US+1 646-781-8004
Europe+44-203-868-8738
APAC+91-744-778-0008
sales@meticulousresearch.com
HomePress-release
Redding, California - November 2, 2022

Soy Protein Market Worth $14.1 Billion by 2029

Soy Protein Market by Type (Soy Protein Concentrates, Soy Protein Isolates, Textured Soy Protein), Crop Type (GMO Crops), Source Process (Conventional, Organic), Form (Solid, Liquid), Application (Food & Beverages, Animal Feed)—Global Forecasts to 2029


Meticulous Research®—a leading global market research company, published a research report titled ‘Soy Protein Market by Type (Soy Protein Concentrates, Soy Protein Isolates, Textured Soy Protein), Crop Type (GMO Crops), Source Process (Conventional, Organic), Form (Solid, Liquid), Application (Food & Beverages, Animal Feed)—Global Forecasts to 2029.

In terms of value, the soy protein market is projected to reach $14.1 billion by 2029, at a CAGR of 9.9% from 2022 to 2029, while in terms of volume, the market is projected to reach 7,698.9 thousand tons by 2029, at a CAGR of 7.3% from 2022 to 2029. This market is majorly driven by factors such as the increasing awareness about the benefits of protein-rich diets, the rising demand for protein-rich food products, the rising health & wellness trends, the increasing demand for meat alternatives, the rising demand from the food & beverage industry, and advancements in ingredient technologies, such as microencapsulation. Additionally, an increasing inclination toward vegan diets and emerging economies in Southeast Asia, Latin America, and the Middle East & Africa are expected to provide significant growth opportunities for soy protein manufacturers in the coming years. However, the significant preference for animal-based protein, fluctuating raw material prices, and high demand for soy-free products hinder the growth of this market to some extent.

The market is segmented based on type, crop type, source process, form, application, and geography. The study also evaluates industry competitors and analyses the market at a country level.

Based on type, the soy protein market is segmented by soy protein concentrates, soy protein isolates, textured soy proteins, and soy flour, grits, and chunks. In 2022, the soy protein concentrates segment is expected to account for the largest share of the soy protein market. The large market share of this segment is attributed to its low cost compared to other proteins, potential health advantages associated with soy protein concentrate, the rising demand from the animal feed sector, increased use of soy protein concentrate in food applications, and an increase in the number of product launches. In addition, the growing demand for soy protein concentrates from the meat and animal feed industries drive the growth of this segment. However, the soy protein isolate segment is projected to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the high demand for soy protein isolates from food & beverage manufacturers due to their nutritional and functional properties, including high protein content, neutral taste, and high viscosity.

Based on crop type, the soy protein market is segmented into genetically modified organism crops and non-genetically modified organism crops. In 2022, the genetically modified organism crops segment is expected to account for the largest share of the soy protein market. The large market share of this segment is attributed to the common use of GMO crops, such as soybean, for plant-based protein production due to their huge productivity and cost-effectiveness. However, the non-genetically modified organism crops segment is projected to register the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the rising trend of consuming non-GMO food products, the rising demand for eco-friendly, natural, and organic food products, and stringent regulations for genetically modified crops in Europe and Asia-Pacific.

Based on source process, the soy protein market is mainly segmented into conventional soy protein ingredients and organic soy protein ingredients. In 2022, the conventional soy protein ingredients segment is expected to account for the largest share of the soy protein market. The large market share of this segment is attributed to the wide availability of crops grown through the traditional harvesting method (with the use of chemical fertilizers), easy accessibility to cost-effective conventional soy protein ingredients, the longer shelf life of conventional soy proteins, and wide availability of substantial crop varieties. However, the organic soy protein ingredients segment is projected to register the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing demand for preservatives and additive-free products. In addition, the increasing trend of clean-label products, attributed to consumers’ preference for natural products with fewer chemicals and additives, is also driving the growth of this segment.

Based on form, the soy protein market is mainly segmented into solid and liquid. In 2022, the solid segment is expected to account for the largest share of the soy protein market. The large market share of this segment is attributed to the growing demand for powder soy protein, ease of handling and transport, lower costs, lower chances of formulation errors, and their capability to maintain ingredient stability. This segment is also projected to register the highest CAGR during the forecast period.

Based on application, the soy protein market is mainly segmented into food & beverages, animal feed, nutrition & health supplements, and other applications. In 2022, the food & beverages segment is expected to account for the largest share of the soy protein market. The large market share of this segment is attributed to the high consumer demand for sustainable products, the growing awareness about the health benefits of consuming soy protein, the rising awareness about the harmful effects of consuming animal-based products and ingredients, the increasing vegan population, and the rising meat prices and clean-label trend. However, the nutrition & health supplements segment is projected to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the changing lifestyles, growing health & wellness trends, and the increasing prevalence of diseases.

Based on geography, in 2022, North America is expected to account for the largest share of the soy protein market. The major market share of North America is attributed to the well-established food & beverage industry, the rising concerns about the negative effects of animal-derived products and protein, the increasing vegan population, the growing preference for plant-based food products, the increasing demand for healthy & nutritional products, the rising health & wellness trends, and the growing consumer awareness about the health benefits of consuming soy protein.

However, Asia-Pacific is slated to register the highest CAGR during the forecast period. The rapid growth of this region is mainly attributed to the large vegetarian population, growing awareness about the importance of consuming protein-rich diets, technological advancements in the food & beverage industry, and wide availability of raw materials.

The key players operating in the soy protein market are Archer Daniels Midland Company (U.S.), Cargill, Incorporated (U.S.), Kerry Group plc (Ireland), International Flavors & Fragrances Inc. (U.S.), NOW Health Group, Inc. (U.S.), Burcon NutraScience Corporation (Canada), Sotexpro (France), Farbest Brands (U.S.), Wilmar International Limited (Singapore), CHS Inc. (U.S.), and Devansoy Inc. (U.S.).

Download Free Research Sample @ https://www.meticulousresearch.com/download-sample-report/cp_id=5053

Key Questions Answered in the Report-

  • Which are the high-growth market segments in terms of type, crop type, source process, form, application, and geography?
  • What is the historical market size for soy protein across the globe?
  • What are the market forecasts and estimates for the period 2022–2029?
  • What are the major drivers, restraints, and opportunities in the soy protein market?
  • Who are the major players in the market, and what are their market shares?
  • Who are the major players in various countries, and what are their market shares?
  • What is the competitive landscape for the soy protein market?
  • What are the recent developments in the soy protein market?
  • What are the different strategies adopted by the major players in the market?
  • What are the key geographic trends, and which are the high-growth countries?
  • Who are the local emerging players in the soy protein market, and how do they compete with other players?

Contact Us:
Meticulous Research®
Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research

Recommended Readings

Related Reports
Soy Protein Market - Global Opportunity Analysis And Industry Forecast (2022-2029)
Report ID: MRFB - 104354 Pages: 203 Formats*:PDF Category: Food and Beverages
Share this on:
Linkdin
Whatsapp
Print
Save PDF
Table Of Content
Download Free Sample Report

Meticulous Research
US
+1 646-781-8004
Meticulous Research
Europe
+44-203-868-8738
Meticulous Research
APAC
+91-744-778-0008
Subscribe to get the latest industry updates