The global soy protein ingredients market has experienced significant growth in recent years, driven by a growing demand for plant-based protein products, increasing awareness about the health benefits of soy protein, and a rise in the number of consumers seeking allergen-free and non-GMO options. According to a report by Market Research Future, the global soy protein ingredients market is projected to grow at a CAGR of 7.1% from 2019 to 2024, reaching a value of USD 10.4 billion by 2024.
One of the key drivers of growth in the soy protein ingredients market is the increasing popularity of plant-based diets. Many consumers are choosing to reduce their meat consumption and incorporate more plant-based proteins into their diets, either for health, environmental or ethical reasons. Soy protein is a popular choice among consumers looking for plant-based protein alternatives due to its high-quality protein content and its versatility as an ingredient in a wide range of food products.
Another factor contributing to the growth of the soy protein ingredients market is the increasing demand for allergen-free and non-GMO options. Soy protein is naturally gluten-free and non-allergenic, making it an ideal choice for consumers with food allergies or sensitivities. In addition, many consumers are seeking non-GMO options, and soy protein is one of the few plant-based protein sources that can be reliably sourced as non-GMO.
The increasing awareness about the health benefits of soy protein is also driving market growth. Soy protein is a complete protein source, containing all nine essential amino acids that the body needs for optimal health. It has been shown to have a number of health benefits, including reducing cholesterol levels, improving heart health, and supporting muscle growth and repair.
The soy protein ingredients market is also being driven by innovations in product development and increasing research and development activities. Manufacturers are developing new and innovative soy protein products to meet the changing needs and preferences of consumers. For example, they are creating new plant-based meat alternatives that incorporate soy protein, such as soy burgers and soy sausages. They are also developing new soy protein powders and bars for the sports nutrition market, as well as new soy milk and yogurt alternatives for the dairy-free market.
Geographically, the Asia-Pacific region is expected to dominate the soy protein ingredients market due to its high consumption of soy products and a growing demand for plant-based proteins. China is the largest consumer and producer of soy protein ingredients globally, accounting for more than half of the world’s soy protein production. The region is also witnessing a surge in demand for plant-based meat alternatives and is home to many major players in the soy protein ingredients market.
North America and Europe are also expected to experience significant growth in the soy protein ingredients market, driven by increasing consumer demand for plant-based protein products and a rising awareness about the health benefits of soy protein. The soy protein ingredients market in these regions is also being driven by a growing number of manufacturers developing new and innovative soy protein products, such as meat alternatives and dairy-free alternatives.
In terms of product types, the soy protein isolate segment is expected to dominate the market due to its high protein content and versatility as an ingredient in a wide range of food products. Soy protein concentrate and soy flour are also expected to experience significant growth, driven by increasing demand for allergen-free and non-GMO options.
In conclusion, the global soy protein ingredients market is expected to continue to grow in the coming years, driven by a growing demand for plant-based protein products, increasing awareness about the health benefits of soy protein, and a rise in the number of consumers seeking allergen-free and non-GMO options. With increasing innovation in product development and research and development activities, the soy protein ingredients market is poised for continued growth and evolution.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Everest Market Insights journalist was involved in the writing and production of this article.
