The global soy protein ingredients market Size was valued at USD 7.7 billion in 2022 and the Worldwide Soy Protein Ingredients Market Size is expected to reach USD 10.8 billion by 2027, according to a research report published by MarketsandMarkets. Soy protein ingredients are produced by processing soymeal to obtain ingredients with higher protein concentrations, which can be used as a protein source in a range of food and animal feed applications.
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Soy Protein Ingredients Market Drivers and Opportunities:
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 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.
Opportunities: Demand for organic soy protein
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 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.
Dry segment by form is estimated to dominate over the forecasted period
In the soy protein ingredients industry, powdered or dry ingredients are excellent texture enhancers. Moreover, with the rise in demand for meat alternatives, with growing trends for plant-based foods, industries are focused on maintaining the texture of soy-based food. They are trying to make it as close as to the texture of meat. Players in the soy protein ingredients market thus include texturized soy protein ingredients in their portfolios. They are mostly in dry form; thus, the rise in demand for texturized soy protein ingredients is driving the demand for dry form soy protein ingredients. Moreover, their longer shelf life, convenient packaging, ease of use in recipes, and ability to blend with other components is driving their demand in the market.
The food segment by application dominated the market with an estimated value of USD 6,282.1 million
Soybean and processed products are the most important ingredients in the food & beverage industry, and their functionality is still being studied. They have a major share in the meat alternatives and functional food segments. Technological advancements have helped enhance the functionality of soy protein ingredients, which has led to the successful replacement of meat protein with soy protein. Infant formulations for lactose intolerants comprise a large amount of soy protein isolates containing no lactose. Soy protein ingredients are formulated to suit specific applications, such as bakery, confectionery, beverage, dairy replacers, or meat alternatives. Consumer shift towards plant-based food is expected to drive the food segment in the soy protein ingredients market.
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1. North America:North America is a significant market for soy protein ingredients due to the growing popularity of plant-based proteins and the increasing demand for vegetarian and vegan food products.The United States is the leading consumer of soy protein ingredients in North America, driven by the rising awareness about the health benefits of soy protein and its applications in various food and beverage products.The region has a well-developed food and beverage industry, with a focus on product innovation and the inclusion of soy protein in a wide range of applications.
2. Europe:Europe is a prominent market for soy protein ingredients, driven by factors such as the increasing demand for meat alternatives, dietary supplements, and functional food and beverages.Countries like Germany, France, and the United Kingdom have a significant market share in Europe, with consumers adopting plant-based diets and seeking sustainable protein sources.The region has stringent regulations regarding food safety and labeling, which impact the market dynamics and encourage the use of soy protein ingredients in various food products.
3. Asia Pacific:The Asia Pacific region is witnessing significant growth in the soy protein ingredients market, driven by the increasing population, rising disposable incomes, and changing dietary patterns.Countries like China, India, and Japan are the key markets in this region, with a growing demand for protein-rich food and beverages.The region has a long-standing tradition of soy consumption, and soy protein ingredients find applications in various traditional and modern food products.
4. Latin America:Latin America is an emerging market for soy protein ingredients, driven by factors such as growing health consciousness, increasing consumer awareness about the benefits of plant-based proteins, and the availability of soybean crops in the region.Countries like Brazil and Argentina have a significant presence in the soy protein ingredients market, both as consumers and producers.The region's food industry is expanding, and soy protein ingredients are being utilized in products such as dairy alternatives, meat analogs, and bakery goods.
5. Middle East and Africa:The Middle East and Africa region have a growing demand for soy protein ingredients, driven by factors such as the increasing focus on health and wellness, urbanization, and the adoption of western dietary patterns.The region has a diverse consumer base, including individuals seeking vegetarian or halal food options, which contributes to the demand for soy protein ingredients.The food processing industry in the region is evolving, with manufacturers incorporating soy protein ingredients in products like snacks, beverages, and dairy alternatives.
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1. How big is the soy protein ingredients market?
By 2027, the soy protein ingredients market will be worth $10.8 billion, increasing at a CAGR of 7.0% between 2022 and 2027. In 2022, it was projected to be valued at $7.7 billion.
2. What is the estimated growth rate (CAGR) of the global soy protein ingredients market for the next five years?
The soy protein ingredients market is expected to grow at a compound annual growth rate (CAGR) of 7.0% from 2022 to 2027.
3. What are the major revenue pockets in the soy protein ingredients market currently?
The soy protein ingredients market in Asia Pacific is projected to witness strong growth driven by large economies, such as China, India, Japan, and Australia. The level of overall investment in the region has increased substantially over the past decade, especially in China.
4. What are the segments of the soy protein ingredients market?
The global soy protein ingredients market is segmented into type, application, form, nature, function, and regio