Soy protein is a protein-rich product derived from soybean, which contains all nine essential amino acids that are required by the human body. It is widely used in food products as meat substitutes, additives, etc. due to its protein richness. The growing vegan and flexitarian population has significantly increased the demand for plant-based meat substitutes across the globe, thereby driving the soy protein market.
The global Soy Protein Market is estimated to be valued at US$ 8.66 Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends
The rising demand for plant-based meat substitutes is a key trend propelling the growth of the soy protein market. A fundamental change in consumer preferences with growing health and environmental concerns has boosted the popularity of meat substitutes products made from soy, wheat and other plant-based proteins. The meat substitute industry has witnessed a significant rise in new product launches made from soy proteins resembling meat in terms of taste and texture. Leading companies involved in the plant-based space have extensively utilized soy protein in their meat substitute product portfolio, which in turn is driving the demand for soy protein.
Strengths: Soy protein has high nutritional value as it is a complete source of protein. It is relatively affordable and sustainable to produce as it is plant-based.
Weaknesses: Soy protein has certain flavor challenges and texture limitations. Some people also have concerns about GMO soy and plant estrogen.
Opportunities: Growing health awareness is driving demand for plant-based and sustainable proteins. The market potential is huge as an alternative to meat. Food producers are innovating with soy protein to replicate meat textures.
Threats: Price fluctuations in soybean supply can impact production costs. Competition from other alternative proteins like pea and whey proteins.
The global Soy Protein Market Size is expected to witness high growth. The global Soy Protein Market is estimated to be valued at US$ 8.66 Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2031.
The Asia Pacific region currently dominates the soy protein market owing to the large production and consumption of soy proteins in countries like China and India. Soybeans are one of the primary crops grown in these countries and soy proteins find wide application in various food products.
Key players operating in the soy protein market are Anmol Chemicals, Bartek Ingredients Inc., Changmao Biochemm, ESIM Chemicals, Fuso Chemical Co. Ltd, Merck KGaA, Polynt, Thirumalai Chemicals Ltd, UPC Group, Yongsan Chemicals Inc., and XST Biological Co. Ltd. These players are focusing on developing innovative applications of soy proteins and investing in expansion plans to cater to the growing demand.