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Global Soy Protein Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2026

Global Soy Protein Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2026

  • September 2022
  • ID: 6321761
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The Global Soy Protein Market stood at 9.24 billion usd in 2021 and is projected to register a CAGR of 3.47% to reach 10.96 billion usd in 2026.

Key Highlights
Largest Segment by Form - Isolates : Soy protein isolates overpower other forms owing to its low viscosity, high dispersibilty and solublilty, that caters to its extensive application in all the sectors.
Largest Segment by End User - Animal Feed : Soy protein are widely used in animal feed sector across the globe owing to its distinct benefits like protein digestibility, apt amino acid profile, extended shelf life, etc.
Fastest Growing Segment by Form - Isolates : Constant innovations and growing demnad in F&B played an extremely important role in boosting the sales of SPI. Recently, organically sourced SPI have been capturing the market.
Fastest Growing Segment by End User - Supplements : The rising consumer focus on health and sports fitness is anticipated to drive the segment. Among all, the preference of soy in the sector is propelling the segmental growth.

Key Market Trends

Largest Segment By End User : Animal Feed

The usage of soy protein ingredients in animal feed marginally surpasses its usage in food and beverage. Soy protein, mainly in the form of concentrates, is widely used in the diets of animals, birds, and fish. Easy digestibility, improved shelf life, and protein enrichment are the main characteristics driving its application in the F&B industry. In 2020, the animal feed segment was largely driven by concentrates that addressed about 55% of the soy protein needs.
F&B is another crucial application sector for soy protein, mainly driven by its demand in the meat/meat alternative industry. This can be attributed to multi-functionalities that mimic muscle texture when stacked in straight fibers, thus, improving its use for texture and protein enrichment in meat alternatives. In 2020, the meat alternatives sub-segment accounted for about 22% of the soy protein market. In terms of growth, supplements remained the fastest growing sector, with a projected CAGR of 4.58% during the forecast period. This can be attributed to the growing number of fitness enthusiasts in developed economies like the United States, the United Kingdom, and Germany.

Largest Region : North America

North America dominates the soy protein market, with most of its applications in the food and beverage segment. Meat and dairy alternatives led the market demand, holding a volume share of 44% in 2020. This growth can be attributed to the increasing demand for plant-based products, especially in the United States and Canada, which have a combined vegan population of about 10 million. Being among the largest producers of soybeans, North America widely contributes to the regional soy protein demand.
North America is followed by Asia-Pacific, which is primarily driven by the animal feed segment. In 2020, animal feed accounted for about 53% of soy protein consumed in the region.
South America is projected to be the fastest-growing market as the demand for natural and sustainable ingredients is rapidly increasing due to the rising health consciousness. The region is set to record a CAGR volume of 4.93% over the forecast period.

Competitive Landscape

The Global Soy Protein Market is fragmented, with the top five companies occupying 28.00%. The major players in this market are Archer Daniels Midland Company, CHS Inc., DuPont de Nemours Inc., Fuji Oil Group and Kerry Group plc (sorted alphabetically).

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