Soy Protein Ingredients Market - Forecast(2023 - 2028)

Soy Protein Ingredients Market Overview

The Soy Protein Ingredients Market size is estimated to reach $25.8 billion by 2027. Furthermore, it is poised to grow at a CAGR of 5.9% over the forecast period of 2022-2027. Soy Protein has been gaining immense market traction, especially from the last couple of years owing to its functional benefits, along with its power to get easily incorporated in various applications. Soy protein, as the name suggests is extracted from the soybean plant and has a powerful profile comprising of 33 calories and packed with 49.2 grams of protein, along with 36 grams of carbohydrates. Furthermore, textured vegetable protein (TVP), such as soy protein has been highly consumed across the end-user industries, as they enhance the texture and nutritional content of dishes, thereby, aiding to support the overall heart health. Moreover, soybean has been found to be rich in phytic acid, which scientists proclaims to be both good and bad. For the good part, phytic acids have been found to reduce the risk of colon cancer by acting as an anti-oxidant. But for the bad part, phytic acid impairs the absorption of iron, zinc, and calcium and may promote mineral deficiencies. The high functionality of soy protein along with the fueling inclination to incorporate vegan-based proteins has been the key drivers for the Soy Protein Industry in the projected period of 2022-2027.

Report Coverage

The report: “Soy Protein Ingredients Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments of the Soy Protein Ingredients Market.

By Type- Soy Isolates, Soy Concentrates, Textured Soy Protein, and Others.
By Application- Bakery and Confectionaries, Meat Extenders and Substitutes, Nutritional Supplements, Beverages, Animal Feed and Pet food, and Others.
By Geography- North America (U.S., Canada, Mexico), Europe (Germany, United Kingdom (U.K.), France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, Japan India, South Korea, Australia, and New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina, and Rest of South America), and Rest of the World (the Middle East, and Africa).

Key Takeaways

• Geographically, North America’s Soy Protein Ingredients Market held a dominant market share in the year 2021. It is owing to the growth and dominance of various plant-based alternative companies, and the recent edge the said segment has seen in the last two years, as a famous alternative for meat products. However, Asia-Pacific is expected to offer lucrative growth opportunities to the marketers owing to the growth of various large-scale companies, and the demand for obtaining vegan proteins than their counterparts.

• The high functionality of soy protein along with the fueling inclination to incorporate vegan-based proteins have been the key drivers for the Soy Protein Markets. However, the market is facing tremendous heat from other counterparts such as almonds, oats, and peas in terms of protein and nutritional offerings.

• A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Soy Protein Ingredients Market Report.

Soy Protein Ingredients Market- Geography (%) for 2021

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Soy Protein Ingredients Market Segmentation Analysis- By Type

The Soy Protein Ingredients Market based on type can be further segmented into Soy Isolates, Soy Concentrates, and Textured Soy Protein, and Others. Soy isolates held a dominant market share in the year 2021. It is owing to the cost advantageous properties it exhibits over the other forms of easy proteins. Moreover, it is easy to incorporate as a protein option in a diet. Furthermore, soy protein isolates are meant to benefit one in various health ailments such as in maintaining cardiovascular health- gastrointestinal health- and other weight management aspects. Nearly 94 million adults in the US have cholesterol levels higher than 200mg/dl, the said problem can be countered by increasing the consumption of isolates, as there is none in the discussed.

However, Soy Concentrates are estimated to be the fastest-growing, with a CAGR of 6.4% over the forecast period of 2022-2027. The said protein alternative can be used to make meat and poultry products more pleasing, as they increase water retention, improve texture and emulsification, and maintain nutritional values. With a minimum protein content of 65 percent on a moisture-free basis—and a fiber content of 20 percent—traditional and functional soy protein concentrates deliver cost-effective solutions and are available both as a powder and as textured pieces.

Soy Protein Ingredients Market Segmentation Analysis- By Application

The Soy Protein Ingredients Market based on the application can be further segmented into Bakery and Confectionaries, Meat Extenders and Substitutes, Nutritional Supplements, Beverages, Animal Feed and Pet food, and Others. Meat Extenders and Substitutes held a dominant market share in the year 2021. It is owing to the growing inclination of consumers and populations to incorporate plant-based diets instead of meat dominance diets. Researchers have attributed that high consumption of red meats can result in type-2 diabetes, and even harsher lung and esophagus cancers. Within Europe, lung cancer affects in a loss of 3.2 million disability-adjusted life-years annually. More than a quarter of lung cancer cases occur among the under-60s.

Moreover, meat extenders and substitutes are estimated to be the fastest-growing, with a CAGR of 6.5% over the forecast period of 2022-2027. It is owing to the recent product launches and immense amounts of money generated by companies by methods of seed financing or venture financing. Further, capitalists believe that plant-based meat offerings along with high protein value would be the two pillars allowing for performance dominance.

Soy Protein Ingredients Market Segmentation Analysis- By Geography

The Soy Protein Ingredients Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held a dominant market share of 33% as compared to its other counterparts. It is owing to the robust demand being seen in all the categories of plant-based ingredients, especially soy and pea owing to their functional benefits along with easy incorporation. changes in lifestyle, lack of balanced dietary intake, and increasing focus of global manufacturers on R&D to develop new kinds of soy-protein-enriched products. Further, the region has been seeing a growing inclination towards the environmental impacts the meals can have. One-third of the land suitable for growing crops worldwide is used to grow feed for livestock. Experts have estimated that if everyone went vegan, global agricultural land use could be reduced by as much as 75 percent.

Moreover, Asia-Pacific is expected to offer lucrative growth opportunities to marketers in the projected period of 2022-2027. It is owing to the adoption of various dietary measures governed by local government bodies favoring to increase the consumption of plant-based ingredients such as soy-protein, instead of other meat options.

Soy Protein Ingredients Market Drivers

The nutritional efficiency of soy protein has helped it to substitute various ingredients in the applicative category.

Soy protein has been long used in the food and beverage industry owing to its nutritional value and content. However, the growing population of lactose intolerance has fueled the market penetration deeper. As per the latest survey reports, around 68% of the world population is lactose intolerant. US FDA further allows the use of soy protein in making infant nutrition items, as it has been found to have the closest match in terms of nutritional offerings, right after breast milk and cow milk. Moreover, parents are now preferring their younger ones or even their pets to consume cruelty-free food items, which translates into producing end products using fairly obtained ingredients. Soy is mostly produced using non-GMO practices and generally, local farmers are motivated to grow such ingredients which allow for economic sustainability across the value chain.

The growing proportion of the vegan population has supplemented a deeper market penetration.

The vegan population has been growing, to an extent in the last five years where most of the unicorns were able to find seed financing with utmost ease, simply owing to the rising number of consumers being actively recruited each day, without much expenditure on advertising and marketing. Furthermore, according to the USDA’s National Nutrient Database, a 100 gram serving of soy provides 33 calories and has packed 49.2 grams of protein, along with 36 grams of carbohydrates. However, beef, as a source only provides 23 grams of proteins with 117 calories. Moreover, it is quintessential to know, when soy is used as an ingredient, not all the values would remain constant, but would change as per process-needs-and other aspects. Some of the examples of companies that are valued above a billion dollars within the plant-based protein segments are with a $1 Billion valuation, Beyond Meat with $8.8 Billion, and various others.

Soy Protein Ingredients Market Challenges

The growing category of other plant-based proteins as an active ingredient has trembled the growth of soy protein.

Plant-based meat proteins have been gaining traction, however, soy protein has been seen to lose its edge over its counterparts in the long-haul race as various ingredients rich in protein and low in carbs have surfaced and displaced, once the leader of the entire segment. Pea protein, for example, has all essential amino acids along with branched amino acids, which allows it to take a place higher than soy. Furthermore, soy protein has been identified as a key allergen, where pea protein is put under the category of hypoallergenic. Since soy has been considered the eighth most common food allergen with a prevalence of around 0.3%, the market faces tremendous heat. Lastly, other plant-based ingredient items such as almonds, oats, and other legumes have taken a steadfast growth pace, which would result in the displacement of soy proteins.

Soy Protein Ingredients Industry Outlook

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in this market. Soy Protein Ingredients top 10 companies include:

1. Cargill
2. E. I. du Pont de Nemours and Company
3. Archer Daniels Midland Company
4. CHS Inc.
5. Kerry Group plc
6. Wilmar International Limited
7. Nisshin Oillio Group, Ltd.
8. Ruchi Soya Industries Ltd
9. AG Processing Inc
10. Devansoy Inc.

Recent Developments

• In July 2020, DuPont launched a plant-based Planit portfolio to widen the product options. The new line features plant proteins, hydrocolloids, cultures, probiotics, fibers, food protection, antioxidants, natural extracts, emulsifiers, and enzymes, as well as tailor-made systems. These ingredients can be used in the co-creation of dairy and meat alternatives, but the company is aiming for it to expand plant-based consumption by providing an ingredient platform for companies wanting to diversify into new formats and categories that widen the plant-based food space. The said development would benefit all the sources such as soy-pea-almond and various others.

• In March 2020, Benson Hill introduced “ultra-high” soybean to compete with soy protein concentrates in finished products. The variety would require extremely low water and processing to reach the comparable amounts of protein found in soy protein concentrate. As per company analysis, processing and manufacturing of soy protein concentrate are water and energy-intensive process, to forego the said issue, Benson Hill has created a variety of soybean with up to 50% more protein at the crop level than what the current yields offer.

• In February 2020, Cargill announced the new strategy in which the company’s focus would be to provide extreme focus on proteins, which would allow it to meet the advance of both animal and alternative protein products and would allow it to meet the 70% increment in global demand for proteins. The company would launch products such as 8 Oz soy patties, 1 lb soy ground loaf, 8 Oz pea-based patties, and 1 lb of pea-based ground loaf.

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