May 18, 2024

Soy Protein Market is Estimated to Witness High Growth Owing to Rising Demand for Plant-based Proteins

Soy protein is a complete protein extracted from soybean meal, a by-product of soybean oil extraction. Soy protein contains all the essential amino acids and has various functional properties such as fiber binding, solubility, and pH-related binding. It is used in various food applications such as bakery, dairy replacers, meat alternatives, beverages, and other products. Growing demand for plant-based proteins from health-conscious consumers is fueling the growth of the soy protein market.

The Global Soy Protein Market is estimated to be valued at US$ 8.66 Mn in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 to 2031.

Key Takeaways

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 key opportunities in the market include growing vegan demographics, increasing launch of new soy-based products, and rising investments to enhance production capacities. Technological advancements such as development of textured soy proteins through extrusion process and production of soy protein concentrate and isolates through different extraction methods are supporting the growth of the market.

Market drivers

One of the key drivers for the soy protein market is the rising health consciousness among consumers. Soy protein aids muscle gain, improves heart health, and reduces cholesterol levels. It is a cholesterol-free, low-fat alternative to animal proteins. The health benefits of soy proteins are attracting consumers towards soy-based food products. This is expected to propel the demand for soy protein over the forecast period.

Current challenges in Soy Protein Market
The soy protein market is facing many challenges currently due to rising cost of raw materials and stringent regulations. Soybean production has declined in recent years due adverse weather conditions which has increased soybean prices significantly. Transportation and logistics costs have also risen sharply impacting overall production cost for soy protein producers.

SWOT Analysis
Strength: High nutritional value and protein content. Wide applications in food & beverages, animal feed, and personal care products.
Weakness: Risk of allergies in sensitive individuals. Competition from other plant-based proteins.
Opportunity: Growing health-conscious population fuelling demand for plant-based proteins. Innovation of texturized soy proteins for new product development.
Threats: Trade barriers and policies supporting domestic producers. Substitute products like pea and canola protein gaining popularity.

Geographical Regions

North America accounts for the largest share in the soy protein market in terms of value currently. However, Asia Pacific region is expected to witness fastest growth during the forecast period driven by population growth, rising health consciousness and improving economic conditions in major countries like China and India. Europe and Latin America also offer good opportunities for soy protein producers due to shift towards vegan diets.

The Asia Pacific region is poised to be the fastest growing market for soy protein during 2024-2031. Factors such as changing lifestyles, growing health awareness, and expanding food processing industries are driving soy protein demand in the region. Population giants like China and India with large vegetarian communities are major consumers. Rapid urbanization coupled with rising disposable incomes makes Asia Pacific an attractive market for soy protein companies.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it