The soy protein market comprises products derived from soybean, which is an excellent source of plant-based protein. Soy protein products are widely used to produce nutritional drinks, meat substitutes, baby foods, and supplements owing to their high nutritional value. Soy protein offers several health benefits such as reduced risk of heart disease and weight management. 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 key trends:
Rising health consciousness among consumers has emerged as a key driver for the growth of the soy protein market. There is a growing consumer shift towards healthy, nutritious, and plant-based food products due to increasing awareness about the benefits of a vegan diet. Soy protein products provide similar nutritional value as meat and dairy products along with various additional health benefits. This has propelled the demand for soy-based foods such as meat alternatives, dairy alternatives, bakery products, and supplements. Soy protein manufacturers are focusing on introducing more innovative product offerings tailored to meet the evolving preferences of health-conscious consumers. This includes soy-based snacks, ready-to-eat meals, and beverages with added nutrients. The versatile applications of soy protein across various product categories is expected to support the expansion of the market over the forecast period.
Strength: Soy protein has growing demand in food and beverages industry due to various health benefits. It is a cost-effective alternative to meat and dairy proteins.
Weakness: Soy protein faces competition from other plant-based proteins like pea protein. Certain consumers perceive soy protein consumption as potentially harmful.
Opportunity: Rising demand for vegan and vegetarian diets open up opportunities. Production of novel ingredients from soy protein broadens scope.
Threats: Fluctuating soybean prices impact soy protein market. Stringent regulations pertaining to GMO soy may limit sourcing flexibility.
The Global Soy Protein Market Size is expected to witness high growth. Soy protein finds extensive usage in food applications like bakery, confectionery and extruded snacks attributed to its functional properties.
Geographically, Asia Pacific dominates the global soy protein market led by China. The region accounts for over half of global soybean cultivation and consumes huge quantities of soy protein.
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. The market players are focused on new product launches, capacity expansions and partnerships to cater to growing demand for soy protein.
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it