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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North America is estimated to dominate the soy protein ingredients market with a value of USD 2,932.1 Million

The ethical limitations and consumer awareness regarding personal and environmental health have contributed greatly to the mass shifting of people toward adopting veganism and flexitarian diets. According to a recent report published in March 2022 by the Plant-Based Foods Association (PBFA), the US plant-based food retail sales reached USD 7.4 billion, outpacing total food retail sales and showing a growth rate of 6.1% in 2021 from the previous year, despite supply chain interruptions and pandemic restrictions. This growth and increase in the demand for and consumption of plant-based foods are likely to continue during the forecast period and present significant business opportunities for soy protein ingredients.

North America is a significant production base for plant-based protein manufacturers, and the US is a key producer of soybean and wheat in the region.

Similarly, in Mexico, the demand for protein-rich food and beverage products is high due to the highly diversified and multicultural population, which is among the key contributors to the growth of plant-based protein offerings in the region.

The key players in this market include ADM (US), Cargill, Incorporated (Sweden), International Flavors & Fragrances Inc. (US) and Devansoy (US).

A wide variety of soy-protein ingredients are available in the Asia Pacific market offered by Wilmar International Ltd

Asia Pacific has a significant market share in the soy protein ingredients market which implies that the demand and consumer awareness is high in the region, making it the most lucrative region for soy protein ingredients market players to enter. Other factors such as rapidly rising urbanization, per capita incomes, population, and fast-growing economies with attractive investment opportunities are pulling investments in the industry from various players around the globe. Singapore-based Wilmar International Ltd is a leading and well-established player in the market. It has a dominant share in the region and globally. The knowledge of consumer perception gives it a competitive edge over other players that are not from the fast-growing region.

The feed segment by application in soy protein ingredients market is relatively small in comparison to the food segment by application

Soy protein ingredient-based feed is relatively less commercialized than soy protein ingredient-based food in the market. This is because the demand for soy-based products for human consumption is high. The animal end-user market is at a very nascent stage, and the importance of soy-protein ingredients-based feed has just started gaining momentum in the market, which already has a big dominant presence of food products in applications such as bakery & confectionery, meat alternatives, dairy alternatives, infant nutrition etc. However, as the awareness in the animal feed segment is on the rise, the demand for the segment is gradually rising, further pushing the players to manufacture products to cater to the interests of the gradually rising market.

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During the forecast period, the soy flour segment by type is expected to grow at a significant CAGR of 5.1%

A wide range of dairy alternatives, meat substitutes, and baked goods use soy flour in various forms. Soy flour either has soybean’s naturally occurring oil content retained to make them full-fat flour, or it can be used as de-fatted flour by solvent-extraction of the oil. Full fat and de-fatted flour products are available in toasted or enzyme-active forms. Soy flour has been gaining considerable significance for processing bakery products, such as bread and cakes, due to its high protein content compared to other plant proteins. Bread made from soy flour is dense, as it is gluten-free. As per a recent article published in Mintel in November 2021, there is a rise in demand for gluten-free foods and drinks. Thus, manufacturers are exploring various gluten alternatives, including flour derived from soybeans, nuts, fruits, and vegetables. This is further driving the market for soy flour which is projected to grow at a significant CAGR during the forecast period.

The global soy protein ingredients market is on a steady rise, with an estimated value of USD 7.7 billion in 2022. Projections indicate that it will reach a substantial USD 10.8 billion by 2027, showing a Compound Annual Growth Rate (CAGR) of 7.0% during the forecast period. A combination of macroeconomic and microeconomic factors in key countries is shaping the market, influencing it significantly in terms of value sales. Several factors, including increased consumer awareness, health consciousness, the demand for soy-based meat alternatives, shifting lifestyles, and evolving consumption patterns, are propelling the demand for soy protein ingredients.

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The Plant-Based Revolution

Ethical considerations and growing consumer awareness regarding personal and environmental health have played a pivotal role in the increasing adoption of veganism and flexitarian diets. A recent report from the Plant-Based Foods Association (PBFA) revealed that in March 2022, plant-based food retail sales in the US reached an impressive USD 7.4 billion. This figure outpaced total food retail sales and showed a remarkable growth rate of 6.1% in 2021, despite supply chain interruptions and pandemic restrictions. The upward trend in the demand for plant-based foods is expected to continue, presenting substantial business opportunities for soy protein ingredients.

North America’s Role

North America serves as a significant production base for plant-based protein manufacturers, with the US being a key producer of soybeans and wheat in the region. Additionally, in Mexico, the demand for protein-rich food and beverage products is high, driven by a diverse and multicultural population. This demographic diversity contributes significantly to the growth of plant-based protein offerings in the region.

Key Players in the Market

Prominent players in the soy protein ingredients market include ADM (US), Cargill, Incorporated (Sweden), International Flavors & Fragrances Inc. (US), and Devansoy (US). These companies play a pivotal role in shaping the industry and driving innovation in the field.

Expanding Horizons: Soy Protein in Animal Feed

While soy protein ingredients have been extensively used in human food products, their presence in animal feed is less commercialized. However, this segment is gradually gaining momentum as awareness about its benefits increases. The market is currently dominated by applications in baking & confectionery, meat alternatives, dairy alternatives, infant nutrition, and more. As awareness in the animal feed segment continues to grow, so does the demand for soy protein ingredients in this niche market.

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The Versatility of Soy Flour

Soy flour, available in various forms, is a key ingredient in a wide range of dairy alternatives, meat substitutes, and baked goods. It can be used as full-fat flour, retaining the soybean’s naturally occurring oil content, or as de-fatted flour through solvent-extraction of the oil. Soy flour, in its various forms, is gaining significance in the processing of bakery products like bread and cakes due to its high protein content compared to other plant proteins. The demand for gluten-free foods and beverages is also rising, leading manufacturers to explore alternatives such as flour derived from soybeans, nuts, fruits, and vegetables. As a result, the market for soy flour is projected to experience significant growth during the forecast period.

In conclusion, the global soy protein ingredients market is on an upward trajectory, driven by factors such as health-conscious consumers, the rise of plant-based diets, and the versatility of soy-based products. This market’s growth offers both challenges and opportunities, and key players are at the forefront of shaping its future. As consumer preferences continue to evolve, the soy protein industry is poised to play a central role in the food landscape of the future.

In the ever-evolving landscape of the global food industry, one market that’s been gaining considerable momentum is the global soy protein ingredients market. With an estimated value of USD 7.7 billion in 2022, this market is poised for impressive growth, projected to reach USD 10.8 billion by 2027, sporting a robust compound annual growth rate (CAGR) of 7.0% during this forecast period.

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What’s Driving the Growth?

A multitude of factors is contributing to the soaring demand for soy protein ingredients. These include a rising awareness among consumers about health and nutrition, a surge in demand for soy-based meat alternatives, shifting lifestyles, and evolving consumption patterns. In essence, the market is being reshaped by changing consumer preferences and the pursuit of healthier dietary choices.

The Asian Influence

Asia Pacific stands out as a key player in the soy protein ingredients market, boasting a significant market share. This region’s high consumer awareness and demand make it particularly enticing for businesses looking to enter the market. Factors such as rapid urbanization, increasing per capita incomes, population growth, and robust economies with attractive investment opportunities are drawing investments from global players. Among them, Singapore-based Wilmar International Ltd holds a dominant position, thanks to its deep understanding of consumer perception within this fast-growing region, giving it a competitive edge.

A Growing Niche: Soy Protein in Animal Feed

While soy protein-based food products for human consumption have been widely commercialized, the animal feed segment is relatively less explored. This is due to the strong demand for soy-based products among humans. However, the animal feed market is beginning to gain momentum as consumer awareness grows. This shift is encouraging industry players to develop products tailored to the budding market, balancing the dominance of food applications such as bakery, confectionery, meat alternatives, dairy alternatives, and infant nutrition.

The Rise of Veganism and Flexitarian Diets

Ethical considerations and heightened awareness of personal and environmental health have led to a significant shift towards veganism and flexitarian diets. In March 2022, the Plant-Based Foods Association (PBFA) reported that plant-based food retail sales in the US reached a staggering USD 7.4 billion. This outpaced total food retail sales, showcasing a growth rate of 6.1% in 2021 despite supply chain disruptions and pandemic restrictions. The demand for plant-based foods is expected to continue its upward trajectory, presenting substantial business opportunities for soy protein ingredient manufacturers.

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North America: A Hub for Plant-Based Proteins

North America, especially the United States and Mexico, plays a crucial role in plant-based protein production. The US is a key producer of soybeans and wheat, contributing significantly to the region’s plant-based protein offerings. In Mexico, the diverse and multicultural population has a high demand for protein-rich food and beverages, further driving growth in this sector. Key players in this market include ADM (US), Cargill, Incorporated (Sweden), International Flavors & Fragrances Inc. (US), and Devansoy (US).

In conclusion, the global soy protein ingredients market is undergoing remarkable growth, fueled by shifting consumer preferences, heightened health consciousness, and the rise of plant-based diets. As the market continues to evolve, it presents exciting opportunities for both established players and newcomers eager to explore this flourishing landscape. Stay tuned for further developments in this dynamic industry!