Soy Protein Ingredients Market Forecast, 2022-2027
The Soy Protein Ingredients Market size is estimated to reach $25.8 billion by 2027. Furthermore, it is poised to grow at a CAGR of 5.9% over the forecast period of 2022-2027. Soy Protein has been gaining immense market traction, especially from the last couple of years owing to its functional benefits, along with its power to get easily incorporated in various applications. Soy protein, as the name suggests is extracted from the soybean plant and has a powerful profile comprising of 33 calories and packed with 49.2 grams of protein, along with 36 grams of carbohydrates. Furthermore, textured vegetable protein (TVP), such as soy protein has been highly consumed across the end-user industries, as they enhance the texture and nutritional content of dishes, thereby, aiding to support the overall heart health. Moreover, soybean has been found to be rich in phytic acid, which scientists proclaims to be both good and bad. For the good part, phytic acids have been found to reduce the risk of colon cancer by acting as an anti-oxidant. But for the bad part, phytic acid impairs the absorption of iron, zinc, and calcium and may promote mineral deficiencies. The high functionality of soy protein along with the fueling inclination to incorporate vegan-based proteins has been the key drivers for the Soy Protein Industry in the projected period of 2022-2027.
Report Coverage
The report: “Soy Protein Ingredients Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments of the Soy Protein Ingredients Market.
By Type- Soy Isolates, Soy Concentrates, Textured Soy Protein, and Others.
By Application- Bakery and Confectionaries, Meat Extenders and Substitutes, Nutritional Supplements, Beverages, Animal Feed and Pet food, and Others.
By Geography- North America (U.S., Canada, Mexico), Europe (Germany, United Kingdom (U.K.), France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, Japan India, South Korea, Australia, and New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina, and Rest of South America), and Rest of the World (the Middle East, and Africa).
Key Takeaways
- Geographically, North America’s Soy Protein Ingredients Market held a dominant market share in the year 2021. It is owing to the growth and dominance of various plant-based alternative companies, and the recent edge the said segment has seen in the last two years, as a famous alternative for meat products. However, Asia-Pacific is expected to offer lucrative growth opportunities to the marketers owing to the growth of various large-scale companies, and the demand for obtaining vegan proteins than their counterparts.
- The high functionality of soy protein along with the fueling inclination to incorporate vegan-based proteins have been the key drivers for the Soy Protein Markets. However, the market is facing tremendous heat from other counterparts such as almonds, oats, and peas in terms of protein and nutritional offerings.
- A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Soy Protein Ingredients Market Report.
. Since soy has been considered the eighth most common food allergen with a prevalence of around 0.3%, the market faces tremendous heat. Lastly, other plant-based ingredient items such as almonds, oats, and other legumes have taken a steadfast growth pace, which would result in the displacement of soy proteins.
Soy Protein Ingredients Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in this market. Soy Protein Ingredients top 10 companies include:
- Cargill
- E. I. du Pont de Nemours and Company
- Archer Daniels Midland Company
- CHS Inc.
- Kerry Group plc
- Wilmar International Limited
- Nisshin Oillio Group, Ltd.
- Ruchi Soya Industries Ltd
- AG Processing Inc
- Devansoy Inc.
Recent Developments
- In July 2020, DuPont launched a plant-based Planit portfolio to widen the product options. The new line features plant proteins, hydrocolloids, cultures, probiotics, fibers, food protection, antioxidants, natural extracts, emulsifiers, and enzymes, as well as tailor-made systems. These ingredients can be used in the co-creation of dairy and meat alternatives, but the company is aiming for it to expand plant-based consumption by providing an ingredient platform for companies wanting to diversify into new formats and categories that widen the plant-based food space. The said development would benefit all the sources such as soy-pea-almond and various others.
- In March 2020, Benson Hill introduced “ultra-high” soybean to compete with soy protein concentrates in finished products. The variety would require extremely low water and processing to reach the comparable amounts of protein found in soy protein concentrate. As per company analysis, processing and manufacturing of soy protein concentrate are water and energy-intensive process, to forego the said issue, Benson Hill has created a variety of soybean with up to 50% more protein at the crop level than what the current yields offer.
- In February 2020, Cargill announced the new strategy in which the company’s focus would be to provide extreme focus on proteins, which would allow it to meet the advance of both animal and alternative protein products and would allow it to meet the 70% increment in global demand for proteins. The company would launch products such as 8 Oz soy patties, 1 lb soy ground loaf, 8 Oz pea-based patties, and 1 lb of pea-based ground loaf.
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