How Has The Soy Protein Market Size Evolved In Recent Years?
The soy protein market has seen considerable growth due to a variety of factors.
• In recent years, the soy protein market has seen robust expansion. From $11.05 billion in 2024, it's projected to increase to $11.67 billion in 2025, with a compound annual growth rate (CAGR) of 5.7%.
The historic period's growth can be ascribed to factors including robust economic expansion in emerging markets, a rising number of health-aware consumers, increased recognition of the benefits of plant-based protein foods, a shift toward vegan diets, and a growth in dietary supplements.
How Does the Forecast Look for the Soy Protein Market?
The soy protein market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the soy protein market is anticipated to undergo a significant expansion in the coming years, increasing to a value of $14.44 billion by 2029, with a compound annual growth rate (CAGR) of 5.5%.
This robust growth during the prediction period can be linked to a variety of factors including government support of plant-based proteins, a shift in consumer preference towards meat substitutes, a growing inclusion of plant-based meat in meal plans, a surge in organized retail penetration, a rise in lactose intolerance and a quick expansion in ecommerce. Upcoming trends in the projection period revolve around the advancement of new technology to enhance the oil, protein, and sustainability aspect, a focus on plant-based protein components, the application of artificial intelligence (AI) to explore phytonutrients for potential health advantages, emphasis on high yield raw materials to curtail processing duration and resource use, and elevated investments in soy protein.
What Key Factors and Trends are Driving the Growth of the Soy Protein Market?
The growth of the soy protein market is being fuelled by a surge in the vegan population. A vegan diet, which avoids the consumption of animal products like fish, meat, dairy, and eggs, are becoming increasingly trendy, thanks primarily to the evolution of the plant-based industry and heightened awareness around the complications surrounding meat production. Consequently, with more people turning to veganism, the demand for soy protein is climbing as individuals seek to incorporate it into their meals to maintain a balanced protein intake. For instance, in January 2023, Food Manufacture, a UK-based online publisher specialising in the food and beverage processing industry, unveiled a study showing that the vegan populace in the UK had spiked by 1.1 million between 2023 and 2024. Research by Finder further revealed that over the past one year, the number of vegans in the UK has surged to 2.5 million, making up 4.7% of the adult population. Hence, the expanding vegan population is anticipated to drive the growth of the soy protein market in the forthcoming years.
How Are The Segments Defined Within The Global Soy Protein Market?
The soy protein market covered in this report is segmented –
1) By Product Type: Soy Protein Concentrates, Soy Protein Isolates, Textured Soy Protein, Soy Flour, Grits, and Chunks
2) By Nature: Organic Soy Protein, Conventional Soy Protein
3) By Form: Powder, Ready To Drink, Bars, Capsules And Tablets, Other Forms
4) By Application: Bakery And Confectionery, Meat Alternatives, Functional Foods, Dairy Replacers, Infant Foods, Other Applications
5) By Distribution Channel: Specialty Store, Convenience Store, E-Commerce Or Online Sale Channel, Supermarket Or Hypermarket
Subsegments:
1) By Soy Protein Concentrates: Regular Soy Protein Concentrate, Instant Soy Protein Concentrate
2) By Soy Protein Isolates: Regular Soy Protein Isolate, Instant Soy Protein Isolate
3) By Textured Soy Protein: Textured Vegetable Protein (TVP), Soy Meat Alternatives
4) By Soy Flour: Defatted Soy Flour, Full-Fat Soy Flour
5) By Grits: Coarse Grits, Fine Grits
6) By Chunks: Soy Protein Chunks, Soy Protein Nuggets
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How Are New Trends Expected To Influence The Growth Of The Soy Protein Market?
Leading corporations in the soy protein market are leveraging modern technologies, such as CropOS, in efforts to increase crop yields, enhance nutritional values, and promote more sustainable agricultural practices. CropOS is a cutting-edge farming technology that utilizes data analytics and artificial intelligence to maximize crop yield and bolster sustainability. For example, in February 2022, Benson Hill, Inc., a food tech company based in the US, introduced TruVailTM ingredients. These were sourced from their proprietary Ultra-High Protein (UHP) soybeans, which necessitate fewer processing steps than traditional soy protein concentrate (SPC), thus presenting a more eco-friendly choice.
Who Are the Key Players in the Soy Protein Market?
Major companies operating in the soy protein market include:
• Archer-Daniels-Midland Company
• Wilmar International Limited
• CHS Inc
• Cargill Incorporated
• Fuji Oil Company Ltd
• International Flavors & Fragrances Inc
• Royal Ingredients Group
• Solbar Ningbo Protein Technology Co.Ltd.
• Nordic Soya Oy
• Sonic Biochem
• Vyas Bio Life Sciences Private Limited
• Krungthep Trading Co. Ltd
• Bw Binyuy Holdings (Pty) Ltd
• Solitude Global Impex
• Nutra Healthcare
• Curemax Pharma
• STDM Food & Beverages Private Limited
• Titan Biotech Ltd
• Halcyon Proteins
• WuXi Biologics
• FOODCHEM
• Sun Green Group
• Alfa Laval
• Shandong Yuxin Soybean Protein Co
• Jinan Grace Industry Co. Ltd
• The BakeRite Company
• Soya UK
• Ingredients UK
• Bion Corporation
• Lantmannen
• Kerry Group PLC
• Biesterfeld AG
• A. Costantino & C. S.P.A
• Sojaprotein
• Green Wise
• Welldone
• Roquette
• Salconserv
• Latraps
• Vaks
• Sbfoodinno
• Benson Hill
• Bunge Limited
• DuPont de Nemours Inc
• Green Labs LLC
• Axiom Foods Inc
• Ingredion Incorporated
• Parabel
• Burcon NutraScience Corporation
• Glanbia plc
• De Alimentos
• Adm Do Brasil Ltda
• Tomorrow Foods
• Koita FZE
• At Al Islami Foods
• Blue Diamond Growers Inc
• Daiya Foods Inc
• Earth's Own Food Company Inc
• Soy Africa Limited
• Eden Foods Inc
• Freedom Foods Group Ltd
• The Hain Celestial Group Inc
• Sunopta Inc.
What Is The Most Dominant Region In The Soy Protein Market?
North America was the largest region in the Soy Protein market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the soy protein market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
