The global soy protein ingredients market was valued at USD 8,144.29 million in 2020 and is projected to grow at a CAGR of 2.61% during the forecast period (2021 - 2026).
COVID-19 heightened awareness around the impact of meat on the environment and health and encouraged more people to find alternatives to the animal-based food supply chain. Between 60% and 75% of emerging infectious diseases in humans come from other animals. This is the major factor that drives consumers toward plant-based meat products that support soy protein ingredientsâ€™ demand.
The global soy protein ingredients market is driven by a growing inclination toward vegan diets, the functional efficiency, the cost competitiveness offered by such plant protein products, and their increasing utilization in a wide variety of processed foods, especially in the ready-to-eat product category. Soy protein isolates and concentrates are the most eminent forms of soy protein and contain 90% and 70% protein content, respectively.
The high functional property of soy protein and its natural health benefit are boosting its market growth. There is an increase in the adoption of soy protein across several end-user industries, owing to its high sustainability.
Key Market Trends
Increasing Application of Soy Protein Ingredients in Meat Extenders and Substitutes
Owing to growing health awareness, consumers are shifting to plant-based protein products instead of animal protein products. So, soy protein remains the first choice of consumers among all other plant-based proteins. Soy protein isolates and concentrates are used for several other applications in the meat industry, such as emulsification, emulsion stabilization, gelation, and fat and water binding. As a result, emulsified meat formulations containing soy ingredients have a better visual appeal, good texture, and no off-flavors. In the United States, the military purchases more than one-half of its beef in ground form and utilizes soy-extended beef to achieve significant cost savings. The extender approved is textured or granulated soy protein concentrate, which can be added at about the 20% level (5% on a dry basis) in a hydrated form.
North America Leading The Soy protein Ingredients Market
The soy protein ingredient market in the North American region is growing at a fast rate, owing to factors, such as changes in lifestyle, lack of balanced dietary intake, and increasing focus of global manufacturers on R&D to develop new kinds of soy-protein-enriched products. The United States continues to capture the largest market share for soy protein ingredients, followed by Canada, and Mexico. Nowadays, consumers in the region are switching to other alternative products, such as green label food products, due to increasing awareness for healthy and plant-based products as there is an increasing number of counterfeit products in the market.
The global soy protein ingredients market is consolidated and comprises of regional and international competitors. The most active companies in this market are Archer Daniels Midland, DuPont, The Scoular Company, Fuji Oil Asia Pte, Cargill, and DowDupont. The common strategies adopted by the companies are new product developments and merger and acquisition of small players, to get a foothold in the market. The soy protein ingredients market offers wide scope to the existing companies. There are government regulations for GMO soy, which influences the entry of players into the market.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support