Soy Protein Market Research Report Information By Type (Soy Protein Isolates, Soy Protein Concentrates, Soy Protein Flours, Others), By Form (Powder, Bars, Ready to Drink, Capsules & Tablets, Others), By Application (Functional Foods, Sports Nutrition, Meat Additives, Confectionary & Other Food Products, Pharmaceuticals, Others), By Distribution Channel (Supermarket/Hypermarket, Convenience Store, E-commerce, Others) And By Region (North America, Asia-Pacific, Europe, And Rest Of The World) –Market Forecast Till 2032

Global Soy Protein Market Overview

Soy Protein Market Size was sized at USD 5.89 Billion in 2023. The soy protein industry is projected to grow from USD 6.31 Billion in 2024 to USD 10.19 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.18% during the forecast period (2024 - 2032). Growing demand for less costly protein sources and increasing use by athletes are the key market drivers promoting the market growth.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Soy Protein Market Trends

• Growing demand for cheaper protein sources is driving the market growth

The growing demand for cheaper protein sources drives market CAGR for soy protein. The population has steadily increased, leading to a growing demand for food and protein sources. Soy protein offers an economical and efficient way to meet the protein needs of a large population. There has been an increasing awareness of the health benefits of plant-based diets, which include soy protein as a prominent source of protein. As people become more health conscious, they seek alternative protein sources lower in saturated fats and cholesterol. Soy protein is cholesterol-free and contains all essential amino acids. With environmental concerns rising, plant-based protein sources like soy are gaining popularity due to their lower carbon footprint than animal-based protein sources. The growing number of people adopting vegetarian and vegan diets has led to an increased demand for plant-based protein alternatives, and soy protein fits the bill perfectly. Soy protein is not just a protein source; it also offers functional properties such as emulsification, water-binding, and gelation, making it a versatile ingredient in the food industry. Soy protein is used in food products and various industrial applications, such as adhesives, paper coatings, and textiles, further boosting its demand. To capitalize on the increasing demand for cheaper protein sources and address the growing market, manufacturers were likely to expand their soy production and invest in research and development to improve the quality and versatility of soy-based products.

For instance, in November 2022, International Flavors & Fragrances Inc. introduced Supro Tex, an innovative plant-based protein ingredient derived from soy. With an impressive protein content of 80%, Supro Tex boasts a nutritional profile comparable to that of animal meat. This launch marks the latest addition to IFF's successful Reimagine-Protein Program, initiated in 2017. By expanding its product portfolio in the soy protein ingredients category, IFF is poised to further enrich its offerings and cater to the growing market demand for plant-based protein options. Thus, driving the Soy Protein market revenue.

Segment Insights

Soy Protein Type Insights

Based on type, the Soy Protein market segmentation includes soy protein isolates, soy protein concentrates, soy protein flours, and others. The soy protein isolates segment dominated the market, accounting for 35% of market revenue (1.92 Billion). This was due to their increasing adoption of gluten-free and plant-based bakery products, as well as their rising use as an economical protein fortification ingredient in various food applications, driving their rapid market expansion. Additionally, soy protein flours' ability to enhance texture, improve nutritional profiles, and serve as a functional binding agent has further fueled their popularity and growth in the food industry.

Soy Protein Form Insights

The Soy Protein market segmentation, based on form, includes powder, bars, ready-to-drink, capsules & tablets, and others. The powder category generated the most income (40.4%). Powder form holds the largest market share in the market for soy protein due to its convenient and versatile nature, easily incorporating it into various food and beverage applications. Additionally, powdered soy protein offers longer shelf life, ease of transportation, and efficient storage, contributing to its dominant position in the market. Capsules and tablets are the fastest-growing segments in the soy protein industry because they provide a convenient and portable way for consumers to incorporate them into their daily diets. The encapsulated form offers precise dosing, ease of consumption and appeals to health-conscious individuals seeking to supplement their nutrition with plant-based protein sources. Additionally, the growing popularity of dietary supplements and sports nutrition products that contain soy protein capsules and tablets has contributed to the segment's rapid growth in the market.

Soy Protein Application Insights

Based on application, the Soy Protein market segmentation includes functional foods, sports nutrition, meat additives, confectionary & other food products, pharmaceuticals, and others. The functional food category generated the most income (30.4%). Functional food applications hold the largest market share in the market of soy protein due to the increasing consumer awareness of the health benefits of soy protein consumption. Soy protein is widely used in functional food products, such as fortified beverages, protein bars, and plant-based meat alternatives, as it offers essential amino acids, low saturated fat content, and cholesterol-lowering properties. The sports nutrition segment is the fastest-growing soy protein industry due to several factors. Soy protein is a high-quality and complete protein source, containing all essential amino acids necessary for muscle recovery and growth, making it ideal for athletes and fitness enthusiasts.

Soy Protein Distribution Channel Insights

The Soy Protein market segmentation is based on supermarkets/hypermarkets, convenience stores, e-commerce, and others. The supermarket/hypermarket category generated the most income (42.0%). Supermarkets and hypermarkets captured the largest share in the distribution channel of the market for soy protein due to their wide geographical coverage, convenient shopping experience, and ability to cater to the diverse needs of consumers, making soy protein products readily available to a large and diverse customer base. Pharmaceuticals are the fastest-growing distribution channel in the soy protein industry due to the increasing incorporation of soy protein isolates in dietary supplements and functional health products. This is driven by rising consumer awareness of soy protein's health benefits and its potential to promote well-being.

Figure 1: Soy Protein Market, by Distribution Channel, 2022 & 2032 (USD Billion)

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Soy Protein Regional Insights

By region, the study gives market insights into North America, Asia-Pacific, Europe, and the Rest of the World. The North American Soy Protein market will dominate this market due to the region's growing demand for plant-based protein sources, a strong consumer focus on health and wellness, and the widespread adoption of soy protein in various food and beverage applications.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Australia, South Korea, Japan, India, and Brazil.

Figure 2: SOY PROTEIN MARKET SHARE BY REGION 2022 (USD Billion)

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Europe's Soy Protein market accounts for the second-largest market share due to the growing awareness about plant-based diets, increasing consumer awareness of the health benefits of soy protein, and a growing demand for sustainable and environmentally-friendly protein sources. Further, the German market of Soy Protein held the largest market share, and the UK Soy Protein industry was the fastest-growing segment in the European region.

The Asia-Pacific Soy Protein Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the region's increasing adoption of plant-based diets, rising health awareness, and incorporating of soy protein in various food and beverage applications. Moreover, China’s market of soy protein held the largest market share, and the Indian soy protein industry was the fastest-growing market in the Asia-Pacific region.

Soy Protein Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the Soy Protein market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, mergers and acquisitions, higher investments, and collaboration with other organizations. The Soy Protein industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Soy Protein industry to benefit clients and increase the market sector. In recent years, the Soy Protein industry has offered some of the most significant advantages to the food industry. Major players in the Soy Protein market, including Archer-Daniels-Midland Co. (US), Ingredion (US), Solae (US), Dupont (US), Solbar (Israel), Cargill (US), Gushen Biological Technology Group Co. Ltd. (China) and Others, are attempting to increase market demand by investing in research and development operations.

Archer-Daniels-Midland Co. (ADM) is a leading player in the soy protein industry, with a strong foothold in the United States. The company is renowned for its expertise in soybean processing, offering a diverse portfolio of soy protein ingredients for various applications, including the food and beverage industry. ADM's soy protein offerings include soy isolates, concentrates, and textured vegetable protein (TVP), providing essential functionality as a versatile protein source in numerous food products. Leveraging advanced research and development capabilities, ADM consistently introduces innovative soy protein solutions that cater to evolving consumer trends, such as plant-based diets and increased interest in protein-enriched foods. With a commitment to sustainability and responsible sourcing, ADM ensures a reliable and environmentally-friendly supply chain for their soy protein products, earning customers' trust worldwide. The company's robust distribution network and strong customer relationships have solidified ADM's position as a prominent player in the soy protein market in the United States and beyond.

Ingredion Incorporated, based in the United States, is a major player in the soy protein industry, known for its comprehensive portfolio of innovative soy protein ingredients. Leveraging its expertise in plant-based solutions, Ingredion offers a wide range of soy proteins, including isolates, concentrates, and texturized soy protein, catering to diverse applications in the food and beverage sector. With a commitment to quality and sustainability, Ingredion prioritizes the development of soy protein ingredients that align with evolving consumer preferences, such as increased demand for plant-based and vegan products. Their state-of-the-art research and development facilities enable them to create tailored solutions for specific product formulations, meeting the unique requirements of their customers. As a leader in ingredient solutions, Ingredion's focus on delivering reliable, high-quality soy protein ingredients has solidified its position as a trusted partner for food manufacturers seeking to incorporate sustainable and functional plant-based proteins into their product offerings.

Key Companies in the Soy Protein market include

• Archer-Daniels-Midland Co. (US)


• Ingredion (US)


• Solae (US)


• Dupont (US)


• Solbar (Israel)


• Cargill (US)


• Gushen Biological Technology Group Co. Ltd. (China)


• Bunge

Soy Protein Industry Developments

April 2021: Fuji Oil Holdings Inc.'s Dutch subsidiary invested in UNOVIS NCAP II Fund, a prominent fund focusing on food technology. To promote sustainability, the company intends to leverage its plant-based food material processing technologies to address consumer challenges and contribute to a more sustainable society.

February 2021: Bunge has strengthened its position as the largest oilseed processor in the country by acquiring two soy processing plants from the local crusher Imcopa for USD 12 million.This soy protein manufacturing capacity expansion showcases the company's commitment to enhancing its presence in the market

Soy Protein Market Segmentation

Soy Protein Type Outlook

• Soy Protein Isolates


• Soy Protein Concentrates


• Soy Protein Flours


• Others

Soy Protein Form Outlook

• Powders


• Bars


• Ready to Drink


• Capsules & Tablets


• Others

Soy Protein Application Outlook

• Functional Foods


• Sports Nutrition


• Meat Additives


• Confectionary & Other Food Products


• Pharmaceuticals


• Others

Soy Protein Distribution Channel Outlook

• Supermarket/Hypermarket


• Convenience Store


• E-commerce


• Others

Soy Protein Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America