Soy Protein Ingredients Market Size - By Product (Concentrates, Isolates, Textured, Flour), By Nature (Organic, Conventional), By Type (GMO, Non-GMO), By Application (Food & Beverage, Animal Feed), & Global Forecast, 2023 - 2032

Industry Drivers

Soy Protein Ingredients Market size exceeded USD 5.5 billion in 2022 and is projected to expand at 10% CAGR from 2023 to 2032. Due to the mounting demand for natural ingredients in animal feed products.
 

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Soy protein is among the most versatile, nutritious, reliable, and economical sources of plant-based protein, with a broad spectrum of applications across the food and animal feed industries. The increasing demand for antibiotic-free meats coupled with the diversification of animal nutritional programs may boost the adoption of this plant protein ingredient. In the U.S., expenditure on animal feed accounts for a significant amount of total farm production expenses. These trends will also augment the consumption of high-nutrition animal feeds to deliver quality meat, thereby strengthening the industry outlook.
 

Despite a favorable growth trajectory, soy protein ingredients derived through acid hydrolysis generate a significant amount of salt during the downstream process, impacting the nutritional properties. The high cost of alternative processes including enzymatic hydrolysis can also hinder industrial-scale production. These challenges, alongside the easy availability of alternative protein ingredients such as eggs, legumes, seeds, and lentils may restrict the soy protein ingredients market growth to some extent. However, the rising awareness and intake of protein supplements will help revive the soy protein ingredients industry.
 

Positive health impacts & rising intake of protein-rich food to boost soy isolate production

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The soy isolate product segment will surpass USD 5 billion by 2032, attributed to the product’s proven benefits in enhancing cardiovascular and gastrointestinal health while keeping cholesterol levels in control. Soy protein isolates are rich in antioxidants, vitamins, and minerals comprising zinc, iron, and isoflavones that can prevent bone loss due to menopause or certain cancers. Considering the low-fat content and bland taste, soy protein isolate is also used extensively in dairy products, infant formulas, and functional foods, addressing the demand for protein-rich foods among the younger generation, and in turn, bolstering the market outlook.
 

Rise in gross farm income to bolster adoption of GMO soy protein ingredients in animal feeds

Soy protein ingredients market share from the GMO type segment will depict a 10% CAGR through 2032, given the rapid growth in animal farming and an increasing need for high-protein healthy livestock diets. As per statistics from USDA, in 2022, gross cash farm income was slated to rise by 14.3% as compared to 2021. Additionally, since most GMO crops are utilized for animal feeds in the U.S., the development of GMO soy protein powder is expected to surge, to fulfill changing consumer requirements. However, the possible risk of allergic reactions may limit the consumption of GMO foods to some extent, creating an adverse impact on the market dynamics.
 

High prevalence of obesity to stimulate the use of organic soy protein ingredients

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The soy protein ingredients market size from the organic segment is anticipated to reach USD 2 billion by 2032, on account of the growing burden of obesity across the globe. Based on a WHO report, by 2025, over 167 million children and adults are likely to be obese or overweight, proliferating the need for healthier dietary options, such as organic soy proteins with low saturated fat content. Furthermore, the preference for dairy or meat substitutes and the increasing product application scope in the healthcare sector will boost the market development.
 

Rise in disposable income & vegan populace to promote soy protein development in APAC

On the regional front, the Asia Pacific soy protein ingredients market is expected to cross USD 4 billion by 2032, credited to an increase in the middle-class population and disposable incomes. Higher living standards are encouraging consumers to opt for nutrient-rich plant-based foods, thereby boosting the consumption of soy protein ingredients. Veganism is also becoming a popular trend in many Asian countries, such as India. As per a YouGov survey, 65% of Indians planned to shift toward vegan or plant-based foods in 2022.
 

High demand for meat alternatives to propel soy protein usage in foods and beverage production

The soy protein ingredients market analysis from the food and beverage segment is predicted to register over 10% CAGR during the forecast timeline, as a result of the growing inclination toward healthy foods rich in meat alternative proteins. As a result of the burgeoning demand for plant-based meat due to rising food security concerns and the transition towards healthier and more nutritional food substitutes, the intake of meat extenders has also increased. In addition, the increasing acceptance of plant-based ingredients may further augment the production of soy proteins for food and beverage applications.
 

Strategic mergers & acquisitions by companies to strengthen industry landscape

Major players involved in the soy protein ingredients market include BURCON, Cargill Inc., Archer-Daniels-Midland Company (ADM), Dupont, Sotexpro, Wilmar International, CHS Inc., Farbest Brands, Sonic Biochem, Prinova Group LLC, Medix laboratories, Chaitanya Chemicals, Bioway, and Batory Foods. These firms are focusing on expanding their existing product lines, alongside mergers and acquisitions, as part of their primary growth strategy.
 

For instance, in June 2021, Archer Daniel Midlands took over Sojaprotein, a leading developer of non-GMO soy ingredients. Through this acquisition, the company intended to enhance its geographical presence and market penetration by catering to a larger customer base.
 

Impact of COVID-19 on soy protein ingredients industry share

The stringent COVID-19-induced lockdowns and trade restrictions impacted the F&B sector and reduced product demand from the hospitality industry, especially during 2020. On the flip side, the flourishing retail sector outlook and the shift toward nutritional plant-based food products have been witnessed. Based on the IFIC Food and Health Survey 2020, close to 85% of consumers changed their food habits and have shown interest in natural products.
 

The global soy protein ingredients market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD million from 2018 to 2032 for the following segments:

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Market, By Product

• Soy Isolate
• Soy Concentrate
• Soy Flour

Market, By Nature

• GMO
• Non-GMO

Market, By Application

• Bakery & Confectionery
• Meat Extenders & Alternatives
• Functional Food
• Infant Food
•  Dairy Replacer
• Animal Feed
  • Poultry
  • Swine
  • Cattle
  • Aquaculture
  • Pet Food
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Poland
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Malaysia
  • Thailand
• Latin America
  • Brazil
  • Argentina
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa