Redding, California, May 31, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Soy Protein Market by Type (Soy Concentrates, Soy Protein Isolates, Textured Soy Protein), Crop Type (GMO), Source Process (Organic), Application (Food & Beverage, Animal Feed, Nutritional Supplements) - Global Forecast to 2029,’ the soy protein market is expected to reach $14.1 billion by 2029, at a CAGR of 9.9% from 2022 to 2029.
The market for high-protein products is constantly increasing. Consumers’ interest in health and fitness is driving much of this growth, and the increased awareness about the importance of protein-rich diets and their benefits in muscle growth and weight management is a key contributing factor. Soy protein has become one of the primary sources of vegetable protein. Factors such as the desire to use clean label products, the need to avoid allergens, demand from the vegetarian and vegan population, and concerns about sustainability among the general population drive the demand for soy proteins. In addition, the rising demand for plant protein ingredients from food manufacturers and foodservice operators drives the growth of the soy protein market.
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The soy protein 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.
Impact of COVID-19 on the Soy Protein Market
The outbreak of the COVID-19 pandemic negatively affected the traditional meat processing industry. Numerous slaughterhouses shut down due to supply chain disruptions. The COVID-19 outbreak significantly impacted the meat supply chain in the U.S., as many major meat plants either closed down temporarily or operated at minimal capacity to keep personnel safe. For instance, large meat processing companies, such as Tyson and Smithfield, shut down their plants due to the outbreak of the COVID-19 pandemic. The meat supply shortage resulted in increased consumer demand for soy protein-based products.
Furthermore, the outbreak of the COVID-19 pandemic highlighted the importance of consuming healthy diets, resulting in the increased demand for plant-based food products. For instance, as per the data released by the International Food Information Council in 2021, 85% of Americans changed their diet patterns after the COVID-19 outbreak. Hence, the outbreak of the COVID-19 pandemic provided significant opportunities for the growth of the soy protein market.
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Key Findings in the Soy Protein Market Study:
Based on type, the soy protein market is segmented into soy protein concentrates, soy protein isolates, textured soy proteins, soy flour, grits, and chunks. In 2022, the soy protein concentrates segment is estimated to account for the largest share of the soy protein market. Soy protein concentrates are cheaper than other soy protein products, which increases their market demand. In addition, the growing demand for soy protein concentrates from the meat and animal feed industries drives this segment's growth. However, the soy protein isolate segment is expected to grow at the highest CAGR during the forecast period. 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 drives the growth of this segment.
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 a larger share of the soy protein market. The large market share of this segment is mainly attributed to the wide usage of genetically modified organism crops for plant-based protein production due to their huge productivity and cost-effectiveness. However, the non-genetically modified organism crops segment is expected to register a higher CAGR during the forecast period. The growth of the non-genetically modified organism crops segment is mainly attributed to factors such as 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 segmented into organic soy protein and conventional soy protein. In 2022, the conventional soy protein segment is estimated to account for a larger share of the soy protein market. The large market share of this segment is attributed to factors such as 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 the wide availability of substantial crop varieties. However, the organic soy protein segment is expected to grow at a higher CAGR during the forecast period. The market growth of this segment is attributed to the increasing demand for preservatives and additive-free products.
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Based on form, the soy protein market is segmented into solid/dry and liquid. In 2022, the solid/dry segment is estimated to account for a larger share of the soy protein market. The large market share of this segment is attributed to factors such as 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.
Based on application, the soy protein market is mainly segmented into food & beverage, animal feed, nutrition & health supplements, and other applications. In 2022, the food & beverage segment is estimated to account for the largest share of the soy protein market. The large market share of this segment is mainly 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 rising meat prices and clean label trend. However, the nutrition & health supplement segment is expected to register a high growth rate during the forecast period. The rapid growth of this segment is mainly attributed to changing lifestyles, growing health & wellness trends, and the increasing prevalence of diseases.
Based on geography, in 2022, North America is estimated to account for the largest share of the soy protein market. The large share of this regional market is attributed to factors such as 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, 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 high market growth in Asia-Pacific is mainly attributed to the large vegetarian population, the growing awareness about the importance of consuming protein-rich diets, technological advancements in the food & beverage industry, and the wide availability of raw materials
Some of the key players operating in the soy protein market are Archer Daniels Midland Company (U.S.), Cargill, Incorporated (U.S.), Kerry Group (Ireland), International Flavors & Fragrances, Inc. (U.S.), Now Foods (U.S.), Burcon NutraScience Corporation (Canada), Sotexpro (France), Farbest Brands (U.S.), Wilmar International (Singapore), and CHS Inc. (U.S.).
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Scope of the report:
Soy Protein Market, by Type
- Soy Protein Concentrates
- Soy Protein Isolates
- Textured Soy Protein
- Others (Soy Flour, Grits, and Chunks)
Soy Protein Market, by Crop Type
- Genetically Modified Organism Crops
- Non-genetically Modified Organism Crops
Soy Protein Market, by Source Process
- Conventional Soy Protein
- Organic Soy Protein
Soy Protein Market, by Form
- Solid/Dry
- Liquid
Soy Protein Market, by Application
- Food & Beverage
- Meat, Poultry, and Seafood
- Bakery & Confectionery
- Meat Analogue
- Dairy & Dairy Alternatives
- Beverages
- Other Food & Beverage Applications
- Animal Feed
- Nutrition & Health Supplements
- Other Applications
Soy Protein Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific (RoAPAC)
- Rest of World
- Latin America
- Middle East & Africa
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