The soy protein ingredients industry was valued at USD 7.7 billion in 2022 and is projected to reach USD 10.8 billion by 2027, reflecting a compound annual growth rate (CAGR) of 7.0% during the forecast period from 2022 to 2027. Soy protein ingredients are derived from the processing of soymeal to create products with higher protein concentrations, suitable for various food and animal feed applications. The increasing demand for soy protein in both the food and animal feed sectors can be attributed to its health benefits, functional properties, and cost-effectiveness as a substitute for animal protein. This market is expected to experience significantly faster growth compared to other vegetable proteins.

Soy Protein Ingredients Market Trends:

• Rising demand for plant-based protein: Consumers are increasingly seeking out plant-based alternatives to animal products for a variety of reasons, including health concerns, environmental considerations, and animal welfare. Soy protein is a versatile and affordable plant-based protein source that can be used in a wide range of food and beverage products.
• Growing health and wellness awareness: Consumers are becoming more aware of the importance of protein for good health, and soy protein is a good source of essential amino acids. Soy protein has also been shown to have a number of health benefits, including reducing the risk of heart disease, stroke, and certain types of cancer.
• Expansion of the Asia Pacific market: The Asia Pacific region is expected to be the fastest-growing market for soy protein ingredients in the coming years. This is due to a number of factors, including rising disposable incomes, growing urbanization, and increasing awareness of the health benefits of soy protein.
• Innovation in product development: Food and beverage manufacturers are constantly innovating new products that use soy protein ingredients. This is leading to a wider range of products that are appealing to consumers, such as plant-based meat alternatives, dairy alternatives, and protein-fortified snacks.
• Focus on non-GMO and organic ingredients: There is a growing demand for non-GMO and organic soy protein ingredients. This is due to consumer concerns about the safety of genetically modified organisms (GMOs) and the environmental impact of conventional agriculture.

Soy Protein Ingredients Market Drivers: Demand for cheaper protein source

Increased crop cultivation in developing regions such as South America and Asia Pacific, in addition to the already widespread cultivation across the globe, has increased the availability of soy proteins. Raw materials are, therefore, easy to obtain from contract farmers or oilseed crushers offering soy meal. The low processing costs associated with soy protein are suitable for the operational demands of manufacturers and thereby allow the processors to spend effectively on product development. As a result of these trends, soy proteins are cheaper when compared to that of other protein sources such as meat, dairy, and whey proteins. Additionally, the prices of conventional dairy products have increased in the recent past, and soy protein, one of the major plant sources of protein, is one of the best alternatives in terms of price.

North America is estimated to dominate the soy protein ingredients market share.

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.

Top Soy Protein Ingredients Companies:

• ADM (US)
• Wilmar International Ltd (Singapore)
• Cargill, Incorporated (US)
• International Flavors & Fragrances Inc. (US)
• CHS Inc. (US)
• BRF Global (Brazil)
• Fuji Oil Holdings Inc. (Japan)
• Devansoy (US)
• Crown Protein Soya Group Company (China)
• AG Processing Inc. (US)
• The Scoular Company (US)

Key Questions Addressed by the Soy Protein Ingredients Market Report:

• What are soy protein ingredients?
• What are the primary applications of soy protein ingredients?
• What are the health benefits of soy protein?
• How is the soy protein ingredients market expected to grow in the coming years?
• What factors are driving the demand for soy protein ingredients?
• What are the challenges faced by the soy protein ingredients market?
• Who are the major players in the soy protein ingredients market?
• What regions are the largest markets for soy protein ingredients?
• What trends are currently shaping the soy protein ingredients market?
• How big is the soy protein ingredients market?
• What is the estimated growth rate of soy protein ingredients market?