SOY PROTEIN MARKET ANALYSIS

The soy protein market is projected to reach US$ 12.34 Bilion by the end of 2030, at a CAGR of 7.34% over the forecast period (2022-2030), attributing to increasing awareness regarding the importance of protein intake in daily life. Soy protein-based cosmetics consisting of hydrolyzed soy proteins are safe for use in the case of body, hand, face, and neck products, hair care products, skin care products, mascara, and others. A few soy protein-based cosmetics include Biotique’s Bio Soya Protein Fresh Nourishing Shampoo, Genesis soy protein shampoo, and others.

Soy Protein Market: Growth Drivers

Demand for a cheaper protein source

Increased crop cultivation in developing regions such as South America and Asia Pacific, in addition to the already widespread cultivation across the globe, has increased the availability of soy proteins. Raw materials are, therefore, easy to obtain from contract farmers or oilseed crushers offering soy meal. The low processing costs associated with soy protein ingredients are suitable for the operational demands of manufacturers and thereby allow the processors to spend effectively on product development. As a result of these trends, soy proteins are cheaper when compared to other protein sources such as meat, dairy, and whey proteins. Additionally, the prices of conventional dairy products have increased in the recent past, and soy protein, one of the major plant sources of protein, is one of the best alternatives in terms of price

More people are seeking meat substitutes and growing trends in health and wellness

Soy protein, the most generally known alternative to animal protein, has been successfully used in the manufacture of meat replacements due to its superior gelation capabilities and propensity to create fibrous structures. Especially when taken as an alternative to red and processed meat, soy is a nutrient-dense source of protein that can be eaten several times a week, preferably more often. The rising popularity of sports and increasing number of sports institutions coupled with the rapid increase in health and fitness centers are expected to surge the demand for soy protein and aid industry growth. Therefore, food outlets and various manufacturers are introducing soy protein products into the market. The rising demand for food products with longer shelf life coupled with the changing lifestyle trends is expected to drive the market revenue growth. Plant-based products and proteins have a long shelf-life and can be easily packed.

Soy Protein Market: Market Restraints

Ban on soy products of GM(Genetically modified) origin

The cultivation of genetically modified crops is forbidden in developed regions like Europe, where some member states of the European Union have passed laws prohibiting it. Germany, France, Northern Ireland, and Scotland are among the important nations. The conventional soybean market in the area has been impacted, and future expansion is predicted to be hampered by this. It is also anticipated to have an impact on the export of soybeans from developing nations like Argentina, where GM-based soybean crops are the norm.

Among product type, isolates segment accounted for the largest market share in 2022, owing to increasing awareness about healthy living. Moreover, soy protein isolates are plant-based protein supplements that contain amino acids and are used as health supplements for muscle gain.

On the basis of source, soy proteins are categorized into organic and conventional proteins. In 2022, although the conventional segment held a dominant position in the market, the organic segment is expected to grow significantly during the forecast period, owing to increasing awareness regarding the use of organic products such as cosmetics, food products, beverages, and others.

Figure 1. Global Soy Protein Market, By Product Type 2022

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Among applications, food and beverage segment held a dominant position in the soy protein market in 2022, owing to the use of soy protein in the manufacturing of various food processing industries such as dairy, animal feed, bakery, confectionery, meat additives, functional food, and beverages among others, which in turn is fueling the growth of the global soy protein market. However, a ban on soy proteins of genetically modified (GM) origin is one of the major factors restraining the growth of the global soy protein market.

In food & beverages segment, dairy-based applications are increasing due to the use of soy protein for producing soy milk. Soy milk contains a lower amount of saturated fats as compared to cow milk and it is both cholesterol and fat-free. Moreover, soy protein is used in bakeries and the confectionery industry, owing to the longer shelf life of soy proteins (flour).

Soy Protein Market: Regional Analysis

Among regions, Asia Pacific held a dominant position in the soy protein market in 2022, owing to the increasing production of soybean in this region. As per The Soybean Processors Association of India, in 2014-15, in China, the total production of soybean was 12.69 million metric tons, which increased and reached 15.90 million metric tons in 2018-19. Production of soy protein is done by processing soybean meal and therefore, increasing the production of soybean in this region will make it easier for the manufacturers to fulfill the soy protein demand. Therefore, demand for soybean-based products such as soy proteins is expected to boost the growth of the market in this region during the forecast period.

Figure 2. Global Soy Protein Market, By region 2022

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Soy Protein Market: Recent 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 US$ 12 million, reinforcing its position as the country's biggest oilseed processor.

Soy Protein Market: Key Companies

Major players operating in the soy protein market include Archer Daniels Midland Company, Cargill Inc., DowDuPont Inc., Imcopa Food Ingredients B.V., CHS Inc., Crown Soya Protein Group, Wilmer International Ltd., Foodchem, Kerry Ingredients Inc., Burcon NutraScience Corporation, and others.

Definition: Soy protein is isolated from soybean and it is available as isolates, concentrates, and flour. Soy proteins have various health benefits such as lowering cholesterol and lowering blood pressure. Moreover, soy protein is a rich source of omega-3, vitamins, and minerals.