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.
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Soy Protein Ingredients Market Trends
- Increasing Demand for Plant-Based Proteins: With the rising awareness of health and sustainability, there’s been a surge in demand for plant-based protein sources, including soy protein. Consumers are seeking alternatives to animal-derived proteins, driving the growth of the soy protein ingredients market.
- Expanding Vegan and Vegetarian Population: The growing number of people adopting vegan and vegetarian diets is a significant factor fueling the demand for soy protein ingredients. Soy protein serves as a versatile and nutritious option for individuals looking to avoid animal products while meeting their protein needs.
- Health and Wellness Focus: Soy protein is recognized for its health benefits, including its ability to support heart health, muscle building, and weight management. As consumers become increasingly health-conscious, they are incorporating soy protein into their diets to achieve their wellness goals.
- Product Innovation and Diversification: Manufacturers are continuously innovating to meet the evolving consumer preferences and dietary requirements. This includes the development of new soy protein-based products such as plant-based meat alternatives, dairy alternatives, snacks, and beverages, catering to various taste preferences and dietary restrictions.
Soy Protein Ingredients Market Share
- ADM (US)
- Wilmar International Ltd (Singapore)
- Cargill, Incorporated (US)
- International Flavors & Fragrances Inc. (US)
- CHS Inc. (US)
- BRF Global (Brazil)
- Fuji Oil Holdings Inc. (Japan)
- Devansoy (US)
Exploring the Divide: Food vs. Feed Segments
The soy protein ingredients market is a bustling arena, where the demand for soy-based products for human consumption takes center stage. However, amidst this fervent activity, a noticeable distinction emerges: the disparity between the food and feed segments. While soy-based food products enjoy widespread commercialization and consumer favoritism across applications like bakery & confectionery, meat alternatives, dairy alternatives, and infant nutrition, the feed segment lingers in a relatively nascent state. The animal end-user market is only just beginning to recognize the significance of soy-protein ingredient-based feed, gradually stirring interest among market players. As awareness in the animal feed segment escalates, so does the demand, prompting manufacturers to adapt and cater to this evolving market landscape.
The Rise of Soy Flour: Forecasting Growth
Among the various types of soy protein ingredients, soy flour emerges as a standout player poised for significant growth during the forecast period. With a projected Compound Annual Growth Rate (CAGR) of 5.1%, soy flour showcases remarkable potential fueled by its versatility and nutritional profile. Used extensively in dairy alternatives, meat substitutes, and baked goods, soy flour comes in various forms, retaining the soybean’s natural oil content or as de-fatted flour extracted through solvent extraction. Its application in bakery products, particularly bread and cakes, is noteworthy, owing to its high protein content, especially compared to other plant proteins. The gluten-free trend further amplifies its appeal, as consumers seek alternatives to traditional wheat-based products. The surge in demand for gluten-free foods and drinks, as reported by Mintel in November 2021, underscores the burgeoning market for soy flour, poised to thrive in the forecast period.
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Going Green: The Organic Surge
In the realm of soy protein ingredients, the organic segment emerges as the frontrunner in growth during the forecast period. Fueled by a global spike in the sales of organic food products over the past two decades, consumers increasingly prioritize health benefits over price considerations. This consumer shift towards organic food products extends to soy-based offerings, prompting market players to pivot towards organic sourcing. Consequently, organic certifications gain prominence in the soy protein ingredients market, reflecting the exponential surge in consumer demand for organically sourced soy protein ingredients, propelling the market forward.
