Market Highlights
The global soy protein ingredients market is projected to be valued at USD 13.55 billion by 2028, recording a CAGR of 7.45% during the forecast period. The growth of the soy protein ingredients market is anticipated to be driven by several factors during the forecast period. One of the key factors is the rising prevalence of lactose intolerance among consumers. The growing adoption of plant-protein ingredients among the food & beverages manufacturers, followed by a shift in consumer preference toward organic ingredients, has created new opportunities for soy protein ingredient manufacturers. However, the allergen reaction associated with soy is restraining the growth of the market.
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COVID-19 caused a sudden increase in demand for plant-based substitutes across the globe. Amidst the outbreak of the pandemic, many slaughterhouses have shut down. For instance, one of the largest meat producers, Tyson Foods, shut down two of its biggest pork plants in the US. Other competitors are facing similar scenarios. This has resulted in a gradual shift in demand for plant-based ingredients. The demand for plant-based food products is increasing at an exponential rate. In some regions, the demand is anticipated to reach the triple-digit growth rate. However, this growth rate is anticipated to be only temporary during the global pandemic crisis. Many plant-based food manufacturers and soy protein ingredients processors are seeing this global crisis as an opportunity to popularize plant-based foods across the globe. The rising awareness among individuals regarding the growth of harmful diseases from the wet markets is certainly anticipated to make a dent in red meat consumption and surge the demand for plant-based food, which is fueling the growth of the global soy protein ingredients market.
Segmental Analysis
The global soy protein ingredients market has been segmented based ontype, application, and region.
Based on type, the global soy protein ingredients market has been segmented as soy protein concentrates, soy protein is olates, soy flours, and others. Soy protein concentrates arefurther divided into powder and textured soy concentrate. The soy protein concentrates segment accounted for the largest market share of 40.97% in 2020,whereas the soy protein isolates segment is expected to exhibit the highest CAGR of 5.10% during the review period.The most refined forms of soybean proteins, isolates, contain 90% or more protein. Soy protein isolate is a dietary protein isolated from soybeans that contain isoflavone phytoestrogens. Soy protein isolate is majorly used as an ingredient in various packaged foods, including protein bars, bread and baked goods, soups, and sauces.
Based on application, the global soy protein ingredients market has been segmented into food & beverages, feed, and pharmaceuticals & nutraceuticals. The food & beverages segment is segmented into bakery & confectionery, meat alternatives, meat products, functional foods, dairy replacement products, infant nutrition, and others. The feed segment is further segmented into animal feed, pet food, and aqua feed. The food & beverages segment accounted for the major market share of 67.33% in 2020, whereas the feedsegment is expected to recordthe highest CAGR of 4.65% during the forecast period. Soy protein ingredients, especially soy protein concentrates and soy protein isolates, are an excellent source of easily digestible amino acids. They are ideal for pet food, animal feed, and aqua feed, where protein quality and nutritional value are important. Soy protein concentrate was mainly considered for animal feed. However, the abundance of soy protein isolates, mainly of Asian origin, has prompted many manufacturers to consider the ingredient forspecialty feed, such as milk replacers, piglet feeds, and broiler pre-starters. The increasing demand for plant protein sources in animal feed is driving the growth of the segment. The growth of the feed industry is also directly impacting the consumption of soy protein ingredients in animal feed. Also, in fish, 40-100% of fishmeal can be replaced by soy protein concentrate as they are a good protein source for aquafeeds. The increasing adoption of pets globally leading to innovation in the pet food industry with high plant-sourced protein, driving the sales of soy protein ingredients in the pet food industry. Soy protein ingredients are economical, which has also led to their widespread use in feed products.
Regional Analysis
Geographically, the global soy protein ingredients market has been categorized as North America,Europe, Asia-Pacific,South America, and the Middle East & Africa. As per MRFR analysis, North America constituted a dominant share of the soy protein ingredients market in 2020. Expanding the product portfolio of meat substitutes by the food processors is a significant factor for the rising growth of soy protein ingredients in the region. The US was the largest country-level market 81.42% share and was valued at USD 2,366.07 million in 2020.The demand for soy protein ingredients in the region is growing at an exponential rate.
Key Findings of the Study:
The global soy protein ingredients market is projected to register a growth rate of 4.56%from 2021 to 2028.
The soy protein concentrates segment is estimated to retain its prominent share till2028,whereas the soy protein isolates segment is predictedtorecordthe highestCAGR of 5.10% during the forecast period.
The food & beverages segment accounted for the largest market share in 2020 and is expected to grow at the highest rate of 4.53% during the forecast period,whereas the feedsegment is projected to recordthe highestCAGR of 4.65% during the forecast period.
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