Soy protein is a complete protein derived from soybean. It is a versatile ingredient used in various food and beverage applications such as meat alternatives, dairy alternatives, infant food, bakery and confectionery, and others. Rising vegan and flexitarian population demanding plant-based substitutes for dairy and meat products is fueling the demand for soy protein. Soy protein acts as an alternative to dairy and meat protein and is commonly used to manufacture plant-based meat, dairy, baked goods and other products. The global soy protein market is estimated to be valued at US$ 7.51 Bn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing demand for plant-based protein due to rising health and environment concerns associated with animal-based protein is a key driver for the global soy protein market. Growing awareness about the benefits of soy protein such as its cholesterol lowering abilities, lower fat content compared to meat, and high content of minerals, fiber is attracting health-conscious consumers towards soy-based products. Furthermore, changing lifestyle and consumption pattern is positively influencing the market growth. Moreover, advancements in production and processing technology have improved the functionality and application of soy protein making it suitable for various food formulations.
Segment Analysis
The global soy protein market is dominanted by the isolate sub-segment. Soy protein isolate accounts for over 50% of the market share as it contains over 90% protein content. Compared to concentrate and hydrolysate, isolate has the highest protein purity which makes it a preferred choice for various food applications where protein content requirement is high such as meat alternatives, baked goods, clinical nutrition and other high protein food items.
PEST Analysis
Political: The soy protein market is governed by various food safety and labeling regulations set by regulatory bodies like FDA. Any changes in these norms can impact the production and sales of soy proteins.
Economic: Fluctuations in the prices of soybean which is the primary raw material used to produce soy proteins can affect the overall production cost of manufacturers. Currently high inflation is reducing the spending power of consumers.
Social: Rising health consciousness among people is generating increased demand for soy-based meat alternatives and other vegan food products. Growing prevalence of lifestyle diseases is also propelling the demand for clinical nutrition products containing soy proteins.
Technological: Industry players are focusing on developing new production technologies to enhance the functionality and purity of soy proteins. Rapid advances in extraction and separation technologies are helping manufacturers offer customized soy protein isolates, concentrates and hydrolysates.
Key Takeaways
The Global Soy Protein Market Size is expected to witness high growth given the rising demand for plant-based meat alternatives and clinical nutrition amid health and sustainability concerns.
North America accounts for the largest share currently due to heavy consumption of protein supplements and sports nutrition products. Europe is another major regional market driven by increased veganism.
Key players operating in the soy protein market are Anmol Chemicals, Bartek Ingredients Inc., Changmao Biochemm, ESIM Chemicals, Fuso Chemical Co. Ltd, Merck KGaA, Polynt, Thirumalai Chemicals Ltd, UPC Group, Yongsan Chemicals Inc., and XST Biological Co. Ltd. Anmol Chemicals is one of the dominant players manufacturing soy protein isolates used in various food applications. Bartek Ingredients Inc. specializes in developing customized soy protein concentrates for dietary supplements and clinical nutrition segments.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
