The global soy protein ingredients market is estimated to be valued at USD 7.7 billion in 2022. It is projected to reach USD 10.8 billion by 2027, recording a CAGR of 7.0% during the forecast period. Some macroeconomic and microeconomic elements that have been prevalent in some important countries have had an impact on the global soy protein ingredients market. In terms of value sales, this would be strong enough to significantly influence the market during the predicted period. The rise in consumer awareness, health consciousness, demand for soy-based meat alternatives, changing lifestyles, and consumption patterns drive the demand in the soy protein ingredients market.
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North America is estimated to dominate the soy protein ingredients market with a value of USD 2,932.1 Million
The ethical limitations and consumer awareness regarding personal and environmental health have contributed greatly to the mass shifting of people toward adopting veganism and flexitarian diets. According to a recent report published in March 2022 by the Plant-Based Foods Association (PBFA), the US plant-based food retail sales reached USD 7.4 billion, outpacing total food retail sales and showing a growth rate of 6.1% in 2021 from the previous year, despite supply chain interruptions and pandemic restrictions. This growth and increase in the demand for and consumption of plant-based foods are likely to continue during the forecast period and present significant business opportunities for soy protein ingredients.
North America is a significant production base for plant-based protein manufacturers, and the US is a key producer of soybean and wheat in the region.
Similarly, in Mexico, the demand for protein-rich food and beverage products is high due to the highly diversified and multicultural population, which is among the key contributors to the growth of plant-based protein offerings in the region.
The key players in this market include ADM (US), Cargill, Incorporated (Sweden), International Flavors & Fragrances Inc. (US) and Devansoy (US).
A wide variety of soy-protein ingredients are available in the Asia Pacific market offered by Wilmar International Ltd
Asia Pacific has a significant market share in the soy protein ingredients market which implies that the demand and consumer awareness is high in the region, making it the most lucrative region for soy protein ingredients market players to enter. Other factors such as rapidly rising urbanization, per capita incomes, population, and fast-growing economies with attractive investment opportunities are pulling investments in the industry from various players around the globe. Singapore-based Wilmar International Ltd is a leading and well-established player in the market. It has a dominant share in the region and globally. The knowledge of consumer perception gives it a competitive edge over other players that are not from the fast-growing region.
The feed segment by application in soy protein ingredients market is relatively small in comparison to the food segment by application
Soy protein ingredient-based feed is relatively less commercialized than soy protein ingredient-based food in the market. This is because the demand for soy-based products for human consumption is high. The animal end-user market is at a very nascent stage, and the importance of soy-protein ingredients-based feed has just started gaining momentum in the market, which already has a big dominant presence of food products in applications such as bakery & confectionery, meat alternatives, dairy alternatives, infant nutrition etc. However, as the awareness in the animal feed segment is on the rise, the demand for the segment is gradually rising, further pushing the players to manufacture products to cater to the interests of the gradually rising market.
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During the forecast period, the soy flour segment by type is expected to grow at a significant CAGR of 5.1%
A wide range of dairy alternatives, meat substitutes, and baked goods use soy flour in various forms. Soy flour either has soybean’s naturally occurring oil content retained to make them full-fat flour, or it can be used as de-fatted flour by solvent-extraction of the oil. Full fat and de-fatted flour products are available in toasted or enzyme-active forms. Soy flour has been gaining considerable significance for processing bakery products, such as bread and cakes, due to its high protein content compared to other plant proteins. Bread made from soy flour is dense, as it is gluten-free. As per a recent article published in Mintel in November 2021, there is a rise in demand for gluten-free foods and drinks. Thus, manufacturers are exploring various gluten alternatives, including flour derived from soybeans, nuts, fruits, and vegetables. This is further driving the market for soy flour which is projected to grow at a significant CAGR during the forecast period.
