Soy Protein Ingredients Market Size & Share - Future Growth Expectations
The global soy protein ingredients market size is on a trajectory of significant expansion, with an estimated value projected to reach USD 10.8 billion by 2027 from the 2022 valuation of USD 7.7 billion, displaying a promising Compound Annual Growth Rate (CAGR) of 7.0%.
Soy protein ingredients are produced by processing soymeal to obtain ingredients with higher protein concentrations, which can be used as a protein source in a range of food and animal feed applications. The demand for soy protein is growing in the food and animal feed industries, owing to their health benefits and functional properties. It is also a cheaper substitute for animal protein.
Several Factors are Driving the Soy Protein Ingredients Industry Growth:
- Rising demand for plant-based proteins: Consumers are increasingly looking for plant-based alternatives to animal proteins due to concerns about health, animal welfare, and the environment. Soy protein is a high-quality, complete protein source that can be used in a wide variety of food products.
- Growing popularity of meat alternatives: Soy protein is a key ingredient in many meat alternative products, such as plant-based burgers, sausages, and grounds. The market for meat alternatives is expected to continue growing rapidly, which will drive demand for soy protein ingredients.
- Increasing health awareness: Soy protein is a good source of essential amino acids and is low in saturated fat. It has also been shown to have a number of health benefits, including reducing the risk of heart disease, stroke, and certain types of cancer.
- Lactose intolerance and veganism: The growing number of people with lactose intolerance and those following vegan diets are also driving demand for soy protein ingredients. Soy protein can be used as a dairy-free alternative in a variety of food products, such as milk, cheese, and yogurt.
- Affordable protein source: Soy protein is a relatively affordable source of protein compared to animal protein. This is especially important in developing countries, where there is a growing demand for protein-rich foods.
These factors are expected to contribute to the continued growth of the soy protein ingredients industry in the coming years.
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Soy Protein Ingredients Market Share - Competitive Landscape
The soy protein ingredients is characterized by the presence of several key players competing for market share. Some of the leading companies in the soy protein ingredients industry include:
- ADM (US)
- Wilmar International Ltd (Singapore)
- Cargill, Incorporated (US)
- International Flavors & Fragrances Inc. (US)
- CHS Inc. (US)
- BRF Global (Brazil)
ADM (US)
ADM primarily produces food, animal feed & feed ingredients. It is one of the key players in the agricultural processing and food ingredient sectors. The company’s network spans across more than 190 countries around the world. The company has four business segments, namely Ag Services and Oilseeds, Carbohydrate Solutions, Nutrition, and Other Business. It provides soy protein ingredients through the Nutrition segment for human consumption, animal feed, and pet food applications. Its Soy protein Nutrition Solutions portfolio offers – Soy Protein Isolates, Soy Protein Concentrates, and Textured Soy Protein and Crisps. In July 2021, ADM announced that it has reached an agreement to acquire Serbia-based leading European provider of non-GMO soy ingredients, Sojaprotein. Sojaprotein had sales in 65 countries with an extensive list of European and global customers in meat alternatives, confectionery, protein bars, pharmaceuticals, pet food, and animal feed segments. The acquisition will help ADM offer soy protein products for diverse application industries and capture the potential of the European market.
Cargill, Incorporated (US)
Cargill operates in 70 countries, with a sales presence on around 125 countries. It is an international producer and marketer of food, agriculture, financial, and industrial products, and services. Cargill offers products and solutions through segments such as food ingredients & bio-industrial, animal nutrition, protein & salt, agricultural supply chain and services, and ocean freight metals & shipping services. It offers various protein ingredients derived from non-GMO and organic soy, wheat, pea, and corn through Food Ingredients & Bio industrial segment. The company offers soy protein ingredients such as textured and defatted soy flour for food applications such as meat alternatives, bakery and confectionery, beverages, dairy alternatives, and infant nutrition, among others. In March 2021, Cargill, Incorporated announced the launch of a USD 475 million project to modernize and expand its soy processing operations in seven US states. The expansion project will increase capacities and operational efficiencies at the sites.
International Flavors & Fragrances Inc. (IFF) (US)
IFF is one of the global multinational corporations that provide a range of products such as animal health solutions, animal feed enzymes, antimicrobials, antioxidants, extracts and flavorings, carob protein, cellulose gum, and cultures for plant-based food, among others. The Nourish business segment offers ingredients for food and beverages. It offers protein solutions, including soy protein ingredients such as – soy protein isolates, soy protein concentrates, and textured soy protein for applications such as beverages, bakery and confectionery, nutritional bars, meat and dairy alternatives. In November 2022, International Flavors & Fragrances Inc. launched Supro Tex, a soy-based plant protein ingredient. The ingredient has 80% protein content, giving it a protein profile comparable to animal meat. It is the newest addition to IFF’s Reimagine- Protein Program commenced in 2017. The launch will help IFF expand its product portfolio in the soy protein ingredients category.
Related Report:
Soy Protein Ingredients Market by Type (Soy Protein Concentrates, Soy Protein Isolates, Textured Soy Protein, and Soy Flours), Application (Food and Feed), Form (Dry and Liquid), Nature, Function, and Region - Global Forecast to 2027
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