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.
Asia Pacific has a significant market share in the soy protein ingredients market which implies that the demand and consumer awareness is high in the region, making it the most lucrative region for soy protein ingredients market players to enter. Other factors such as rapidly rising urbanization, per capita incomes, population, and fast-growing economies with attractive investment opportunities are pulling investments in the industry from various players around the globe. Singapore-based Wilmar International Ltd is a leading and well-established player in the market. It has a dominant share in the region and globally. The knowledge of consumer perception gives it a competitive edge over other players that are not from the fast growing region.
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Soy protein ingredient-based feed is relatively less commercialized than soy protein ingredient-based food in the market. This is because the demand for soy-based products for human consumption is high. The animal end-user market is at a very nascent stage, and the importance of soy-protein ingredients based feed has just started gaining momentum in the market, which already has a big dominant presence of food products in applications such as bakery & confectionery, meat alternatives, dairy alternatives, infant nutrition etc. However, as the awareness in the animal feed segment is on the rise, the demand for the segment is gradually rising, further pushing the players to manufacture products to cater to the interests of the gradually rising market.
The sales of organic food products have seen a spike since last two decades globally. Though the price of organic food products are relatively at a higher side, consumers are still inclined to buy organic food products owing to their health benefits. A similar consumer pattern is been observed in consumers that purchase soy based food products. Thus, players in the market are focused on manufacturing products sourced from organic soy. As a result Organic certifications have started gaining significance in the soy protein ingredients market. Therefore, this exponential surge in consumer demand and preference for organic soy protein ingredients is driving the market.