As per Persistence Market Research industry analysis, the global soy protein is set to witness acceleration at a CAGR of 5% and top a of US$ 10 Bn in 2031. Increased utilization of soy protein in the F&B sector is being witnessed due to the fact that it does not come with operational difficulties and can be utilized in a number of applications for emulsification, fat and water absorption, etc. As such, it has become a potent ingredient for food & beverages, animal feed, and nutraceuticals & functional foods. Soy protein is also safe for people who are allergic to soy, as it is used in minimal quantities in foods, making it an ideal choice for a variety of applications in the F&B industry.
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High market share is enjoyed by North America manufacturers, followed by those in Europe. The U.S., U.K., Italy, and Russia are prominent shareholders in this market space. Soy protein concentrates and isolates are high sough-after, and hold more than 80% of overall market share, being widely preferred across the world. The global soy protein market is set to offer an incremental opportunity of close to US$ 4 Bn over the next ten years.
Key Takeaways from Market Study
- Highest growth potential for the market is shown by East Asia and South Asia, at CAGRs of 8.6% and 8%, respectively.
- On the basis of application, soy protein holds the highest market share in food & beverages. This industry accounts for more than 60% of the market share. In terms of value, the industry is set to reach US$ 6.4 Bn by 2031.
- Key contributing factor for increased production of soy protein is its varied application in major demand-driving end-use industries, and it since soy-based products are widely accepted as a good source of protein and other essential minerals.
- North America is a major demanding region for soy protein, followed by Europe. It alone accounts for more than 40% of the overall market share, while Europe accounts for 27%.
- Other important application industries of soy protein are animal feed and nutraceuticals and functional foods. Soy has found dietary application in animal feed and is a globally accepted ingredient for producing protein-rich feed. Together, these to industries account for more than 35% global market share.
- The concentrate and isolate forms of soy protein are more prevalent and widely used for variety of applications in various industries.
- The U.S. and China hold major share in North America and East Asia, respectively.
- COVID-19 has had a significant impact on the soy protein market. Widely imposed lockdowns have affected the supply chain of raw materials in major producing nations. However, as the situation improves, the market will witness optimistic growth looking at the increased need for consumption of healthy and nutritional products.
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Competitive Landscape
Major market players are entering acquiring various quality certifications to ensure a wider reach and global and regional acceptability of their products. They are also ensuring compliance to global benchmark standards and food & safety regulations.
- A. Costantino & C. spa is strategizing on offering the highest quality products to its customers. The company has received numerous certifications for offering premium quality products such as CCPB Organic Certification, Iso9001 – quality iqnet, Iso9001 – quality cisq, and others.
- Products provided by Meelunie B.V. are non-GMO and organic in nature. The company complies with regulatory requirements for product manufacturing, and has certifications such as ISO 22000, Skal Organic, GMP + FSA, and Kosher.
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