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Soy Protein Market

Global Market Study on Soy Protein: Manufacturers to Gain from Bolstering Nutraceutical & Functional Food Industries

Soy Protein Market Segmented By Soy Protein Ingredients, Textured Soy Protein, Soy Protein Concentrate, Organic Soy Protein, Soy and Milk Protein Ingredients, Soy Protein Isolate

Soy Protein Market Outlook (2023-2033)

The global soy protein market incurred high sales in the historical period assessment and showed growth rate of 4.2% during (2018-2022). The market value increased decidedly and registered the sales of US$ 6,946.8 Mn in year 2023.

Soy protein Market Size (2023E)

US$ 6,946.8 Mn

Projected Sales of Soy Protein (2033F)

US$ 10,973.9 Mn

Value CAGR (2023-2033)

4.7%

Value Share of Top 4 Countries (2022 A)

~35-40%

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Soy Protein Consumption Analysis (2018-2022) Vs. Market Estimations (2023-2033)

The global soy protein market has witnessed significant growth in the historical period registering a CAGR of 4.2% in the historical period and was valued at US$ 6,946.8 Mn in 2023. The market is expected to grow steadily with growing economies and increasing disposable income of consumers on food and beverage products.

The market has been driven by increased demand for use in food & beverage, nutraceutical, and functional food applications. Soy protein is increasingly being used as a potent food ingredient in compounded foods for its functional properties. These properties include absorption of fat and water, emulsification, whipping, and others.

Soy protein is in high demand in North America and Europe. This is because these regions currently dominate the food industry and are anticipated to accelerate market demand during the forecast period.

Proteins are the most important nutrient for the human body as they provide all the essential amino acids that the human body requires. Soy protein concentrates are prepared from dehulled and defatted soybeans by removing most of the non-protein components of soy. The demand for soy protein is increasing, owing to the increasing number of vegans and vegetarians, as well as the due to increasing incidence of lactose intolerance. Soy protein is also used as a meat analog or meat extender, as it can mimic the taste and texture of the meat.

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What are the Key Trends in the Market for Soy Protein?

Direct to Consumer Model Gaining Traction.

The direct-to-customer approach is gaining traction in the plant-based protein ingredients industry as it allows manufacturers to gain significant consumer insights. These data enable manufacturers to customize their market and differentiation strategies. Moreover, D2C allows companies to build a direct relationship with the consumer that would not be available through other channels. Online retailing and specialty stores assist manufacturers in identifying new and expected trends and enhancing their product offerings accordingly.

  • For instance, NOW Health Group, the leading producer and supplier of plant-based protein powder, has adopted the Direct to Consumer approach, offering soy protein isolate powder in different flavors to consumers. The company has used a number of D2C channels, including online shopping and specialty stores.

“Growing Awareness about Plant-based Proteins Drive Demand for Soy Proteins”

Plant-based protein is becoming more popular as consumers shift from animal-based proteins toward plant-based food sources. Consumers' concerns about gaining weight, various food safety problems, and animal suffering are major factors for this move. Plant-based proteins are associated with weight loss properties; hence, consumers are opting for protein alternatives to lose weight.

Soy protein contains less fat and calories than animal protein and is high in key nutrients and fiber. These factors are encouraging health-conscious consumers towards plant-based proteins.

Growing awareness about animal cruelty and the negative impact that animal-based proteins have on the environment are also influencing consumers to opt for plant-based proteins such as soy and others.

  • DuPont added new plant-based solution portfolio for food producers. The portfolio will be the comprehensive launch of new product development, which are based on plant-based concept. The plant-based ingredients such as plant proteins, cultures, probiotics, enzymes, and stabilizing solutions that deliver nutritional and functional benefits.

“Growing Demand of Soy protein Foodservice Industry Benefitting the Market Growth”

Soy protein are not only consistently available throughout the year but also offer outstanding operational advantages. Soy protein are an excellent solution to labor shortages as they eliminate the need for time-consuming preparation. Soy protein eliminate the need for training and specialized labor, as they are simple and quick to produce and serve.

“Growing Demand for Soy Protein from Animal Feed Industry”

Soy protein is increasingly used for the production of animal feed products and is a favorite among manufacturers. Soy protein contains excellent amino acid composition with a high level of digestibility. Livestock farmers, pet owners, and poultry farmers prefer soy-based products such as soy protein and soybean meal as it contains the perfect composition of crude protein, digestible energy, and crude fiber.

  • For instance, soybean meal, which contains soy protein has 48% crude protein, 14.9 (MJ/kg)2 digestible energy, and 6.2% crude fiber, which is the highest among the other meal types.

“Impact of Meat and 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 in the production of animal-based products. These efforts have led to a shift in consumer preferences towards plant-based proteins such as soy protein, as these products are cruelty-free.

Growing Soy Intolerance to Restrain Market Growth

Soy intolerance causes nausea, vomiting, diarrhoea, runny nose, cough, wheezing, fatigue, and other side effects. Different types of soy proteins increase the occurrence of these symptoms. Thus, consumers with soy intolerance avoid the use of soy-based products, which include soy protein. Soy intolerance was gradually found in a large number of consumers and this had a substantial impact on the use of soy protein in the food industry. This is one of the key factors hampering the growth of the soy protein market.

  • According to Allergy Facts Organization Australia, around 2-3% of young children may have tested positive for allergy to soy in Australia..
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Country-wise insights

What is the Europe Outlook for the Soy protein Market?

Increasing popularity of plant-based diets provides a substantial thrust to the global soy protein market, as nutritious soy protein is considered as the best ingredient for manufacturing food products for vegans as well as the health-conscious population.

Which Country Holds the Largest Share in the European Market for Soy Protein?

The U.K. holds a major share in the European market for soy protein and is anticipated to expand at significant rate of about 4.1% over the forecast period. This is due to increase popularity of plant-based food products and other vegan forms of dietary foods is high in this country.

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Category-wise insights

Which Form of Soy protein is expected to dominate the Market?

Major utilized ones in industrial applications are concentrates and isolates, which are account for more than 75% of the market based on form. This is due to the fact that these forms of soy protein do not come with operational difficulties as when they are utilized as food ingredients for various products.

How Nutraceuticals and Functional Food is Bolstering the Sales of the Soy Protein Market?

Soy protein has become a vital source of protein, which is increasingly utilized by the nutraceutical industry. 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 obtain substantial profits by targeting the sports nutrition sector, as athletes are becoming more concerned about their health, strength, & stamina, which makes them seek high-protein products.

The market value of soy protein in nutraceuticals & functional foods is anticipated to be close to US$ 2.1 Bn by the end of the forecast period of 2023 to 2033.

Competitive Dashboard

The majority of large-scale international and local businesses make up the global soy protein market. Multinational companies with a wide variety of products account for roughly 50-55% of the worldwide soy protein industry. Companies such as DuPont, Gushen Biological Technology Group, Archer Daniels Midland Company, Cargill, Incorporated, BASF SE, and Wilmar International Ltd., among others are some of the major players operating in the global soy protein market. Multinational players account for a market share of 20-25%, while regional players account for 10-20%. These companies are engaged in the business of proving soy protein, operate at a small scale, and are more export-oriented.

  • In April 2022, Archer Daniels Midland Company announced the expansion of its soy protein concentrate production in Decatur, Illinois. For instance, the company has invested around USD$ 300 Mn for establishing its new state-of-the-art Protein Innovation Center in Decatur.
  • Euroduna Food Ingredients GmbH is one of the major importers of soy protein in Germany. The company offers different soy products, such as protein isolates, functional and non-functional soy protein concentrates, soy granulate and flour, soy fibre, and soy bran.
  • Gushen Biological Technology Group is a specialized producer of high-quality soy proteins. The company produces 8,00,00 metric tonnes of isolated soy protein per year, 50,000 metric tonnes of concentrated soy protein per year, 10,000 metric tonnes of textured soy protein per year, 11,000 metric tonnes of soy fiber per year, 2000 metric tonnes of soy lecithin per year, 10,000 metric tonnes of soy milk powder per year, and 1000 metric tonnes of soy polysaccharide per year.
  • Wilmar International Ltd. has its own R&D team in Singapore to study plant-based meat analogs. The company has developed a new process for producing soy protein to substitute egg albumin in a variety of food applications, particularly in bakery items.
  • In April 2017, Du Pont launched its new isolated soy protein SUPRO XT55 designed specifically to improve the profitability of ready-to-drinks and high-protein beverages by helping beverage manufacturers more effectively manage protein costs.

Soy protein Industry Report Scope

Attribute

Details

Forecast period

2023-2033

Historical data available for

2018-2022

Market analysis

USD million for value

Key regions covered

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

Key countries covered

  • U.S.
  • Canada
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • GCC countries
  • Turkey
  • South Africa

Key market segments covered

  • Nature
  • Form
  • Application
  • Region

Key companies profiled

  • Du Pont
  • Archer Daniels Midland 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
  • A. Costantino & C. spa
  • Shandong Yuwang Industrial Co., Ltd.
  • Gushen Biotechnology Group, Co.
  • Solbar Ningbo Protein Technology Co., Ltd.
  • Nordic Soya Oy
  • ETChem
  • Meelunie B.V
  • Aminola B.V.
  • Foodrich Soya Co. LTD.
  • Batory Foods
  • Others ( on Additional Request)

Report coverage

  • Market forecast
  • Company share analysis
  • Competition intelligence
  • DROT analysis
  • Market dynamics and challenges
  • Strategic growth initiatives

Customization & pricing

Available upon request

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

- Companies Covered in This Report -

  • Du Pont
  • Archer Daniels Midland
  • 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
  • A. Costantino & C. spa
  • Shandong Yuwang Industrial Co., Ltd.
  • Gushen Biotechnology Group, Co.
  • Solbar Ningbo Protein Technology Co., Ltd.
  • Nordic Soya Oy
  • ETChem
  • Meelunie B.V
  • Aminola B.V.
  • Foodrich Soya Co. LTD.
  • Batory Foods
  • Others ( on Additional Request)

- Frequently Asked Questions -

The global market for soy protein has a value of US$ 6,946.8 Mn in 2023.

The global market for soy protein has a value CAGR of 4.2% from 2018-2022.

The global market for soy protein has a value of US$ 10,973.9 Mn in 2033.

The global market for soy protein has a value CAGR of 4.7% from 2023-2033.

The top players in the global soy protein market include DuPont, Gushen Biological Technology Group, Archer Daniels Midland Company, Cargill, Incorporated, BASF SE, and Wilmar International Ltd.

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