed regions such as Europe, where some European Union member states have passed laws against it. Scientists have linked genetically modified (GM) soybeans to risks to human health and the environment. As an outcome, particular agricultural producers in the United States, Canada, Europe, and Japan are requesting non-GMO soybeans. The global soy protein ingredients market is subject to various regulations related to food safety, labeling, and import/export restrictions. These regulations can be complex and can impact the availability and pricing of soy protein ingredients in different regions, which could restrain market growth.
Soy protein ingredients offer many benefits, there are other plant-based protein sources that can be used as an alternative. For example, pea protein, rice protein, and hemp protein are becoming increasingly popular among consumers. This could limit the demand for soy protein ingredients in the future.
The Global Soy Protein Ingredients Market share is classified into type, application, and form.
- The soy protein isolates segment is expected to hold the largest share of the global soy protein ingredients market during the forecast period.
Based on the type, the global soy protein ingredients market is segmented into soy protein isolates, soy protein concentrates, textured soy protein, and soy flours. Among these, the soy protein isolates segment is expected to hold the largest share of the global soy protein ingredients market during the forecast period. The reason for this growth is that soy protein isolates are utilized not merely to enhance the appearance of meat-based goods, but also to increase protein content, improve retention of moisture, and emulsify. The expansion can be attributed to their high protein content, versatility in a variety of applications, and rising demand for high-protein products. Soy protein isolates are a highly purified form of soy protein that contains at least 90% protein. They offer a high protein content, low fat and carbohydrate content, and a neutral flavor profile.
- The food segment is expected to hold the largest share of the global soy protein ingredients market during the projected period.
On the basis of the application, the global soy protein ingredients market is segmented into food and feed. Among these, the food segment is expected to hold the largest share of the global soy protein ingredients market during the projected period. The growth can be attributed due the soy protein ingredients are extensively used in the food industry owing to their nutritional value, functional properties, and cost-effectiveness. They are used in a wide range of food products, including meat alternatives, dairy alternatives, bakery products, snacks, and nutritional supplements. Soy protein ingredients enhance the texture, emulsification, and stability of food products, while also providing a source of high-quality protein.
- The dry segment is expected to hold the largest share of the global soy protein ingredients market over the forecast period.
On the basis of the form, the global soy protein ingredients market is segmented into dry and liquid. Among these, the dry segment is expected to hold the largest share of the global soy protein ingredients market, owing to the convenience and versatility offered by dry soy protein ingredients in various applications. Dry soy protein ingredients are available in various forms, including powders, granules, and flakes. They are used in a variety of food products, including meat alternatives, dairy alternatives, bakery products, snacks, and nutritional supplements. Dry soy protein ingredients offer several advantages, such as long shelf life, easy storage and transportation, and versatility in various applications. Dry soy protein ingredients are also used in animal feed products owing to their high protein content and cost-effectiveness.
Regional Segment Analysis of the Global Soy Protein Ingredients Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific is estimated to hold the largest share of the global soy protein ingredients market over the predicted timeframe.
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Asia Pacific is anticipated to hold the largest share of the global soy protein ingredients market over the projected timeframe. The Asia Pacific region is the largest market for soy protein ingredients, owing to the growing population, increasing disposable income, changing dietary habits, and growing demand for healthy and sustainable food products. China, India, and Japan are the major markets for soy protein ingredients in the region, driven by the increasing demand for soy protein ingredients in the food and beverage industry and the growing animal feed industry.
North America is expected to grow at the highest pace in the market for soy protein ingredients, owing to the high demand for plant-based protein sources, increasing health consciousness among consumers, and growing popularity of vegetarianism and veganism. The United States is the largest market for soy protein ingredients in the region, driven by the increasing demand for soy protein ingredients in the food and beverage industry.
The report offers the appropriate analysis of the key organizations/companies involved within the global soy protein ingredients along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- Wilmar International Ltd
- Cargill, Incorporated
- CHS Inc.
- International Flavors & Fragrances Inc.
- AG Processing Inc.
- Farbest Tallman Foods Corporation
- The Scoular Company
- Linyi Shansong Biological Products Co., Ltd
- Now Foods
- Bremil Group
- Crown Protein Soya Group Company
- Taj Agro International
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- In August 2022, ADM has signed a contract with Benson Hill, a food and feed ingredients manufacturer based in the United States. The agreement grants ADM a North American exclusive licence to process grain derived from Benson Hill's ultra-high protein soybeans in order to produce and sell protein concentrates, texturized protein concentrates, protein isolates, and high protein texturized flour for the human food ingredients market. This will improve the quality of ADM's soy proteins by increasing protein content.
- In February 2022, Benson Hill, Inc., a food technology company that unlocks plants' natural genetic diversity, has revealed the launch of TruVail, a new line of domestically sourced, non-GMO plant-based protein ingredients with distinct sustainability benefits. The initial TruVail product line includes high protein soy flour, a less processed equivalent to soy protein concentrate (SPC), and texturized proteins for use in traditional soy protein applications as well as rapidly growing alternative plant-based protein markets.
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Soy Protein Ingredients Market based on the below-mentioned segments:
Global Soy Protein Ingredients Market, By Type
- Soy Protein Isolates
- Soy Protein Concentrates
- Textured Soy Protein
- Soy Flours
Global Soy Protein Ingredients Market, By Application
Global Soy Protein Ingredients Market, By Form
Global Soy Protein Ingredients Market, By Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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