Soy Protein Ingredients Market
Soy Protein Ingredients Market Forecasts to 2028 - Global Analysis By Type (Soy Protein Concentrates, Soy Protein Isolates and Soy Protein Hydrolysates), Form (Dry, Liquid, Powder and Ready-to-Drink), Nature(Conventional and Organic), Function, Distributive channel, Application and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $7.33 BN |
|
Projected Year Value (2028) |
US $14.32 BN |
|
CAGR (2022 - 2028) |
11.8% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Soy Protein Ingredients Market is accounted for $7.33 billion in 2022 and is expected to reach $14.32 billion by 2028 growing at a CAGR of 11.8% during the forecast period. Soy protein is a complete source of protein found in soybeans that contains 90% protein and aids in weight loss, energy increase, and muscle building. Soy foods are comparable to animal proteins such as dairy products, eggs, and chicken and can help vegans, vegetarians, and flexitarians meet their protein needs. Soybeans are high in fiber, zinc, iron, calcium, and B vitamins, as well as all eight essential amino acids.
According to the Research Institute of Organic Agriculture, around 1.8 million farmers across 162 countries carried out organic cultivation on more than 37.0 million hectares of agricultural land in 2013. Growth in the organic food products market is also expected to boost the growth of the organic soy protein ingredients market.
Market Dynamics:
Driver:
Demand for a less expensive protein source
Soy protein availability has increased due to increased crop cultivation in developing regions such as South America and Asia Pacific, in addition to the already widespread cultivation across the globe. As a result, raw materials are easily obtained from contract farmers or oilseed crushers that offer soy meal. The low processing costs associated with soy protein ingredients are suitable for manufacturers' operational demands, allowing processors to spend more effectively on product development. As a result of these trends, soy proteins are less expensive than other protein sources like meat, dairy, and whey proteins.
Restraint:
GM-derived soy products are prohibited.
The cultivation of genetically modified crops is prohibited in developed regions such as Europe, where some European Union member states have passed laws prohibiting it. Among the important nations are Germany, France, Northern Ireland, and Scotland. The area's conventional soybean market has been impacted, and future expansion is expected to be hampered as a result. It is also expected to have an impact on soybean exports from developing countries such as Argentina, where GM-based soybean crops are the norm.
Opportunity:
Organic soy protein demand
The organic soy protein market has the potential to transform the overall soy protein ingredient market. According to the Research Institute of Organic Agriculture, in 2013, approximately 1.8 million farmers in 162 countries practiced organic agriculture on more than 37.0 million hectares of agricultural land. Growth in the organic food products market is expected to drive the organic soy protein ingredients market. Government and non-government organizations provide financial assistance, research and development programs, and subsidies to help traditional farmers transition to organic farming. These organizations include the Swiss Research Institute of Organic Agriculture, India's Agricultural and Processed Food Products Export Development Authority, and the United States Department of Agriculture. Organic food ingredients are in high demand in developed regions such as North America and Europe. Consumer preference for healthy products is increasing as consumers become more aware of the health benefits of eating organic foods. As a result, marketing campaigns highlighting their use and health benefit claims are being planned.
Threat:
Hormonal imbalance issues
Soy protein and soy protein powder contain phytates, which reduce the body's ability to absorb minerals. This could lead to health problems caused by a mineral deficiency. Soy isoflavones also act as goitrogens, which can disrupt thyroid function and thus influence hormone production. Soy protein also contains phytoestrogen, which is found naturally in plants and has estrogen-like properties that bind to estrogen receptors in the body. Soy protein consumption in excess may disrupt the body's normal hormone balance.
Covid-19 Impact:
The COVID-19-induced lockdowns and trade restrictions had an impact on the F&B sector and reduced product demand from the hospitality industry, particularly in 2020. On the other hand, the retail sector is thriving, and there is a shift toward nutritional plant-based food products. According to the IFIC Food and Health Survey 2020, nearly 85% of consumers have changed their eating habits and are interested in natural products.
The soy protein isolate segment is expected to be the largest during the forecast period
The soy protein isolate segment dominated the soy protein segment, accounting for approximately 44% of the total. The main reason for the high share is that, despite being edible, soy contains very little cholesterol and saturated fat. Soybeans are vegetable foods that contain all eight amino acids required for human growth. Soy protein isolates are a refined form of soy protein that contains 90% protein. It is used to improve the quality and texture of meat products. It is rarely sold in stores and is primarily used in the food industry. Because of its allergenic potential in the human body, soy protein isolate is less commonly used.
The personal care and cosmetics segment is expected to have the highest CAGR during the forecast period
The personal care and cosmetics segment is expected to grow at a CAGR of 5.9% in terms of revenue during the forecast period. Changing lifestyles, widespread consumer awareness of the importance of improving one's overall personality, rising GDP, and the use of natural ingredients in the manufacturing of cosmetics are expected to drive demand for the segment market. Countries such as the United States, France, and the United Kingdom are focusing on capturing market share in emerging regions. According to the International Trade Administration (ITA), Asian countries have a potential customer base of over three billion people and are the fastest-growing region for cosmetics and personal care products.
Region with highest share:
North America led the market, accounting for approximately 32% of global revenue in 2022. The strong presence of the region's key players, combined with favorable support for new technological advancements in soy and dairy protein, are factors contributing to the region's high market share. Over the last few years, the vegan population has increased demand for soy and dairy-based products. To meet rising consumer demand, major manufacturers are implementing a variety of strategies, including switching to an all-vegan product portfolio and launching new products.
Region with highest CAGR:
Asia-Pacific is expected to witness lucrative growth over the forecast period. Because of the country's large vegetarian population, plant-protein ingredients like soy dominate the Indian market. The growing popularity of vegan snacks and their high nutritional profile is one of the major factors influencing the nation's demand for soy protein ingredients. Recent government initiatives, such as FDI in retail and smart city initiatives, are expected to drive growth in the soy protein products market and, as a result, the soy protein ingredients market. Textured soy protein is used in Indian rice recipes rather than soy flour, which is used in bread and regional foods such as sambar.
Key players in the market
Some of the key players in Soy Protein Ingredients market include AG Processing Inc, Archer Daniels Midland Company, Arla Foods amba, BIC Services, Cargill, Incorporated, Danone, Dean Foods, Devansoy Inc., DuPont Solae, E. I. du Pont de Nemours and Company, KELLOGG CO., Kerry Group plc, Manildra Group, Mead Johnson, MGP Ingredients, Inc., Natural Products Inc. , Nisshin Oillio Group, Ltd., Ruchi Soya Industries Ltd, The Nisshin OilliO Group Ltd and Wilmar International Limited.
Key Developments:
In April 2021, Fuji Oil Holdings Inc.'s Dutch subsidiary invested in UNOVIS NCAP II Fund, a major fund specializing in food technology. The company plans to contribute to a sustainable society using its processing technologies for plant-based food materials to tackle the issues consumers face across the world.
In March 2021, Fuji Oil Group appointed Mikio Sakai as the new president and CEO. Mikio Sakai is engaged in developing Plant-based Food Solutions as a core concept to grow a third business pillar, along with the Oil and Fat and Chocolate businesses. Plant-based Food Solutions include soy meat and soybeans, which are used as raw materials for plant-based protein.
In February 2021, Bunge has expanded its soy protein manufacturing plants by purchasing two soy processing plants from the local crusher Imcopa for USD 12 million, reinforcing its position as the country's biggest oilseed processor.
Types Covered:
• Soy Protein Concentrates
• Soy Protein Isolates
• Soy Protein Hydrolysates
• Textured Soy Protein
• Soy Flours
• Other Types
Form Covered:
• Dry
• Liquid
• Powder
• Ready-to-Drink
• Bars
• Capsules & Tablets
• Other Forms
Natures Covered:
• Conventional
• Organic
Functions Covered:
• Muscle Health
• Heart Health
• Weight Management
• Other Functions
Distributive channels Covered:
• Specialty Store
• Convenience Store
• E-Commerce/Online Sale Channel
• Supermarket/Hypermarket
Applications Covered:
• Food
• Feed
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Soy Protein Ingredients Market, By Type
5.1 Introduction
5.2 Soy Protein Concentrates
5.3 Soy Protein Isolates
5.4 Soy Protein Hydrolysates
5.5 Textured Soy Protein
5.6 Soy Flours
5.7 Other Types
6 Global Soy Protein Ingredients Market, By Form
6.1 Introduction
6.2 Dry
6.3 Liquid
6.4 Powder
6.5 Ready-to-Drink
6.6 Bars
6.7 Capsules & Tablets
6.8 Other Forms
7 Global Soy Protein Ingredients Market, By Nature
7.1 Introduction
7.2 Conventional
7.3 Organic
8 Global Soy Protein Ingredients Market, By Function
8.1 Introduction
8.2 Muscle Health
8.3 Heart Health
8.4 Weight Management
8.5 Other Functions
9 Global Soy Protein Ingredients Market, By Distribution Channel
9.1 Introduction
9.2 Specialty Store
9.3 Convenience Store
9.4 E-Commerce/Online Sale Channel
9.5 Supermarket/Hypermarket
10 Global Soy Protein Ingredients Market, By Application
10.1 Introduction
10.2 Food
10.2.1 Meat Alternatives
10.2.2 Dairy Alternatives
10.2.3 Bakery & confectionary
10.2.4 Performance Nutrition
10.2.5 Convenience Foods
10.2.6 Functional foods
10.2.7 Beverages
10.2.8 Infant foods
10.2.9 Pharmaceuticals & Nutraceuticals
10.2.10 Meat Extenders and Substitutes
10.2.11 Nutritional Supplements
10.2.12 Personal Care and Cosmetics
10.2.13 Other Food Applications
10.3 Feed
10.3.1 Cattle
10.3.2 Swine
10.3.3 Poultry
10.3.4 PetFood
10.3.5 AquaFeed
10.3.6 Other Feed Applications
11 Global Soy Protein Ingredients Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 AG Processing Inc
13.2 Archer Daniels Midland Company
13.3 Arla Foods amba
13.4 BIC Services
13.5 Cargill, Incorporated
13.6 Danone
13.7 Dean Foods
13.8 Devansoy Inc.
13.9 DuPont Solae
13.10 E. I. du Pont de Nemours and Company
13.11 KELLOGG CO.
13.12 Kerry Group plc
13.13 Manildra Group
13.14 Mead Johnson
13.15 MGP Ingredients, Inc.
13.16 Natural Products Inc.
13.17 Nisshin Oillio Group, Ltd.
13.18 Ruchi Soya Industries Ltd
13.19 The Nisshin OilliO Group Ltd
13.20 Wilmar International Limited
List of Tables
1 Global Soy Protein Ingredients Market Outlook, By Region (2020-2028) ($MN)
2 Global Soy Protein Ingredients Market Outlook, By Type (2020-2028) ($MN)
3 Global Soy Protein Ingredients Market Outlook, By Soy Protein Concentrates (2020-2028) ($MN)
4 Global Soy Protein Ingredients Market Outlook, By Soy Protein Isolates (2020-2028) ($MN)
5 Global Soy Protein Ingredients Market Outlook, By Soy Protein Hydrolysates (2020-2028) ($MN)
6 Global Soy Protein Ingredients Market Outlook, By Textured Soy Protein (2020-2028) ($MN)
7 Global Soy Protein Ingredients Market Outlook, By Soy Flours (2020-2028) ($MN)
8 Global Soy Protein Ingredients Market Outlook, By Other Types (2020-2028) ($MN)
9 Global Soy Protein Ingredients Market Outlook, By Form (2020-2028) ($MN)
10 Global Soy Protein Ingredients Market Outlook, By Dry (2020-2028) ($MN)
11 Global Soy Protein Ingredients Market Outlook, By Liquid (2020-2028) ($MN)
12 Global Soy Protein Ingredients Market Outlook, By Powder (2020-2028) ($MN)
13 Global Soy Protein Ingredients Market Outlook, By Ready-to-Drink (2020-2028) ($MN)
14 Global Soy Protein Ingredients Market Outlook, By Bars (2020-2028) ($MN)
15 Global Soy Protein Ingredients Market Outlook, By Capsules & Tablets (2020-2028) ($MN)
16 Global Soy Protein Ingredients Market Outlook, By Other Forms (2020-2028) ($MN)
17 Global Soy Protein Ingredients Market Outlook, By Nature (2020-2028) ($MN)
18 Global Soy Protein Ingredients Market Outlook, By Conventional (2020-2028) ($MN)
19 Global Soy Protein Ingredients Market Outlook, By Organic (2020-2028) ($MN)
20 Global Soy Protein Ingredients Market Outlook, By Function (2020-2028) ($MN)
21 Global Soy Protein Ingredients Market Outlook, By Muscle Health (2020-2028) ($MN)
22 Global Soy Protein Ingredients Market Outlook, By Heart Health (2020-2028) ($MN)
23 Global Soy Protein Ingredients Market Outlook, By Weight Management (2020-2028) ($MN)
24 Global Soy Protein Ingredients Market Outlook, By Other Functions (2020-2028) ($MN)
25 Global Soy Protein Ingredients Market Outlook, By Distribution Channel (2020-2028) ($MN)
26 Global Soy Protein Ingredients Market Outlook, By Specialty Store (2020-2028) ($MN)
27 Global Soy Protein Ingredients Market Outlook, By Convenience Store (2020-2028) ($MN)
28 Global Soy Protein Ingredients Market Outlook, By E-Commerce/Online Sale Channel (2020-2028) ($MN)
29 Global Soy Protein Ingredients Market Outlook, By Supermarket/Hypermarket (2020-2028) ($MN)
30 Global Soy Protein Ingredients Market Outlook, By Application (2020-2028) ($MN)
31 Global Soy Protein Ingredients Market Outlook, By Food (2020-2028) ($MN)
32 Global Soy Protein Ingredients Market Outlook, By Meat Alternatives (2020-2028) ($MN)
33 Global Soy Protein Ingredients Market Outlook, By Dairy Alternatives (2020-2028) ($MN)
34 Global Soy Protein Ingredients Market Outlook, By Bakery & confectionary (2020-2028) ($MN)
35 Global Soy Protein Ingredients Market Outlook, By Performance Nutrition (2020-2028) ($MN)
36 Global Soy Protein Ingredients Market Outlook, By Convenience Foods (2020-2028) ($MN)
37 Global Soy Protein Ingredients Market Outlook, By Functional foods (2020-2028) ($MN)
38 Global Soy Protein Ingredients Market Outlook, By Beverages (2020-2028) ($MN)
39 Global Soy Protein Ingredients Market Outlook, By Infant foods (2020-2028) ($MN)
40 Global Soy Protein Ingredients Market Outlook, By Pharmaceuticals & Nutraceuticals (2020-2028) ($MN)
41 Global Soy Protein Ingredients Market Outlook, By Meat Extenders and Substitutes (2020-2028) ($MN)
42 Global Soy Protein Ingredients Market Outlook, By Nutritional Supplements (2020-2028) ($MN)
43 Global Soy Protein Ingredients Market Outlook, By Personal care and Cosmetics (2020-2028) ($MN)
44 Global Soy Protein Ingredients Market Outlook, By Other Food Applications (2020-2028) ($MN)
45 Global Soy Protein Ingredients Market Outlook, By Feed (2020-2028) ($MN)
46 Global Soy Protein Ingredients Market Outlook, By Cattle (2020-2028) ($MN)
47 Global Soy Protein Ingredients Market Outlook, By Swine (2020-2028) ($MN)
48 Global Soy Protein Ingredients Market Outlook, By Poultry (2020-2028) ($MN)
49 Global Soy Protein Ingredients Market Outlook, By PetFood (2020-2028) ($MN)
50 Global Soy Protein Ingredients Market Outlook, By AquaFeed (2020-2028) ($MN)
51 Global Soy Protein Ingredients Market Outlook, By Other Feed Applications (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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