Soy Protein Ingredients Market

The global soy protein ingredients market is estimated to be valued at USD 7.7 billion in 2022. It is projected to reach USD 10.8 billion by 2027, recording a CAGR of 7.0% during the forecast period. The advent of soy protein has brought a revolution in the plant-based protein industry. Being highly rich in protein content and a cheaper protein source, the demand for soy is surging in the fast growing Asian markets as well as markets such as North America and Europe with consumer awareness. Thus, players in the industry are undertaking multiple strategic initiatives such as agreements, innovative new product launches, acquisitions, and expansions to tap the growing market potential around the world, particularly in high-growth markets such as Asia.

Key players in this market include ADM (US), Wilmar International Ltd (Singapore), Cargill Incorporated (US), International Flavors & Fragrances Inc. (US), BRF Global (Brazil), Fuji Oil Holdings Inc. (Japan), CHS Inc. (US) and Crown Soya Protein Group Company (China).

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ADM (US) 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) 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) 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.

The Scoular Company (Scoular) is involved in the manufacturing, sales, storage, and handling of grains and ingredients. Its product portfolio includes pet food ingredients, food ingredients, grains and oil seeds, and livestock feed ingredients. The company supplies its products to the flour milling, aquaculture, food processing and manufacturing, industrial agricultural processing, grain production, livestock feeding and feed manufacturing, and pet food manufacturing industries. The company conducts business operations with a network of offices in South America and North America. It has more than 100 locations around the world. In October 2022, Scoular signed an agreement to acquire Walker Products’ (US) grain handling facility in Kansas, US, to store soybeans, wheat, corn etc. The expansion will help Scoular with better storage and connectivity with soybean growers in the region.

Related Reports:

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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