Soy Protein Market - Size, Share & Industry Report | 2032 (2024)

Global Soy Protein Market Outlook

The global soy protein market attained nearly USD 10.52 billion in 2023. The market is expected to witness a healthy growth in the coming years and is projected to grow at a CAGR of 7% in the forecast period of 2024-2032. In 2032, the soy protein market is estimated to reach USD 19.34 billion.

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The soy protein marketis being driven by the rising demand for plant proteins, globally. Soy protein is the largest segment in the plant-based proteins market. It accounts for nearly 60% of the market.

North America is the leading market for plant-based protein, accounting for the major share of the global market. The US is the major market in the region. In the US, soy protein was the most popular protein used in plant-based protein beverages. North America is followed by Europe and Asia as the other major markets for plant-based proteins, which together account for around half the global soy protein market.

The demand for soybean is pervasive across temperate and tropical regions and is a globally traded commodity as it is a significant source of vegetable oil and protein. The Americas, together, account for almost 90% of the total production of soybean, globally. The United States, Brazil, and Argentina are the major producers of soybean. China is also a significant producer of soybean globally and is also a leading importer of the commodity. However, the country is expanding its soybean output to reduce dependency on import.

Market Segmentation

Soy protein is derived from soybean meal, which has been dehulled and defatted. It is the protein that has been isolated from soybean. Commercially, they are available as high-protein products like isolate, concentrate, and textured soy protein. It finds extensive application in sectors like:

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Based on type, the market is segmented into:

• Isolate
• Concentrate
• Textured Soy Protein

On the basis of application, the market is divided into:

• Bakery and Confectionery
• Functional Foods
• Pharmaceuticals
• Meat Additives
• Feed
• Others

The report also gives an in-depth look into the various regional markets like North America, Latin America, Middle East and Africa, Europe, and the Asia Pacific.

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Market Analysis

The global soy protein market is being driven by the growing trend of health and wellness diets, which require high-protein intake. The market is also being aided by the rising demand from consumers eschewing animal-based food and beverage products in favour of plant proteins. The increase in the number of people taking up a vegan diet is also acting as a catalyst for the market. While veganism is still a relatively niche interest, the market for vegan foods and beverage is growing, especially propelled by younger consumers. Major manufacturers and food outlets are introducing vegan alternatives to traditional products. The resultant rise in plant-based protein alternatives is aiding the soy protein market growth. Soy protein is being increasingly consumed as an alternative to dairy proteins by vegans as well as by those with dairy-based allergies. It is also being consumed as a quality meat-substitute, which is also cost-efficient.

The multiple health benefits of soy protein are driving the marketas consumers are becoming more health conscious. Its increasing application in the sports nutrition sector is also aiding the marketgrowth. Soy proteins are being preferred as a source of protein that is low in fat and calories and is cholesterol-free. They are also finding increasing use in soy-based infant formulas. Animal feed is another application sector that has been witnessing a growth and is aiding the soy protein market. With companies undertaking multiple R&D undertakings, the market is being further propelled forward. The rising innovation taking place in the market is also providing an impetus for its growth. The rapid urbanisations and increase in disposable incomes, globally, is also aiding the market growth as they define and change the consumption patterns. The diversification of products comprised of plant-based proteins like soy proteins is expected to drive the global soy protein market in the coming years.

Competitive Landscape

The report gives a detailed analysis of the following key players in the global soy protein market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Archer Daniels Midland Company
• Nutrition & Biosciences
• Cargill Incorporated
• Wilmar International Limited
• CHS Inc.
• Others

The comprehensive report by EMR gives an in-depth insight into the manufacturing process and the cost involved. It also analyses the price trends across the globe. The report also assesses the market based on a SWOT analysis and an analysis of the Porter’s Five Forces model. A value chain and trade analysis have been provided, as well.

Key Highlights of the Report

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