TBRC's research report on the soy protein industry explains trends, strategies, and overall outlook to grow your business with comprehensive data-backing.
LONDON, May 3, 2022 /PRNewswire/ -- Soy protein is a protein that is isolated from the soybean; this soybean meal has been dehulled and defatted. The dehulled and defatted soybeans are further processed into three kinds of high protein commercial products: soy flour, concentrates, and isolates. Soy protein is often used in recent times to replace animal proteins in an individual's diet. Plant-based diets are also becoming increasingly popular due to studies establishing that vegetarian, vegan, or pescatarian (those that exclude meat but include fish) have a lower risk of developing moderate-to-severe COVID-19.
The global soy protein market size is expected to grow from $7.47 billion in 2021 to $8.24 billion in 2022 at a compound annual growth rate (CAGR) of 10.3%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The soy protein market is expected to reach $11.14 billion in 2026 at a CAGR of 7.8%.
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Soy Protein Ingredients Market Segments
The soy protein market is segmented by product type into soy protein concentrates, soy protein isolates, includes the global textured soy protein market, and soy flour, grits, and chunks. The soy protein concentrates market was the largest segment of the soy protein market segmented by product type, accounting for 40.1% of the total in 2021. Going forward, the soy protein isolates market is expected to be the fastest growing segment in the soy protein market segmented by product type, at a CAGR of 5.1% during 2021-2026.
The soy protein market is also segmented by nature into organic soy protein and conventional soy protein, by form into powder, ready-to-drink, bars, capsules and tablets and other forms, by application into bakery and confectionery, meat alternatives, functional foods, dairy replacers, infant foods, other applications, and by distribution channel into specialty store, convenience store, e-commerce or online sale channel and supermarket or hypermarket.
Soy Protein Market Trends
Companies in the soy protein market are focusing on developing high yield protein to compete with soy protein concentrate in finished products. Yield is determined by how much protein is secreted per cell and how many total cells are secreting protein. Players in the market are trying to develop high yield protein, which enables companies to eliminate costly energy and water-intensive processing steps across the food development chain. For example, in 2020, Benson Hill, Inc., a US based food tech company unlocking the natural genetic diversity of plants, developed a new soybean variety which requires significantly less water and processing to reach comparable amounts of protein to soy protein concentrate. The soybean variety has up to 50% more protein at the crop level than current varieties of soybeans grown, which would help reduce additional processing time and resources typically needed to create soy protein concentrate.
Soy Protein Market Regional Outlook
North America was the largest region in the soy protein market, accounting for 32.4% of the total in 2021. It was followed by Asia Pacific, and then the other regions. Going forward, the fastest-growing regions in the soy protein market will be Asia Pacific, and, North America where growth will be at CAGRs of 5.5% and 5.1% respectively. These will be followed by Western Europe, and, South America where the markets are expected to grow at CAGRs of 4.7% and 4.5% respectively.
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