Soy Protein Ingredients Market, Analysis by Type (Soy Protein Concentrates, Soy Protein Isolates, Textured Soy Protein, and Soy Flour), Analysis by Form (Dry and Liquid), Analysis by Application (Bakery and Confectionery, Meat Alternatives, Beverages, Infant Formulas, Animal Feed, and Others), and Regional Forecast, 2023-2030

In recent years, the global food industry has witnessed a significant shift in consumer preferences toward plant-based protein alternatives owing to changing consumer attitudes towards health and sustainability. Consumers are becoming more health-conscious and seeking options that align with their dietary needs and preferences. Moreover, rising concerns over animal welfare and the ethical treatment of animals in the food industry further drive the demand for plant-based protein such as soy. Food processors across the globe are formulating soy protein ingredients market to meet the growing demand. For instance, in March 2021, Protein Industries Canada invested in a new partnership that developed and commercialized soybean protein ingredients. The partnership would develop a proprietary process for producing soybean protein ingredients and meet growing global demands.

With advancements and innovations in the food industry, there has been a wide range of plant-based meat products made from protein ingredients, such as soy protein, including plant-based burgers, sausages, and other meatless products. These products mimic the taste and texture of traditional meat, making the plant-based diet more seamless. Manufacturers are, therefore, involved in new product launches, research and development, and increased investment to meet the rising demand for meat analogs. For instance, in November 2022, International Flavors & Fragrances (IFF), an American corporation, launched SUPRO TEX, a soy protein, to accelerate growth in the meat alternative category.

Impact of COVID-19 

The COVID-19 pandemic led to widespread lockdowns and restrictions and disrupted several food ingredients sector’s supply chains, including soy protein ingredients. The supply of soy ingredients became challenging due to disruptions in transportation. Furthermore, labor shortages in the food processing industry impacted the supply of several ingredients, such as soy proteins. The pandemic also affected foodservice establishments, which significantly reduced the demand for soy protein ingredients commonly used in meat extenders and other meat-based products. However, the pandemic led to a rising consumer shift toward plant-based diets, such as plant-based meat, which led to increased demand for plant proteins such as soy proteins.

SOY PROTEIN INGREDIENTS MARKET SEGMENTATION ANALYSIS

Key Insights

The report covers the following key insights:

• Overview of the Soy Protein Ingredients Market


• Demand for Soy Protein Ingredients in the Food Sector


• Drivers, Restraints, and Opportunities


• Impact of COVID-19 on the Global Soy Protein Ingredients industry

Analysis by Type

The soy protein concentrate segment is expected to hold a major share of the global market. Soy protein concentrates are known to have higher nutritional value, are less expensive, and are more functional in food. The soy protein concentrate contains about 70% soy protein and is a defatted soy flour without water-soluble carbohydrates. This ingredient retains most of the fiber of the original soybean and, hence, is widely used as a nutritional or functional ingredient in baked foods, meat products, animal feed, and others. The soy protein concentrates are very digestible and are incorporated in infant formula and milk replacements. They are suitable for pregnant as well as lactating women.

The soy protein isolates segment is expected to grow at a high CAGR over the forecast period. The demand for soy protein isolates in the food industry is growing tremendously as they improve texture and enhance moisture retention and emulsification. Soy protein isolate is a purified form of soy protein that contains 90% of protein content.

Analysis by Form

The dry segment is expected to hold a major share of the global market. The dry form of soy protein ingredients is highly versatile and can be easily incorporated into several food formulations. The dry form can be blended into liquids as well as added to doughs. It also provides desirable textural properties to food products, making it a convenient ingredient for manufacturers. Therefore, key manufacturers have been innovating products to meet the growing demand for high-quality plant-based proteins. For instance, in February 2020, The Archer-Daniels-Midland Company (ADM), an American multinational food corporation, introduced a non-GMO soy protein concentrate available in powder form. The new product is suitable for all types of food applications.

Analysis by Application

The bakery and confectionery segment is expected to hold a major share of the global market. Soy protein ingredients are becoming increasingly popular in bakery goods owing to their functional properties and nutritional benefits. They can be used to improve the texture, stability, and nutritional value of baked goods. Soy protein ingredients also create and stabilize air bubbles in the dough, which improve the volume and texture of baked goods.

The meat alternatives segment is also expected to grow at a high CAGR over the forecast period. Soy protein is known to be a complete protein as it contains all nine essential amino acids that the body needs. This makes it a good source of protein for vegans and vegetarians. Moreover, the growing veganism trend has been further propelling the demand for soy ingredients in meat alternative products. Manufacturers have been focusing on investing in soy protein facilities to meet the rising demand. For instance, in December 2022, Bunge Ltd., a global agribusiness and food company, invested in building a soy protein concentrate facility in the U.S. The new facility is expected to meet the rising demand for key ingredients in the production of plant-based foods, processed meat, and other products.

Analysis by Region

North America is expected to hold a major share of the global market. Consumers in the region are becoming more aware of the health benefits of eating plant-based foods. The region has also been experiencing the growing popularity of plant-based meat alternatives due to growing animal concerns and sustainability factors. According to the Good Food Institute, a nonprofit organization that promotes plant- and cell-based alternatives to animal products, in the U.S., the dollar sales for plant-based meat have grown by 43% since 2019 due to substantial growth in 2020. The global trend of food security and sustainability has also been observed in the region, which significantly drives the demand for alternative proteins. Manufacturers in the region have been focusing on scaling their innovative soy ingredients to meet the rapidly growing demand for plant-based proteins. For instance, in August 2022, The Archer-Daniels-Midland Company (ADM) partnered with Benson Hill, Inc., a food tech company. The partnership would scale innovative soy ingredients and serve a variety of plant-based food and beverage markets.  

Key Market Players

• AG Processing Inc.


• Archer-Daniels-Midland Company


• Cargill, Inc.


• Doves Farm Foods


• Kraft Foods Group Inc.


• Bunge Alimentos SA


• Omega Protein Corporation


• E. I. du Pont de Nemours and Company


• Kellogg Company

Key Developments

• In April 2022, Archer-Daniels-Midland Company invested USD 300 million to expand the production of soy protein concentrate in Illinois, U.S.


• In February 2022, Benson Hill, Inc., a food tech company, announced the launch of TruVail, a line of non-GMO plant-based protein ingredients. The new brand includes high-protein soy flour, soy protein concentrate (SPC), and texturized proteins.