by The soy protein market comprises dry soy protein concentrate, dry soy protein isolates and fibrous soy protein concentrates known for their high protein content. Dry soy protein concentrates and isolates are commonly used in the food processing industry for applications such as meat substitutes, baked goods, cereals and snacks. Due to its neutral taste and texture, soy protein works great as a meat extender or replacer in veggie burgers, sausages, shakes and more.
The global soy protein market is estimated to be valued at US$ 8.66 billion in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.
The global soy protein market is driven by the rising demand for plant-based foods owing to increasing health concerns and veganism trends. Soy protein helps in reducing cholesterol levels as it contains zero cholesterol. It is a complete source of protein that provides all the essential amino acids. Several food service providers and restaurants are adding vegan and vegetarian dishes made with soy protein to their menu to cater to the growing vegan population. With the growing awareness about the various health benefits of soy, its demand from the food and beverage industry is expected to increase rapidly over the forecast period.
Market Dynamics
Consumer health awareness and changing dietary preferences have led to increasing demand for healthy and nutritious food products (one driver referred from the heading). This drives the demand for soy protein as a key ingredient in various health foods, snacks and beverages. Soy protein is gaining popularity as a vegan meat alternative as it can mimic the texture and taste of meat (explain this driver). Rising vegan population globally is propelling the demand for plant-based meat and dairy alternatives incorporated with soy protein. Increasing product launches catering to vegan population will support the soy protein market growth.
Segment Analysis
The global soy protein market can be segmented into four types: soy protein concentrates, soy protein isolates, textured soy protein, and soy flour, granules, and grits. Soy protein isolates hold the largest market share as itcontains 90% protein on a dry basis making it a popular ingredient. It has excellent water solubility and dispersibility without affecting sensory properties. Textured soy protein dominates other segments due to high usage in meat analogues and patties. It has fibrous texture for structural functionality and likeness to meat which increases its application in vegan products.
PEST Analysis
Political: The US government subsidizes soybean farming promoting domestic production. Additionally, regulations support healthy and sustainable food products increasing demand for plant-based meat alternatives using soy protein.
Economic: As incomes rise globally, health-conscious consumers spend more on premium nutrition products. Major economies like China, India boosting soybean cultivation increases raw material supply.
Social: Growing popularity of veganism and flexitarian diets drives soy protein usage. Social media amplifies awareness of sustainability and health benefits. People incline towards clean label products.
Technological: New extraction techniques improve functionality and nutritional value of fractions. Spray drying helps customize particle sizes. Advances in texturizing develops meat-like texture in substitutes attracting non-vegetarians too.
Key Takeaways
The globalSoy Protein Market Size is expected to witness high growth. The global soy protein market is estimated to be valued at US$ 8.66 billion in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2031.
The Asia Pacific region dominates the market owing to largest production and consumption. China accounts for over 50% of global soybean harvest and is a major soymeal exporter. USA and Brazil are other leading producers. India and Southeast Asia experience fastest growth in soy consumption.
Key players operating in the soy protein market are Anmol Chemicals, Bartek Ingredients Inc., Changmao Biochemm, ESIM Chemicals, Fuso Chemical Co. Ltd, Merck KGaA, Polynt, Thirumalai Chemicals Ltd, UPC Group, Yongsan Chemicals Inc., and XST Biological Co. Ltd. Key players focus on introducing protein isolates and concentrates with superior nutritional and functional properties. Soy protein manufacturers strategize production of textured vegetable proteins to cater to increasing demand for meat substitutes. The players also invest in R&D to develop unique fractions and production technologies. Patents file by key stakeholders indicate further product innovation.
