Food and Beverages

Soy Protein Market is Expected to Reach USD 17.27 Billion by 2031

May 2024

Food and Beverages

As per the report published by Kings Research, the global Soy Protein Market was valued at USD 9.68 billion in 2023 and is projected to reach USD 17.27 billion by 2031, growing at a CAGR of 7.5% from 2024 to 2031.

The soy protein market is witnessing consistent growth, primarily driven by the rising demand for plant-based protein substitutes. Growing health consciousness among consumers, who are increasingly seeking protein-rich and low-fat products, has played a significant role in shaping the market landscape. Furthermore, the rising adoption of vegan and vegetarian diets has contributed significantly to the increasing popularity of soy protein products. With the market projected to expand further in the upcoming years, companies are investing heavily in research and development to create innovative soy protein offerings that cater to diverse dietary needs and preferences. These new products are attracting individuals who follow plant-based diets, and are sought after by those in search of sustainable protein sources for their meals. As more people become aware of the environmental impact associated with animal agriculture, soy protein emerges as a more environmentally friendly alternative. The shift toward soy plant-based proteins is expected to fuel market growth, as consumers are increasingly prioritizing sustainability and health in their food choices. 

Key Insights

  • Based on type, the soy protein concentrate segment held the largest market share of 33.22% in 2023
  • Based on application, the meat alternatives & extenders segment generated the highest revenue of USD 2.59 billion in 2023
  • On the basis of region, North America accounted for the largest market share of 33.05% in 2023

Benson Hill Introduces Truvail, A Pioneering Series of Plant-Based Protein Ingredients

February 2022: Benson Hill launched TruVail, an innovative range of plant-based protein ingredients that are non-GMO and sourced from within the country, offering numerous advantages. This novel range will feature soy protein concentrate, high-protein soy flour, and texturized proteins, specifically designed for broad applications in a variety of soy protein uses.

Increasing Demand for Plant-Based Protein to Drive Soy Protein Market Growth

The soy protein market is experiencing growth due to the increasing demand for plant-based protein, fueled by a growing awareness of the health benefits associated with consuming plant-based proteins. Consumers are further becoming increasingly conscious of the environmental impact of animal agriculture and are thus seeking alternative protein sources. The versatility of soy protein in various food products, including plant-based meat alternatives and dairy substitutes, is further contributing to its rising popularity among those looking for sustainable and nutritious options. This shift in consumer preferences toward plant-based diets presents a significant opportunity for market players to expand and diversify their product offerings. Additionally, the health benefits associated with soy protein, such as being low in saturated fat and cholesterol-free, are attracting health-conscious consumers. With the increasing demand for plant-based proteins, the soy protein market is expected to continue to grow as food companies are actively develop innovative products to meet the needs of this expanding market. 

Growing Fitness and Wellness Trend to Boost Soy Protein Market Growth

The rise of the fitness and wellness trend has resulted in an increased demand for plant-based protein sources. Among health-conscious consumers, soy protein has emerged as a favored option. Soy protein is considered a complete protein, as it contains all essential amino acids. Additionally, it is low in saturated fat and free of cholesterol, making it an appealing choice for individuals seeking to enhance their overall health and fitness levels. Furthermore, soy protein has been associated with various health benefits, including aiding in muscle recovery and promoting heart health. As more individuals prioritize physical well-being and explore nutritious alternatives to animal products, the soy protein market is expected to continue to maintain its upward trajectory. With the growing popularity of plant-based diets and sustainable food choices, soy protein provides a versatile and environmentally-friendly option for consumers. Whether it is incorporated into smoothies, baked goods, or savory dishes, soy protein offers a convenient method to increase protein intake without compromising taste or nutritional value. As ongoing research continues to support the positive impact of soy protein on both personal health and the environment, the market is projected to experience further growth in the years to come.

North America to Dominate the Market with a Share Accounting for 33.05% in 2023

Based on region, the global soy protein market is classified into North America, Europe, Asia Pacific, MEA, and Latin America. North America emerged as the leading region in the soy protein market due to its advanced agricultural technology and infrastructure, enabling efficient and high-quality soybean production. The presence of a strong network of research institutions and industry partnerships in North America further contributes to the innovation and product development in the soy protein sector. Furthermore, the region benefits from established trade relationships and a strategic geographical location, facilitating easy access to key markets and providing North American companies with a competitive advantage in the global soy protein industry. By prioritizing sustainable farming methods and reducing their carbon footprint, soy producers in North America are attracting environmentally conscious consumers by prioritizing sustainable farming methods and reducing their carbon footprint. This focus on sustainability  benefits the environment and contributes to the surge in demand for soy protein products in the region.

Market Leaders Concentrate on Collaborations and Acquisitions to Sustain Growth

The global soy protein market is fragmented with key players such as ADM, Cargill Inc., DowDuPont Inc., Imcopa Food Ingredients B.V., CHS Inc., Crown Soya Protein Group, Wilmer International Ltd., Foodchem, Kerry Ingredients Inc., and NutraScience Corporation, among others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.

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