Report Overview

Global Soy Protein Market- Industry Trends & Forecast Report 2028

The Global Soy Protein Market was worth USD 10.94 Billion in 2022 and is further projected to reach USD 14.23 Billion by the year 2028, growing at a CAGR of 7.4% during the forecast period (2023-2028). The market is witnessing significant growth at a high rate owing to the changing lifestyles, rising preference of consumers for healthy and nutritious food along with the growing application of soy protein in bakeries, confectionery products, as an egg-replacement in cakes, gluten-free bread, and in some meat products. Moreover, the soy protein is widely used in medicines, cosmetics usually as genistein, and soy isoflavone brighten the skin, boosts collagen production, decreases redness, and improves skin tone. All these factors reinforce the growth of the Global Soy Protein Market.

Soy Protein – Overview

Soy Protein is a type of protein derived from soybean. It is a defatted form of soybean meal which processed into three types such as isolates, concentrates, and soy flour. Soy protein isolates are highly pure with 90% protein content and generally used to improve the texture of meat products, also used in the food industry to increase protein content. Soy protein concentrates are beneficial for pregnant and lactating women, for children, and are widely used in pet food, and as a milk replacement for babies. Soy flour is a powder form of soybeans that contains natural oils, and it is gluten-free and used to prepare yeast-raised bread. Soy Protein is a complete protein and provides all essential amino acids for human health.

Global Soy Protein Market Forecast and Trends

Growth Drivers

Rising Demand for Plant-based protein & alternative to Meat, Dairy Proteins

The increasing trend of vegetarian and plant-based protein food around the globe, owing to their health benefits such as low body mass index, reduce risks of heart diseases, and lower levels of cholesterols, and blood pressure are acting as major driving factors for the growth of the Global Soy Protein Market. Many market players are promoting plant-based proteins to reduce the slaughtering of animals, and soy protein is considered the best and easy alternative to meet the demand for complete protein that is used in various food applications such as confectionery, dairy replacers, bakery, gluten-free, functional beverages, nutritional supplements, and pet foods.

Efficient and Cost-Effective Soy Protein Products.

Soy Protein has several nutritional benefits same as animal protein and thus it is considered a good alternative to meat, seafood, and dairy products. Due to the increasing cost of meat, seafood, and dairy proteins, manufacturers' and consumers' preferences are shifting towards soy protein as it is cheaper than animal protein, environmentally-friendly, and offers the same nutritional benefits as animal protein. Moreover, it is very digestible than animal protein like fish, beef, and poultry meal. Soy Protein is widely used in nutritional supplements to meet the rising demand for protein owing to increasing sports, gym, and other activities. All these factors play a crucial role to fuel the growth of the Global Soy Protein Market during the forecast period. This trend of Global Soy Protein is likely to continue during the forecast period (2023-2028).

Restraints

Unpleasant Odor and Flavor of Soy Products

The changing lifestyles, rising disposable incomes, health consciousness, growing benefits, and application of Soy Protein are fueling the Market around the globe. However, the bad smell of Soybeans and their unpleasant flavor restrain the demand for Soy Proteins. It is undesirable to  consume soy protein food among some consumers due to its beany and grassy taste. Moreover, some countries developed cultivating genetically modified crops that are scientifically harmful to health and the environment thereby affecting the conventional soybean market, and thus, it is expected to hamper the growth of the Global Soy Protein Market in the future. However, in recent years some developed countries have banned their farmers from cultivating genetically modified crops.

Impact of COVID-19 on Global Soy Protein Market

The sudden outbreak of COVID-19 unfavorably affected the growth of the Global Soy Protein Market. The soy protein ingredient industry and Food and Beverage industry faced many challenges owing to the government restrictions, social distancing norms followed by a halt in many productions during the complete lockdown, disruption in supply chains, reduced availability of material and staff, and lesser development activities decline the growth of the Global Soy Protein Market. However, post-COVID-19, there is an increase in sales of soy protein-based products because of the growing preference of consumers for health and well-being caused by the pandemic and is expected to drive the growth of the Global Soy Protein Market during the forecast period.

Global Soy Protein Market - By Type

Based on Type, the Soy Protein Market is segmented into isolate, Concentrate, Textured/Hydrolyzed, and Soy Protein Flour. The Concentrate segment accounts for the largest market share owing to its high nutritional value of around 70% protein with complete amino acids, and low fat. Also, due to its wide usage in cereals, yogurts, protein supplements, and some meat products to increase water and fat retention, protein bars, as well as in various food products as a functional ingredient are increasing the demand for Concentrates segment leading to the growth of the Global Soy Protein market in the forecast period (2023-2028).  

Global Soy Protein Market - By Distribution Channel

Based on Distributional Channel, the Global Soy Protein Market is segmented into Online Retail, Convenience Stores, Supermarkets/Hypermarkets, and others. The Online Retail segment accounts for the largest market share as the demand for soy protein increased enormously among the vegetarian people. Also, due to rising mobile usage, advertisements, and the rapidly growing E-Commerce business, emerging sales of soy protein bars, gym protein supplements, plant-based food and confectionary products and a variety of soy protein food products are available on Online websites. Such vast market presence is certain to  accelerate the growth of the Global Soy Protein Market.

Global Soy Protein Market – By End-User

Based on End-User, the Soy Protein market is segmented into Food and Beverages, Animal Feed, Cosmetics, and Protein Supplements. The Food and Beverages segment dominates the market owing to the increasing need for protein in food and beverages, also rising consumption of alternative protein to animal protein leads to force manufacturers to use Soy protein as an alternative to meet the protein demand. The manufacturers due to increasing demand of soy protein is investing in launching new products such as soy milk, soy flour, soy nuggets, soy nuts, soy snacks, and other soy-based protein products.

Global Soy Protein Market - Regional Insights

Geographically, the Global Soy Protein Market is segmented into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA). The North America segment accounts to hold the largest share in the market owing to the rising health consciousness, increasing demand for a vegan diet, and increasing rate of working women outside the house leading to increase sales of ready-to-eat and packaged soy protein food products, and growing research and development activities in this region are driving the market growth.

Competitive Landscape

The leading market players in the Global Soy Protein market are Archer-Daniels-Midland, Cargill, Inc., Wilmar International Limited (Singapore), Ruchi Soya Industries Ltd (India), Nisshin Oillio Group, Ltd. (Japan), The Scoular Company (US), AG Processing Inc (US), Devansoy Inc. (US), E.I. Du Pont De Nemours, Company (US), CHS Inc. (US), Kerry Group plc (Ireland), Kellogg Company, Kraft Heinz Company, and other prominent players.

The Global Soy Protein Market is highly consolidated with the presence of multinational Food and Beverages companies. These companies constantly launch a wide range of products with innovations to attract consumers and significantly invest in research and development activities to further innovate their offerings. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.

Recent Developments

• In April 2021, Fuji Oil Holdings Inc. Dutch subsidiary invested in UNOVIs NCAP II Fund, which is a major fund specializing in food technology. The company plans to contribute to a sustainable society using its processing technologies of plant-based food materials to tackle the issues which consumers face across the world.

• February 2021, Bunge has expanded its soy protein manufacturing plants by purchasing two soy processing plants from the local crucher Imcopa for USD 12 million, reinforcing its position as the country’s biggest oilseed processor.

Scope of the Report

By Type

• Isolate

• Concentrate

• Textured/Hydrolyzed

• Soy Protein Flour

By Distribution Channel

• Online retail

• Convenience Stores

• Supermarkets/Hypermarkets

• Others

By End-User

• Food and Beverages

• Animal Feed

• Cosmetics

• Protein Supplements

By Region

• North America

• Europe

• Asia-Pacific (APAC)

• Latin America (LATAM)

• Middle-East & Africa (MEA)

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation
3. Executive Summary
4. Global Soy Protein Market Insights
   1. Industry Value Chain Analysis
   2. GROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Technological Landscape/Recent Development
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
5. Global Soy Protein Market Overview
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Type
         1. Isolate
         2. Concentrate
         3. Textured/Hydrolyzed
         4. Soy Protein Flour

1. 1. 2. By Distribution Channel

5. 1. Online Retail
   2. Convenience Stores
   3. Supermarkets/Hypermarkets
   4. Others
      3. By End-User
         1. Food and Beverages
         2. Animal Feed
         3. Cosmetics
         4. Protein Supplements
      4. By Region
         1. North America
         2. Europe
         3. Asia-Pacific
         4. Latin America
         5. Middle-East and Africa
6. North America Soy Protein Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Type
      2. By Distribution Channel
      3. By End-User
      4. By Region
         1. United States
         2. Canada
7. Europe Soy Protein Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Type
      2. By Distribution Channel
      3. By End-User
      4. By Region
         1. Germany
         2. United Kingdom
         3. Italy
         4. France
         5. Spain
         6. Rest of Europe
8. Asia Pacific Soy Protein Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Type
      2. By Distribution Channel
      3. By End-User
      4. By Region
         1. China
         2. India
         3. Japan
         4. South Korea
         5. Rest of Asia Pacific
9. Latin America Soy Protein Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Type
      2. By Distribution Channel
      3. By End-User
      4. By Region
         1. Brazil
         2. Mexico
         3. Rest of Latin America
10. Middle East & Africa Soy Protein Market
    1. Market Size & Forecast by Value, 2018-2028
       1. By Value (USD Billion)
    2. Market Share & Forecast
       1. By Type
       2. By Distribution Channel
       3. By End-User
       4. By Region
          1. Saudi Arabia
          2. UAE
          3. South Africa
          4. Rest of the Middle East & Africa
11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Merger, Acquisition, Partnership.)
12. Impact of COVID-19 on Soy Protein Industry
13. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
    1. Archer-Daniels-Midland
    2. Cargill, Inc.
    3. Wilmar International Limited (Singapore)
    4. Ruchi Soya Industries Ltd (India)
    5. Nisshin Oillio Group, Ltd. (Japan)
    6. The Scoular Company (US)
    7. AG Processing Inc (US)
    8. Devansoy Inc. (US)
    9. E.I. Du Pont De Nemours
    10. Company (US)
    11. CHS Inc. (US)
    12. Kerry Group plc (Ireland)
    13. Kellogg Company
    14. Kraft Heinz Company
    15. Other prominent players.
14. Key Strategic Recommendations

List of Figures

 Figure 1        Global Soy Protein Market Segmentation

Figure 2        Global Soy Protein Market Value Chain Analysis

Figure 3        Company Market Share Analysis, 2022

Figure 4        Global Soy Protein Market Size, By Value (USD Billion), 2018-2028

Figure 5        Global Soy Protein Market Share, By Type, By Value, 2018-2028

Figure 6        Global Soy Protein Market Share, By Region, By Value, 2018-2028

Figure 7        Global Soy Protein Market Share, By End-User, By Value, 2018-2028

Figure 8        Global Soy Protein Market Share, By Region, By Value, 2018-2028

Figure 9        North America Soy Protein Market Size, By Value (USD Billion), 2018-2028

Figure 10       North America Soy Protein Market Share, By Type, By Value, 2018-2028

Figure 11       North America Soy Protein Market Share, By Value, 2018-2028

Figure 12       North America Soy Protein Market Share, By End-User, By Value, 2018-2028

Figure 13       North America Soy Protein Market Share, By Country, By Value, 2018-2028

Figure 14       Europe Soy Protein Size, By Value (USD Billion), 2018-2028

Figure 15       Europe Soy Protein Share, By Type, By Value, 2018-2028

Figure 16       Europe Soy Protein Market Share, By Value, 2018-2028

Figure 17       Europe Soy Protein Market Share, By End-User, By Value, 2018-2028

Figure 18       Europe Soy Protein Market Share, By Country, By Value, 2018-2028

Figure 19       The Asia-Pacific Soy Protein Market Size, By Value (USD Billion), 2018-2028

Figure 20       The Asia-Pacific Soy Protein Market Share, By Product, By Value, 2018-2028

Figure 21       The Asia-Pacific Soy Protein Market Share, By Value, 2018-2028

Figure 22       The Asia-Pacific Soy Protein Market Share, By End-User, By Value, 2018-2028

Figure 23       The Asia-Pacific Soy Protein Market Share, By Country, By Value, 2018-2028

Figure 24       Latin America Soy Protein Market Size, By Value (USD Billion), 2018-2028

Figure 25       Latin America Soy Protein Market Share, By Product, By Value, 2018-2028

Figure 26       Latin America Soy Protein Market Share, By Value, 2018-2028

Figure 27       Latin America Soy Protein Market Share, By End-user, By Value, 2018-2028

Figure 28       Latin America Soy Protein Market Share, By Country, By Value, 2018-2028

Figure 29       The Middle East & Africa Soy Protein Market Size, By Value (USD Billion), 2018-2028

Figure 30       The Middle East & Africa Soy Protein Market Share, By Product, By Value, 2018-2028

Figure 31       The Middle East & Africa Soy Protein Market Share, By Product, By Value, 2018-2028

Figure 32       The Middle East & Africa Soy Protein Market Share, By Region, By Value, 2018-2028

Figure 33       The Middle East & Africa Soy Protein Market Share, By Country, By Value, 2018-2028

List of Tables

Table 1         Global Soy Protein Market Size, By Product, By Value, 2018-2028

Table 2         Global Soy Protein Market Size, By Value, 2018-2028

Table 3         Global Soy Protein Market Size, By End-User, By Region, 2018-2028

Table 4         Global Soy Protein Market Size, By Region, By Value, 2018-2028

Table 5         North America Soy Protein Market Size, By Type, By Value, 2018-2028

Table 6         North America Soy Protein Market Size, By Value, 2018-2028

Table 7         North America Soy Protein Market Size, By End-User, By Value, 2018-2028

Table 8         North America Soy Protein Market Size, By Country, By Value, 2018-2028

Table 9         Europe Soy Protein Market Size, By Product, By Value, 2018-2028

Table 10        Europe Soy Protein Market Size, By Distribution Channel, By Value, 2018-2028

Table 11        Europe Soy Protein Market Size, By Value, 2018-2028

Table 12        Europe Soy Protein Market Size, By Country, By Value, 2018-2028

Table 13        The Asia-Pacific Soy Protein Market Size, By Value, 2018-2028

Table 14        The Asia-Pacific Soy Protein Market Size, By Type, 2018-2028

Table 15        The Asia-Pacific Soy Protein Market Size, By End-User, By Value, 2018-2028

Table 16        The Asia-Pacific Soy Protein Market Size, By Country, By Value, 2018-2028

Table 17        Latin America Soy Protein Market Size, By Type, By Value, 2018-2028

Table 18        Latin America Soy Protein Market Size, By Value, 2018-2028

Table 19        Latin America Soy Protein Market Size, By End-User, By Value, 2018-2028

Table 20        Latin America Soy Protein Market Size, By Country, By Value, 2018-2028

Table 21        The Middle East & Africa Soy Protein Market Size, By Category, By Value, 2018-2028

Table 22        The Middle East & Africa Soy Protein Market Size, By Value, 2018-2028

Table 23        The Middle East & Africa Soy Protein Market Size, By End-User, By Value, 2018-2028

Table 24        The Middle East & Africa Soy Protein Market Size, By Country, By Value, 2018-2028

Table 25        Archer-Daniels-Midland Company Overview

Table 26        Archer-Daniels-Midland Financial Overview

Table 27        Cargill, Inc. Company Overview

Table 28        Cargill, Inc. Financial Overview

Table 29        Wilmar International Limited (Singapore) Company Overview

Table 30        Wilmar International Limited (Singapore) Financial Overview

Table 31        Ruchi Soya Industries Ltd (India) Company Overview

Table 32        Ruchi Soya Industries Ltd (India) Financial Overview

Table 33        Nisshin Oillio Group Company Overview

Table 34        Nisshin Oillio Group Financial Overview

Table 35        The Scoular Company (US) Company Overview

Table 36        The Scoular Company (US) Financial Overview

Table 37        AG Processing Inc (US) Company Overview

Table 38        AG Processing Inc (US) Financial Overview

Table 39        Devansoy Inc. (US) Overview

Table 40        Devansoy Inc. (US) Financial Overview

Table 41        E.I. Du Pont De Nemours Company (US) Company Overview

Table 42        E.I. Du Pont De Nemours Company (US) Financial Overview

Table 43        CHS Inc. (US) Company Overview

Table 44        CHS Inc. (US) Financial Overview

Table 45        Kerry Group plc (Ireland) Company Overview

Table 46        Kerry Group plc (Ireland) Financial Overview

Table 47        Kellogg Company Company Overview

Table 48        Kellogg Company Corporation Financial Overview

Table 49        Kraft Heinz Company Company Overview

Table 50        Kraft Heinz Company Financial Overview

Table 51        Other prominent players Company Overview

Table 52        Other prominent players Financial Overview