Soy Protein Ingredients Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The soyabean oil market is expected to reach $8.7 billion by 2023 and is projected to reach $13.39 billion by 2030, growing at a CAGR of 7.46% during the forecast period. This growth reflects the increasing demand for soyabean oil and soyabean meal, which is mainly due to the rising demand for soyabean oil as a result of the rising demand for soyabean oil as a result of the rising trend for vegetarian food. The trend towards sustainable food and the growing popularity of vegetarian and even vegan lifestyles have also increased the demand for soyabean oil. This upward trend is also due to the development of food technology, which has led to the increased functionality and versatility of soyabean protein in various food products. Soyabean has become more palatable and more popular with consumers. DuPont, Cargill and Archer Daniels Midland are mainly relying on strategic initiatives, such as research and development, and the establishment of joint ventures, to expand their product lines and increase their market share. Recent product launches focusing on high-protein and low-fat formulations are expected to cater to the new preferences of consumers, thereby strengthening the market's growth potential.

Regional Market Size

Regional Deep Dive

Soy protein ingredients are experiencing dynamic growth in various regions, driven by the rising demand for plant-based foods, the increasing health consciousness, and the rise in the popularity of vegetarian and vegan diets. In North America, the soy protein market is characterized by the strong presence of leading players and the innovation of new products, while in Europe the demand for clean-label products is on the rise. In Asia-Pacific, soy protein is increasingly being used as an ingredient due to its cost-effectiveness and its nutritional value, and in the Middle East and Africa the potential of soy protein in food applications is being recognized. With its agricultural advantages, Latin America is also becoming an important supplier of soy protein and is contributing to the growth of the market.

Europe

• In Europe, the demand for non-GMO and organic soy protein is on the rise, with companies like DuPont and ADM investing in sustainable sourcing practices to meet consumer preferences.
• The European Union's stringent regulations on food labeling and health claims are pushing manufacturers to focus on transparency and quality, which is expected to drive innovation in soy protein formulations.

Asia Pacific

• The Asia-Pacific region is experiencing a surge in soy protein consumption, particularly in countries like China and India, where traditional diets are increasingly incorporating plant-based proteins due to health and environmental concerns.
• Local companies, such as Wilmar International and Fuji Oil, are expanding their production capabilities to cater to the growing demand for soy protein in both food and feed applications.

Latin America

• Latin America is leveraging its agricultural resources to boost soy protein production, with Brazil and Argentina being key players in the global soy market.
• Government programs aimed at promoting sustainable agriculture are encouraging local farmers to adopt soy cultivation, which is expected to increase the availability of soy protein ingredients for both domestic and export markets.

North America

• The North American market is seeing a significant shift towards plant-based diets, with companies like Beyond Meat and Impossible Foods leading the charge in promoting soy protein as a key ingredient in meat alternatives.
• Recent regulatory changes, such as the FDA's updated guidelines on labeling plant-based proteins, are encouraging manufacturers to innovate and market soy protein products more effectively, enhancing consumer trust and product visibility.

Middle East And Africa

• In the Middle East and Africa, there is a growing interest in plant-based diets, with initiatives from organizations like the Food and Agriculture Organization (FAO) promoting the nutritional benefits of soy protein.
• The region's unique cultural preferences are leading to the development of soy-based products tailored to local tastes, which is expected to enhance market penetration and acceptance.

Did You Know?

“Soy protein is considered a complete protein, containing all nine essential amino acids, making it a highly nutritious option for those seeking plant-based protein sources.” — USDA National Nutrient Database

Segmental Market Size

Soybean meal and soya flour are the main sources of soya bean extracts. This market is being driven by the growing popularity of vegetarian and vegan diets and the rising awareness of health and well-being. The regulatory framework for the food industry is also stimulating the demand for soya bean extracts in many applications. This is a mature market in which DuPont and Cargill are the leading companies in terms of product development and distribution, particularly in North America and Europe. The main applications of soya bean extracts are in food and beverage products, dietary supplements and meat alternatives. Several brands, such as Beyond Meat and Impossible Foods, are using soya bean extracts to create plant-based meat products that appeal to health-conscious consumers. The growing trend towards sustainable consumption and the pandemic influenza are also driving this market. The evolution of soya bean extracts is being driven by technological developments such as advanced extraction methods and texturization processes, which enable manufacturers to improve product quality and functionality.

Future Outlook

The consumption of vegetable food is on the increase, pushed by a desire for a healthy diet and by the growing awareness of the harmful effects of animal farming on the environment. The use of soya is likely to increase as the number of vegetarians and vegans increases, so that by 2030 it could account for a quarter of the market for alternative foodstuffs. And major technological advances in extraction and processing methods will also enhance the quality and functionality of soya-based products, making them more attractive to manufacturers and consumers. The development of organic and non-genetically modified soya will also boost the market. Also government policies that support plant-based diets and support sustainable development will be crucial in determining the future shape of the market. These trends will be reflected in the soya market, which will continue to play a leading role in the global market for soya-based food ingredients, which will continue to serve a wide range of applications from food to pharmaceuticals.