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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Drivers and Opportunities:
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 ingredients 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.
The organic soy protein market has the potential to change the business landscape in the overall soy protein ingredients market. According to the Research Institute of Organic Agriculture (FiBL), around 1.8 million farmers across 162 countries carried out organic cultivation on more than 37.0 million hectares of agricultural land in 2013. Growth in the organic food products market is also expected to boost the growth of the organic soy protein ingredients market. Government and non-government organizations offer financial aid, R&D programs, and subsidies to support traditional farmers in switching to organic farming. These organizations include the Research Institute of Organic Agriculture, Switzerland (FiBL), the Agricultural & Processed Food Products Export Development Authority (APEDA) in India, and the US Department of Agriculture (USDA) in the US. Demand for organic food ingredients is high in developed regions such as North America and Europe. The consumer preference for healthy products is rising due to the increasing consumer awareness about the health benefits of consuming organic food products. As a result, marketing campaigns are planned to highlight their use and health benefit claims.
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Regional Insights:
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.
Key Players:
The key players in this market include ADM (US), Cargill, Incorporated (Sweden), International Flavors & Fragrances Inc. (US) and Devansoy (US).
