The Soy Protein Ingredient market is valued at USD 10.2 Bn in 2022 and is projected to grow at a CAGR of 4.5% during the forecast period, to reach a value of USD 15.9 Bn by 2032. Newly released data from Future Market Insights market analysis shows that global Soy Protein Ingredient demand is projected to grow year-on-year (Y-o-Y) growth of 3.7% in 2022.
| Attributes | Details |
|---|---|
| Market Size Value in 2022 | USD 10.2 Billion |
| Market Forecast Value in 2032 | USD 15.9 Billion |
| Global Growth Rate (2022 to 2032) | 4.5% CAGR |
| Forecast Period | 2022 to 2032 |
| Collective Value Share: Top 3 Countries (2021A) | 39.4% |
The global soy protein industry is expanding as a result of consumers switching from animal to plant-based proteins. Organic food ingredients used in food processing include soy protein, they are made from soybean meal that has been hulled and defatted. Defatted and dehulled soybean is frequently processed into soy flours, soy protein isolates, and soy protein concentrates, three types of high-grade proteins.
Due to its organic makeup, soy protein ingredients frequently replace animal protein in food products sold around the world. Minerals like fiber, calcium, iron, potassium, magnesium and vitamin B are all abundant in soy proteins, Protein content is also high in soy proteins. As a result, they can offer all the essential amino acids required for the body's growth and development.
Additionally, due to increased awareness of the negative effects of consuming animal protein, consumers are likewise increasing their consumption of plant-based products. Adults typically find animal protein to be less healthy, which has caused consumers to turn to plant-based foods.
The market grew with a CAGR of 4.1% between 2017-21 as no age group is excluded from the health advantages of soy protein ingestion. Comparing soy protein to animal proteins reveals that it is both inexpensive and secure. Another benefit for the global soy protein ingredients market is the longest shelf life of products made of plant matter. Contrary to animal-based products, which frequently degrade if improperly stored or not used within a certain time frame, plant-based ingredients rarely deteriorate.
Ingredients derived from soy protein are thought to be beneficial for those with obesity-related illnesses such as inflammation and fatty liver disease. The market is expected to experience a significant increase due to the rising incidence of obesity and the link between fatty liver disease and certain life-threatening illnesses like cardiovascular disease. Consumer interest in plant-based proteins and the growing trend toward healthier meals will keep opening up new business options.
Over the past few years, there has been a significant shift toward vegetarianism, which has boosted the demand for soy protein ingredients. Regarding animal welfare, consumers are getting increasingly concerned. The setting and circumstances in which people are born and raised are becoming more and more conscious. One of the main factors influencing consumer preference for plant-based goods like soy protein components is a concern for animal welfare. Additionally, many consumers are experiencing allergies and dietary intolerances, which has increased the demand for plant-based substitutes like soy protein ingredients.
North America is expected to continue to be one of the most lucrative markets during the forecast period, according to FMI. One of the major drivers of growth in the area is the high level of purchasing power.
Additionally, the U.S. is one of the largest marketplaces in the world, which makes it a valuable market for soy protein Ingredient manufacturers. The United States will control 88.8% of the North American market in 2022, according to the FMI.
Besides high spending power, awareness regarding the prevalence of chronic ailments has been pushing U.S. consumers towards a healthy lifestyle. This is expected to present lucrative opportunities for soy protein ingredient sales in the country.
During the forecast period, the U.K. soy protein ingredient market is anticipated to expand at a 5.1% CAGR (2022– 2032). The growing research demonstrating soy protein's multiple health advantages over animal proteins is helping to fuel market expansion. Consumers in the United Kingdom are becoming more and more aware of the advantages of a plant-based diet, which is opening up new market expansion prospects.
Additionally, during the next five years, it is anticipated that sales of beef alternatives would rise by 25% in the United Kingdom alone. The trend of vegetarianism becoming more popular as a lifestyle option is spreading throughout Europe.
According to FMI, one of the biggest markets for soy protein components is the United Kingdom. Increasing healthcare spending is one of the main reasons for this increase. The Office for National Statistics in the UK estimates that 10% of the nation's Gross Domestic Product (GDP) was spent on healthcare in 2017. Moreover, the U.K. is projected to offer enticing chances for market expansion as attention on healthcare is expected to grow.
Due to its rapid, convenient, and simple solubility and discernibility in any liquid type, such as milk, water, etc., the dry form segment commands the highest part of the market for soy protein ingredients. As a result, the market for soy protein ingredients in dry form is seeing exponential growth due to the growing demand for handy products around the world. Additionally, a rise in the demand for goods with added protein is driving up the price of soy protein ingredients globally.
One of the industries that are expanding globally is the bakery and confectionery market. By using soy protein elements, a range of protein ingredients is being developed, including salami, tofu, cheese, beverages, and infant formula.
Additionally, consuming soy food items has several health benefits, including avoiding obesity and regulating blood sugar levels, thus the end usage of soy protein isolate in bakeries and confectionary is anticipated to increase rapidly.
Businesses in the soy protein isolate market are focusing on strategic mergers and acquisitions. Entering the fastest-growing markets is a major trend for both present businesses and private and financial investors. For instance, Cargill Inc., a privately held American multinational food company with headquarters in Minnetonka, Minnesota, and a Delaware incorporation Together with Quantified Ventures and Iowa Soya, Cargill formed a collaboration.
Due to the lack of reports of supply-demand shortages in recent years, businesses are concentrating on boosting the output capacity of manufacturing facilities in addition to their merger and acquisition strategies.
| Attribute | Details |
|---|---|
| Market Size Value in 2022 | USD 10.2 Billion |
| Market Forecast Value in 2032 | USD 15.9 Billion |
| Global Growth Rate | 4.5% CAGR |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | MT for Volume and USD Billion for Value |
| Key Regions Covered | North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Argentina, Chile, Peru, Germany, France, Italy, Spain, UK, Netherlands, Belgium, Nordic, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Central Africa, North Africa, and others |
| Key Market Segments Covered | Product Type, Form, End-Use Application |
| Key Companies Profiled |
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| Pricing | Available upon Request |
The Soy Protein Ingredient market is estimated to reach sales of nearly USD 10.2 Bn by 2022.
Soy Protein Ingredient market revenue is expected to increase at a CAGR of around 4.5% during the period 2022-2032.
Soy Protein Ingredient sales increased a CAGR of around 4.1% over the past half-decade.
The global Soy Protein Ingredient market value is estimated to be around USD 15.9 Bn in 2032.
The top countries driving the Soy Protein Ingredient demand are the US, Germany, China, and the UK.
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Soy Protein Ingredient Market
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