TBRC’s market research report covers soy protein market size, soy protein market forecasts, major soy protein companies and their market share, key strategies to undertake, and more.
LONDON, June 02, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the soy protein market, the changing consumer preference towards plant-based meat and meat alternatives is expected to drive the market in the forecast period. Soy protein is a meat alternative used to create meat-like chunks, shreds, and strips, which improve the eating experience of meat-free applications. According to a 2021 survey by US-based nonprofit organization Food Insight among 1,000 Americans, 65% reported eating products that attempt to mimic the flavor and texture of animal protein but are made with only plant products. The primary reasons for consuming plant-based meat alternatives are healthfulness (39%), high-quality protein source (34%), liking the taste (33%), environmental/sustainability benefits (23%), and health claims/certifications (23%). Increasing number of people preferring meat alternatives as better for their health and the environment would drive the soy protein isolate market during the period.
The global soy protein market size is expected to grow from $7.47 billion in 2021 to $8.24 billion in 2022 at a compound annual growth rate (CAGR) of 10.3%. The growth in the soy protein market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The soy protein concentrate market size is expected to reach $11.14 billion in 2026 at a CAGR of 7.8%.
Archer-Daniels-Midland Company, a US-based food processing company, was the largest competitor in the soy protein market in 2021, with a 4.09% share of the market. Archer-Daniels-Midland Company is a processor of oilseeds, corn, barley, peanuts, wheat, cocoa, and other agricultural commodities. It also manufactures protein meal, ethanol, flour, biodiesel, corn sweeteners, vegetable oil, and other value-added food and feed ingredients. The Archer-Daniels-Midland Company’s (ADM’s) business strategy is focused on boosting its alternative protein portfolio capacity by catering to the growing demand of the organic soy protein market and the textured soy protein market. For instance, in 2022, the company invested over $300 million to ramp up production of alternative proteins at its Decatur, Illinois, plant. The project investment will increase its soy protein concentrate capacity and nearly double the facility’s extrusion capacity by 2025. The company is also constructing a Protein Innovation Center in Decatur that would consist of several labs, test kitchens, and pilot-scale production capabilities to help the company develop new ingredients, more sustainable and efficient processing, along with unique texture, taste, appearance, and nutritional products.
Major players in the soy protein manufacturers market are Wilmar International CHS Inc., The Archer Daniels Midland Company, Crown Soya Protein Group, DuPont Nutrition & Biosciences, Linyi Shansong Biological Products Co. Ltd., Cargill Corporation, Shandong Yuxin Bio-Tech Co. Ltd., Sonic Biochem, Hung Yang Foods Co. Ltd., BASF SE, Fuji Oil Company Ltd., A. Costantino & C. S.P.A, Solbar Ningbo Protein Technology Co. Ltd., Nordic Soya Oy, ETChem, Qingdao Foodrich Soya-Tech Co. Ltd., Burcon NutraScience Corporation.
The global soy protein market is segmented by product type into soy protein concentrates, soy protein isolates, textured soy protein, soy flour, grits, and chunks; by nature into organic soy protein, conventional soy protein; by form into powder, ready-to-drink, bars, capsules and tablets, others; by application into bakery and confectionery, meat alternatives, functional foods, dairy replacers, infant foods, others; by distribution channel into specialty store, convenience store, E-commerce or online sale channel, supermarket or hypermarket.
North America was the largest region in the soy protein ingredients market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the soy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Soy Protein Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide soy protein market overviews, soy protein market analyze and forecast market size and growth for the whole market, soy protein market segments and geographies, soy protein market trends, soy protein market drivers, soy protein market restraints, soy protein market leading competitors’ revenues, soy protein market profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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