Northbrook, IL 60062 -- (SBWIRE) -- 10/27/2023 -- According to a comprehensive research report titled "Soy Protein Ingredients Market by Type (Soy Protein Concentrates, Soy Protein Isolates, Textured Soy Protein, and Soy Flours), Application (Food and Feed), Form (Dry and Liquid), Nature, Function, and Region - Global Forecast to 2027," published by MarketsandMarkets, the global soy protein ingredients market was estimated to be valued at USD 7.7 billion in 2022. The report projects that it will reach USD 10.8 billion by 2027, with a compound annual growth rate (CAGR) of 7.0% during the forecast period.

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Several macroeconomic and microeconomic factors in key countries have had a significant impact on the global soy protein ingredients market, influencing its value sales during the projected period. The market is being driven by rising consumer awareness, increased health consciousness, a growing demand for soy-based meat alternatives, evolving lifestyles, and changing consumption patterns.

Asia Pacific Emerges as a Lucrative Market for Soy Protein Ingredients

The Asia Pacific region holds a substantial market share in the soy protein ingredients market, indicating high demand and consumer awareness. It has become the most attractive region for market players. Factors such as rapid urbanization, increasing per capita incomes, population growth, and thriving economies with attractive investment opportunities have drawn investments from global players. Wilmar International Ltd, based in Singapore, is a leading player in the market with a dominant presence in the region and globally. Their understanding of consumer preferences in this fast-growing region gives them a competitive edge over competitors from other regions.

Growing Awareness of Animal Feed Applications

In the soy protein ingredients market, the use of soy-based ingredients in animal feed applications is less commercialized compared to its use in food applications. This is mainly because of the high demand for soy-based products for human consumption. While the animal feed segment is still in its nascent stage, there is a rising awareness of the benefits of soy-protein ingredients in this sector. This increasing awareness is gradually driving demand, encouraging manufacturers to create products tailored to the emerging market.

Soy Flour's Growing Significance

The soy flour segment is expected to grow significantly during the forecast period, with a projected CAGR of 5.1%. Soy flour is used in a wide range of dairy alternatives, meat substitutes, and baked goods. It can be full-fat or de-fatted, and it is used in various forms. Soy flour has gained importance in the production of bakery products like bread and cakes due to its high protein content, especially for those seeking gluten-free options. The rising demand for gluten-free foods and drinks is further driving the soy flour market.

Preference for Organic Soy Protein Ingredients

The organic segment is the fastest-growing in the soy protein ingredients market. Consumers are increasingly opting for organic food products due to their perceived health benefits. This trend extends to soy-based food products, and manufacturers are responding by focusing on organic sourcing. As a result, organic certifications have gained significance in the soy protein ingredients market, reflecting consumers' demand and preference for organic options.

Liquid Form of Soy Protein Ingredients on the Rise

While dry forms of soy protein ingredients remain in high demand, liquid forms are gaining prominence for specific applications. Liquid soy ingredients are easily blendable, making them ideal for beverages and infant nutrition products. Although they have a shorter shelf life compared to powdered forms, they are ready to use and are a preferred choice for ready-to-drink (RTD) beverages. The increasing demand for RTD beverages, as reported by Forbes in September 2022, is fueling the growth of soy protein ingredients in liquid form, making it the fastest-growing segment during the forecast period.

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North America: Dominating the Market

North America is estimated to dominate the soy protein ingredients market, with a value of USD 2,932.1 million in 2022. This dominance is driven by ethical considerations and consumer awareness regarding personal and environmental health, which has led to a shift toward veganism and flexitarian diets. The demand for plant-based foods, according to a Plant-Based Foods Association (PBFA) report, is growing rapidly, with plant-based food retail sales outpacing total food retail sales. The United States is a significant producer of soybeans and wheat, contributing to the growth of plant-based protein offerings in the region. Mexico, with its diverse and multicultural population, also plays a role in the increased demand for protein-rich food and beverage products in the plant-based protein sector.

Key Market Players

Key players in the soy protein ingredients market include ADM (US), Cargill, Incorporated (Sweden), International Flavors & Fragrances Inc. (US), and Devansoy (US). These companies are at the forefront of this dynamic and rapidly expanding market.

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