Global Soy Protein Market to Reach US$ 17.5 Billion by 2032, Propelled by Rising Preference for Plant-Based Proteins

April 11, 2023 | Food & Beverages

According to the latest report by IMARC Group, titled “­­Soy Protein Market Report by Type (Isolate, Concentrate, Textured Soy Protein), Form (Powder, Bars, Ready-to-Drink, Capsules and Tablets, and Others), Nature (Organic Soy Protein, Conventional Soy Protein), Distributional Channel (Supermarkets/Hypermarkets, Convenience Stores, Online Stores, and Others), Application (Bakery and Confectionery, Functional Foods, Pharmaceuticals, Meat Additives, Feed, and Others), and Region 2024-2032,” the global soy protein market size reached US$ 9.4 Billion in 2023. Soy protein is a plant-based protein derived from soybeans. It is considered a high-quality source of protein as it contains all the essential amino acids required by the human body for proper growth and maintenance. In addition to this, it provides various health benefits, such as lowering cholesterol levels, improving heart health, and reducing the risk of osteoporosis. Soy protein is comparatively inexpensive and commonly used as a substitute for animal-based proteins, such as meat and dairy products, in vegetarian and vegan diets. The product is characterized by low-fat and protein content, extended shelf life, and enhanced stability in a variety of food applications. As a result, it is widely used in the food industry as an additive to enhance the nutritional content and texture of various food products, including protein bars, cereal, and meat substitutes. 

Global Soy Protein Market Trends:

Shifting consumer preference from animal proteins to plant-based proteins is primarily driving the market growth. Besides this, emerging trends of veganism, the increasing health consciousness among consumers, and the rising awareness about the various health benefits of consuming soy protein are creating a positive outlook for the market. In addition to this, the expanding product adoption as an ideal source of protein among athletes and bodybuilders due to its low fat and high nutritional content is contributing to the market growth. Moreover, the increasing product utilization as an ingredient in bakery and confectionery products to improve their texture, consistency, and shelf life is impelling the market growth. Concurrent with this, the growing use of soy protein in the formulation of infant food and formulae and the widespread product adoption in animal feed as a viable source of protein are presenting remunerative growth opportunities for the market. Furthermore, innovative technological advancements in food processing technologies enabling the production of high-quality meat alternatives, coupled with extensive investments in various research and development (R&D) activities by key market players, are aiding in market expansion. Other factors, such as the bolstering growth of the food and beverage (F&B) industry, inflating disposable income of individuals, and easy product availability through various offline and online retail channels, are strengthening the market growth. Looking forward, the market value is projected to reach US$ 17.5 Billion by 2032, expanding at a CAGR of 7.22% during 2024-2032. 

Market Summary:

  • On the basis of the type, the market has been divided into isolate, concentrate, and textured soy protein. Amongst these, isolate dominates the market, holding the largest share.
  • Based on the form, the market is segregated into powder, bars, ready-to-drink, capsules and tablets, and others. At present, powder represents the largest market segment.
  • On the basis of the nature, the market has been bifurcated into organic and conventional soy protein. Between these, conventional soy protein is the most popular segment.
  • Based on the distribution channel, the market is categorized into supermarkets/hypermarkets, convenience stores, online stores, and others. Currently, supermarkets/hypermarkets account for the largest share.
  • On the basis of the application, the market has been classified into bakery and confectionery, functional foods, pharmaceuticals, meat additives, feed, and others. Amongst these, bakery and confectionery is the biggest market segment.
  • Based on the region, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. Presently, North America enjoys the leading position in the market.
  • The competitive landscape of the market has also been examined, with some of the key players being A. Costantino & C. spa, Archer Daniels Midland Company, Bunge Limited, Cargill Incorporated, Crown Soya Protein Group, DuPont de Nemours Inc., Fuji Oil Co. Ltd., Smithfield Foods Inc, Sonic Biochem Extractions Pvt. Ltd, The Scoular Company and Wilmar International Ltd.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Type, Form, Nature, Distribution Channel, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered A. Costantino & C. spa, Archer Daniels Midland Company, Bunge Limited, Cargill Incorporated, Crown Soya Protein Group, DuPont de Nemours Inc., Fuji Oil Co. Ltd., Smithfield Foods Inc, Sonic Biochem Extractions Pvt. Ltd, The Scoular Company and Wilmar International Ltd.
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Global Soy Protein Market to Reach US$ 17.5 Billion by 2032, Propelled by Rising Preference for Plant-Based Proteins
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