One of the key factors propelling the growth of the soy protein market is the rise in health consciousness worldwide. Due to their cost-competitiveness, functional effectiveness, and use in a wide range of processed meals, notably in the ready-to-eat product category, plant protein products are in higher demand, accelerating market growth. The market is further influenced by rising demand for effective and affordable meat substitutes among newborns and increased demand for use in nutraceutical, food & beverage, and functional food applications. Additionally, the soy protein market is positively impacted by the rise in food spending, adoption of healthy lifestyles, increased use of a variety of foods, media influence on consumer awareness, and rise in demand for diets high in protein. Furthermore, the development of ingredient technologies like microencapsulation expands the lucrative potential for market participants during the projection period.
The government's orders to stay at home and the consequent constraints on the authorities' ability to inspect the soy protein more effectively than before had a detrimental influence on the soy protein sector due to the pandemic. Due to the epidemic, certain testing laboratories were forced to follow social distancing and had less material and employees available, which limited their abilities. Due to the enduring consumer preference for health and wellness brought on by the pandemic, this boost in sales is anticipated to remain in the post-COVID scenario.
Growing Demand for Meat Alternatives and Rising Health Trends to Drive the Market
Due to its superior gelation skills and propensity to form fibrous structures, soy protein—the most well-known substitute for animal protein—has been employed successfully in the production of meat substitutes. Soy is a nutrient-dense source of protein that can be consumed several times each week, preferably more frequently, especially when used as a substitute for red and processed meat. The demand for soy protein is predicted to expand due to sports' increased popularity, sports facilities' expansion, and the quick rise in health and fitness facilities.
Issues Related to Hormonal Imbalances Restrict the Market
The soy protein and soy protein powder include phytates, which hinder the body's capacity to absorb minerals. A mineral deficit could result in health problems as a result of this. The isoflavones in soy also function as goitrogens, which can impair thyroid function and thus affect hormone synthesis. In addition, soy protein contains phytoestrogen, which is an estrogen-like substance that occurs naturally in plants and binds to the body's estrogen receptors. Soy protein intake in excess may disrupt the body's regular hormone balance.
Based on type, the soy protein market is segmented into soy protein concentrates, soy protein isolates, textured soy proteins and other types (soy flour, grits, & chunks). The soy protein isolates category dominated the market in 2021 because this product contains the most protein, the least fat, and no cholesterol. Soy protein isolate reduces the risk of heart disease, breast cancer, and osteoporosis while maintaining hormone balance. Additionally, during the forecast period, revenue for the category of soy protein concentrates is anticipated to expand quickly. Because they provide the functional performance and sensory quality that consumers and producers demand, soy-protein concentrates a significant food ingredient in many manufactured food systems.
By Crop Type
By crop type, the market is segmented into genetically modified organism crops and non-genetically modified organism crops. The genetically modified organism crops category dominated the market in 2021, linked to the widespread usage of GMO crops for manufacturing plant-based proteins due to their enormous productivity and economic viability, such as soybeans.
By Source Process
By source process, the market is segmented into conventional soy protein ingredients and organic soy protein ingredients. The conventional soy protein ingredients enterprises category dominated the market in 2021 due to the widespread availability of crops produced using the conventional harvesting technique (which employs chemical fertilizers), the simplicity of obtaining inexpensive conventional soy protein ingredients, the lengthier shelf life of conventional soy proteins, and the availability of numerous substantial crop varieties.
By form, the market is segmented into solid/dry and liquid. The solid/dry category is anticipated to grow at a significant rate. Among athletes and non-athletes alike, solid soy protein bars are quickly rising in favor. This kind of bar can bring convenience, is better for the diet, and offers several health advantages. Many different flavors of soy protein bars are frequently available at supermarkets.
By application, the market is segmented into food & beverages (meat, poultry, and seafood, bakery & confectionery, meat analogues, dairy & dairy alternatives, beverages, other food & beverage applications), animal feed, nutrition & health supplements and other applications. The food & beverage category dominated the market in 2021, attributed to the high consumer demand for environmentally friendly goods, the growing understanding of the health advantages of soy protein, the growing understanding of the negative effects of using animal-based products and ingredients, the growing number of vegans, the rising cost of meat, and the clean label trend.
North America is projected to hold the largest share of the soy protein market over the forecast period due to ongoing research efforts to offer new types of soy-protein-enriched goods in baking, emulsion-type sausages, functional beverages, nutritional bars, and breakfast cereals due to nutritional benefits, as well as growing awareness of plant-based products like soy protein isolates. Several start-ups are targeting this local market with a variety of soy protein products, which is anticipated to spur market revenue growth.
On the other hand, the Asia Pacific soy protein market is anticipated to grow significantly over the forecast period. This is brought on by rising soy-based product consumption and escalating urbanization and industrialization. The region's high demand is also largely encouraged by the rising popularity of vegetarian food due to the rise of veganism and cholesterol-free food products.
LIST OF KEY COMPANIES PROFILED:
- Archer Daniels Midland Company (U.S.)
- Cargill, Incorporated (U.S.)
- Kerry Group plc (Ireland)
- International Flavors & Fragrances Inc. (U.S.)
- NOW Health Group, Inc. (U.S.)
- Burcon NutraScience Corporation (Canada)
- Sotexpro (France)
- Farbest Brands (U.S.)
- Wilmar International Limited (Singapore)
- CHS Inc. (U.S.)
- Devansoy Inc. (U.S.)
KEY INDUSTRY DEVELOPMENTS:
- February 2022: The debut of TruVail, a new range of locally produced, non-GMO plant-based protein ingredients with special sustainability advantages, was announced by Benson Hill, Inc., a food technology firm based in the United States that is unlocking plant genetic variation.
- July 2021: The biggest nutrition firm in the world, ADM, disclosed its agreement to acquire Sojaprotein, a significant European supplier of non-GMO soy components.
|Unit||Revenue (USD Million) and Volume (Kilo Tons)|
|Segmentation||By Type, By Crop Type, By Source Process, By Form, By Application and By Geography|
|By Crop Type||
|By Souce Process||