Global Soy Protein Market - 2024-2031

Report Overview

Global Soy Protein Market reached US$ 6.1 billion in 2023 and is expected to reach US$ 10.2 billion by 2031, growing with a CAGR of 6.64% during the forecast period 2024-2031.

The global soy protein market is witnessing significant growth driven by health-conscious consumer trends, an expanding vegetarian and vegan population and a rising demand for meat alternatives. As consumers increasingly seek healthier dietary options, soy protein's complete amino acid profile becomes more appealing. Additionally, heightened environmental awareness plays a crucial role, as plant-based proteins like soy typically have a lower carbon footprint.

Manufacturers are expanding their product offerings contributing to market-wide distribution. In March 2022, Otsuka Pharmaceutical launched SOYJOY Plant-Based bars, featuring 100% plant-based ingredients in white chocolate and banana flavors. This addition caters to health-conscious consumers and aligns with the growing demand for plant-based snacks, boosting Otsuka's presence in the expanding soy protein market.

North America dominates the global soy protein market. According to data from the World Animal Foundation in 2023, there are over 15.5 million vegans in US, reflecting a significant shift towards plant-based diets. This growing consumer awareness about health and nutrition has spurred demand for plant-based proteins, with soy emerging as a popular choice due to its complete amino acid profile.

Market Dynamics

Growing Demand For Plant-Based Protein

As consumers become more health-conscious, they are increasingly turning to plant-based options and soy protein stands out due to its high protein content and complete amino acid profile. Its potential health benefits, including supporting heart health and weight management, further enhance its appeal. With around 88 million vegans worldwide as of 2022, the shift towards plant-based diets is gaining momentum.

Many flexitarians and health-oriented consumers are also incorporating more plant-based proteins into their diets. As a result, soy protein is becoming a key ingredient in various food products, from meat alternatives to snacks and protein powders. The rising demand for these products creates new opportunities for soy protein as a key ingredient in these products, driving the market growth.

Expansion of the Product Productions

As consumer interest in plant-based diets continues to rise, manufacturers are planning expansion to meet the needs of manufacturers and consumers alike. For instance, in December 2022, Bunge, a global leader in agribusiness, food and ingredients, announced plans to invest around $550 million in constructing a fully integrated facility for soy protein concentrate and textured soy protein concentrate. The significant investment drive growth by enhancing production capabilities.

Accordingly, in February 2022, Benson Hill, Inc. introduced TruVail, a line of non-GMO plant-based proteins sourced from ultra-high protein soybeans. These ingredients, including high-protein soy flour and texturized proteins, are less processed than traditional soy protein concentrate, using up to 70% less water and 50% less CO2 emissions. The company emphasizes sustainability through regenerative agriculture practices, ensuring eco-friendly benefits from farm to fork.

Allergies Related to Soy

The global soy protein market faces significant restraint due to the prevalence of soybean allergies. Despite the numerous health benefits of soybeans, they are recognized as an allergenic food, posing serious risks for sensitive individuals. Symptoms of soybean allergy can range from hives and itching to severe respiratory issues and life-threatening anaphylaxis.

With the prevalence of soybean allergies estimated between 0.3% and 3% in the general population and around 0.4% of children affected, the growing awareness and caution surrounding soy consumption are impacting market dynamics. The increased incorporation of soy products in both food and non-food applications has heightened the risk of allergic reactions, further deterring consumers and influencing manufacturers to seek alternative protein sources.

Market Segment Analysis

The global soy protein market is segmented based on type, form, distribution channel, application and region.

High Protein Content of Soy Protein Isolates

The global soy protein market is segmented based on type into soy protein isolates, soy protein concentrates and soy flours. The soy protein isolates dominate the market primarily due to their high protein content, typically around 88.3 g in 100 gr. This makes them an attractive option for health-conscious consumers and athletes seeking to increase their protein intake. As consumer awareness of plant-based diets continues to grow, the demand for soy protein isolates is likely.

The versatility of soy protein isolate allows for various applications, including meat alternatives, dairy substitutes, protein bars and baked goods. They possess excellent functional properties, such as emulsifying, foaming and water-binding capabilities. These characteristics enhance the texture and mouthfeel of food products, making them particularly valuable in the development of plant-based meats and dairy alternatives.

Market Geographical Share

Leading Role of North America as Soybean Producers

North America, particularly US, stands at the forefront of the global soy protein market, driven by greater production levels and strategic agricultural practices. In the 2023/2024 production season, US is projected to contribute a significant 29% of the world's soybean production, amounting to around 113.34 million metric tons, as reported by the USDA. This dominance not only highlights US's critical role in domestic supply but also its substantial impact on international trade.

Valued at US$ 60.7 billion, US soybean crop is a cornerstone of the agricultural economy, with exports making up a remarkable 52% of total production. This export capability ensures a steady flow of high-quality soybeans to global markets, essential for the manufacturing of soy protein products. As demand for plant-based proteins continues to rise, North America's robust production capacity and commitment to sustainable farming practices position it as a key player in meeting this growing need.

Market Competitive Landscape

The major global players in the market include Archer Daniels Midland Company, Cargill, Incorporated, Wilmar International Limited, Sonic Biochem Extractions Pvt.Ltd., Bunge Limited, FUJI OIL HOLDINGS INC., International Flavors & Fragrances Inc., Benson Hill, Inc., Shandong Saigao Group Corporation and Xinrui Group.

Russia-Ukraine War Impact

The Russia-Ukraine war has significantly impacted the global soy protein market by causing supply chain disruptions and rising production costs. With both countries being vital players in soybean production, the conflict has led to volatility in soybean prices, affecting the availability of soy protein. According to USDA, Russia and Ukraine rank 8th and 9th in the global production levels. As energy costs soar and inflation rises, manufacturers and consumers face higher prices, hindering market growth.

Additionally, the war has prompted shifts in global trade patterns, as countries seek alternative sources for soybeans and protein. This trend may benefit producers in regions like South America and US while increasing focus on local sourcing to address food security concerns. The market faces challenges, it also presents opportunities for diversification and innovation in sourcing strategies.

By Type

Soy Protein Isolates

Soy Protein Concentrates

Soy Flours

Others

By Form

Powder

Bars

Ready to Drink

Capsules & Tablets

Others

By Distribution Channel

Supermarkets/Hypermarkets

Convenience Store

E-Commerce

Others

By Application

Food

Bakery & Confectionery

Meat Alternatives

Functional Foods

Dairy Replacements

Infant Foods

Feed

Livestock

Aquafeed

Cattle

Poultry

Swine

Pharmaceuticals

Others

By Region

North America

US

Canada

Mexico

Europe

Germany

UK

France

Italy

Spain

Rest of Europe

South America

Brazil

Argentina

Rest of South America

Asia-Pacific

China

India

Japan

Australia

Rest of Asia-Pacific

Middle East and Africa

Key Developments

In February 2022, Amfora launched its first-generation ultra-high plant protein products, including ultra-high protein soy flour, texturized vegetable protein and crisps. These products are made from proprietary soybeans that have 25% more protein than conventional soybeans, supporting sustainable nutrition and global wellness.

In September 2022, ADM announced the opening of a new extrusion plant in Serbia, aimed at boosting its production of non-GMO textured soy protein. This expansion is part of the company's strategy to support the increasing demand for meat alternatives in Europe and the Middle East.

In February 2022, Benson Hill, Inc. introduced TruVail, a line of non-GMO plant-based proteins sourced from ultra-high protein soybeans.

Why Purchase the Report?

To visualize the global soy protein market segmentation based on type, nature, source, form, application and region, as well as understand key commercial assets and players.

Identify commercial opportunities by analyzing trends and co-development.

Excel spreadsheet containing a comprehensive dataset of the Soy Protein market, covering all levels of segmentation.

PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.

Product mapping available as excel consisting of key products of all the major players.

The global soy protein market report would provide approximately 70 tables, 67 figures and 214 pages.

Target Audience 2024

Manufacturers/ Buyers

Industry Investors/Investment Bankers

Research Professionals

Emerging Companies