Plant-based meat has been gaining immense popularity over the years, as it offers similar nutritional properties along with the meaty taste and flavor of real meat products, and this factor is anticipated to push the growth of the soy protein market over the coming years.
This is due to the fact that, texturized soy protein, a type of soy protein, is widely used to manufacture plant-based meat, as it offers a meat-like texture and taste, along with the all essential amino acids to plant-based meat.
- Boca Foods, Worthington Foods, and some other companies offer plant-based meat products, and utilize soy protein as the main ingredient, attributable to its capability to offer a meaty texture to the end product.
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- DuPont de Nemours, Inc.
- Archer Daniels Midland Company
- Cargill, Incorporated
- BASF SE
- Wilmar International Ltd.
- FUJI OIL CO., LTD.
- Farbest Brands
- Royal Ingredients Group
- The Scoular Company
- Euroduna Food Ingredients GmbH
- NOW Foods
Product Innovation to Augment Use of Soy Protein
The soy-based ingredients market is witnessing a technological revolution, as novel ingredients along with biotechnology is producing protein-rich food.
Advances in soy-based products and protein offerings are gaining significant interest from consumers and mainstream media alike, and are filling the spaces on retail shelves and foodservice menus. This is anticipated to accelerate the growth of the soy protein market to a considerable extent in the coming years.
- In August 2019, Smithfield Foods launched a new soy-based product under its pure farmland brand, which includes burgers, meatballs, and breakfast patties.
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Environment-friendly Nutritious Soy Protein Gaining Global Importance
Manufacturers in the soy protein market are anticipated to benefit from the fact that, when compared to animal protein, plant-based proteins stand out as an environment-friendly alternative.
Growing concerns regarding animal-based products and the impact of such products on the environment are leading a higher number of consumers to adopt a flexitarian diet.
Moreover, the protein content and vital muscle building ingredient content in plant-based protein ranges from 50% to 85% in terms of concentration. Owing to these health benefits, soy protein is among the favorite proteins that is being used in various food products, and also in animal feed.
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Impact of Meat & Dairy Production on Environment and Intervention of Animal Welfare Groups
Meat and dairy industries have a significant impact on the environment, as the production of animal protein and dairy protein involves high consumption of non-renewable resources such as water and land.
The carbon footprints involved in animal protein and dairy protein have a substantial impact on global warming and greenhouse gases. Animal welfare rights groups are taking initiatives to create awareness about how animals are treated for the production of animal-based products.
These efforts have led to a shift in consumer preferences toward plant-based proteins such as soy protein, as these products are cruelty-free. This shift is thereby boosting the growth of the global soy protein market.
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Manufacturers in Soy Protein Market to Target Nutraceutical Industry
Soy protein is a non-GMO vegetable protein, and an ideal source of post-workout nutrition for athletes, as compared to other types of protein. Moreover, soy protein powder is nutritionally beneficial for human health, and can help build muscles when paired with resistance training.
Manufacturers in the soy protein market can gain substantial profits by targeting the sports nutrition sector, as athletes are becoming more concerned about their health, strength, and stamina, and are thus seeking high protein products.
Global Soy Protein Market - Regional Landscape
North America and Europe, together, have been identified as the largest consumers of soy protein across the globe, accounting for more than 65% share of the global soy protein market. Increasing number of vegans in these regions is directly, positively impacting the growth of the soy protein market.
North America and Europe also have the largest number of soy protein manufacturers. Major players in the soy protein market are also headquartered in these two continents, which hold more than 35% of the market share in the global soy protein market.
The markets in South Asia and East Asia are expected to witness exponential growth over the forecast period of 2019-2029. Countries in this region are anticipated to be the next potential markets for manufacturers offering soy protein.
The trend of 'being vegan' is also getting momentum in these regions, which is anticipated to accelerate the growth of the soy protein market in the developing economies of South Asia and East Asia.
The global soy protein market has been witnessing decent growth in the past few years. The markets in South Asia and East Asia are anticipated to register the highest growth in the global soy protein market over the forecast period of 2019-2029, while North America remains the top consumer of soy protein, followed by Europe.
Increasing efforts on research & development along with investments toward the production of plant-based meat products containing soy protein can help manufacturers capture the interest of vegan and flexitarian consumers, and facilitate them in gaining higher profits in the foreseeable future.
Global Soy Protein Market: Segmentation
PMR’s study on the global soy protein market offers information categorized into four segments - nature, form, end use, and region.
Key Questions Answered in Report
- How much is the soy protein market worth?
The global soy protein market is expected to reach US$ 7 Bn in the year 2021.
- What will be the demand outlook?
The soy protein market is poised to grow at the rate of 5.5% between 2021 and 2031.
- What was the last 5 year market CAGR?
The soy protein market witnessed a CAGR of 4.5% between 2015 and 2020.
- What are the key trends for soy protein market?
The current trend speaks of soy proteins being used increasingly in the form of alternatives of dairy and meat proteins. The food applications include confectionery, bakery, dairy replacers, emulsion-type sausages, breakfast cereals, nutritional bars, and functional beverages.
- What is driving the demand for soy protein?
The fact that soy proteins have lower fat content and are rich in fiber is driving the demand for soy protein.
- What is the market share of top 5 players?
The top 5 players driving the demand are Archer Daniels Midland Company, DuPont de Nemours, Inc., Cargill, Inc., BASF SE, and Wilmar International Ltd. They account for more than 60% of the market share.
- What are the top 5 countries driving demand?
The top 5 countries driving demand include the US, Singapore, Japan, India, and France.
- What is North America’s market Outlook?
North America holds the largest market share and will continue to do so.
- At what percentage soy protein market is going to register growth in Europe?
Europe is expected to register growth at the rate of 4% in the soy protein market between 2021 and 2031.
- Which countries are key producers of soy protein?
The US is the key producer of soy protein.