Soy Protein Isolate Market - Forecast(2024 - 2030)

Key Takeaways

North America dominates the soy protein isolate market owing to health consciousness people and the rise in the adoption of plant based meat. The soy protein isolate market scope for different regions will be provided in the final report.

The increasing prevalence of cardiovascular diseases and fatty liver diseases has led to the adoption of soy protein isolates products among the consumers and the increasing shift to vegetarianism is likely to aid in the market growth of soy protein isolates market.

Detailed analysis on the Strength, Weakness and opportunities of the prominent players operating in the market will be provided in the soy protein isolate market report.

Off flavor and people allergic to soy products can create hurdles for the soy protein isolates market.

Product Type - Segment Analysis

Dry segment held the largest share in the soy protein isolate market in 2019 and is estimated to grow at a CAGR of 3.98% during the forecast period 2020-2025. This is mainly owing to the demand of soy protein isolate as it has 90% protein content and is isolated from other components from soybean. The consumption of soy protein isolate in functional foods accounts for the significant revenue share, while growing application in bakery and confectionary is expected to result in increased sales in the future. During the forecast period, it is estimated that dry segment will hold the major market share and will grow at a higher CAGR. Soybeans contain biologically active or metabolic proteins such as enzymes, hemagglutinins, trypsin inhibitors and cysteine proteases which is very similar to papain.

Application - Segment Analysis

Functional foods holds major share in the soy protein isolate market in 2019. The increasing incorporation of soy protein isolate in functional & ready to eat food products by the manufacturers due to the consumer demand is propelling the growth of this segment. Due to growing knowledge of the benefits of plant-based proteins, these proteins are finding use in food, beverages, and supplements in developing countries. In addition, consumers’ demand for product transparency is on significant rise, while protein-focused innovation has been infiltrating an increasingly diverse ranges of F&B categories. However, the application of soy protein isolate in bakery & confectionary is increasing and will grow at a higher CAGR owing to its functional properties such as it improves water absorption and textual characteristics of dough. Other applications of soy protein isolate is as soybean meal which is used in food and animal feeds and is helping in the growth of the market. 

Geography - Segment Analysis

North America dominated the soy protein isolate market with a share of more than 41.5%, followed by Europe. Most consumers of the United States have become health conscious and are alert about preventive health care due to which soy protein isolate is witnessing high adoption. Several magazines and online forums such as Livestrong.com, bodybuilding.com, and shape magazines offer information about lifestyle and diet, thereby potentially raising awareness of new ingredients and products among consumers. Rising shift to products like plan based meat and estimated rise in sales of bakery products are helping in the growth of soy protein isolate market.

However, Asia-Pacific is estimated to grow at a higher CAGR during the forecast period. This is because of the rising disposable incomes, increasing health awareness among the consumers. Increase in obesity and demand for health supplements is also propelling the manufacturers present in the region to incorporate soy protein isolate in the functional foods and bakery & confectionary foods, thus driving the growth of the soy protein isolate market. The shift towards vegan diet and increasingly young consumer base to try-out plant-based meats products will have a positive impact on the market.   

Drivers – Soy Protein Isolate Market

Increasing demand of soy protein isolate in functional foods

There is an increased trend of incorporating soy protein isolate in the functional foods by the manufacturers owing to the demand by the consumers. Strong marketing and promotional activities by the manufacturers are focusing on highlighting the health benefits of soy protein isolate. This is providing a strong market opportunity for soy protein isolate products. People who are lactose intolerant are also catering to the demand of soy protein isolates as these proteins are considered a premium ingredient and are used for their high dispersibility in milk beverages. Increasing consumers focus on meat alternatives and advancement in ingredient technologies is also promoting the sales of soy protein isolates in the market.

Rising health awareness and shift towards vegetarianism

Soy protein isolate provide positive benefits to patients of obesity related conditions like fatty liver disease and inflammation. The rise in obesity and association of fatty liver disease with major life-threatening conditions like cardiovascular disease are expected to drive significant growth for the soy protein isolate market. The rising trend of health conscious foods and consumer interest in plant based protein remains an influencer of the soy protein isolate market. Over the past few years, there has been an increasing shift towards vegetarianism. Customers are becoming more sympathetic and sensitive to animals, and are aware of the conditions and environment in which they are raised. Animal welfare is one of the main reasons for customers choosing plant-based ingredients such as soy protein isolate. Several consumers are suffering from foodborne intolerances and allergies, which has led consumer inclination towards plant-based substitutes such as soy protein isolate.

Challenges – Soy Protein Isolate Market

Off flavor of Soy protein isolate and allergic to soy products

The off flavor of soy protein isolates makes it undesirable for consumption. This off flavor is caused due to the presence of compounds such as aldehydes, ketones, furans and alcohols. Medium chain aldehydes are also one of the reasons for beany and grassy taste of soy products. People allergic to soy restrains the growth of the soy protein isolate market.

Soy Protein Isolate Industry Outlook

Product launches, acquisitions, geographic expansion and R&D activities are key strategies adopted by players in the soy protein isolate market. In 2019, soy protein isolate market share is consolidated by the top ten players present in the market. Soy protein isolate top 10 companies are Archer Daniel Midland Company, Batory Foods, CHS Inc, Crown Soya Protein Group, E.I Dupont De Numerous Company, Food Chem International, Fuji Oil Holdings Inc, Nutra Food Ingredients Inc., Osage Food Products and The Scoular Company among others.

Acquisitions/Product Launches

In April 2019, according to the Good Food Institute which is a nonprofit think tank, the U.S. plant based meat market reached a gross valuation of $801 Mn.

Recent reports by Barclays suggest that the plant based meat market is likely to become a $140 bn industry by 2029.

Recently, Burger King announced “Impossible Whopper “with a tagline ‘100% Whopper, 0% beef.’ The replacement of beef was supplemented by soy protein isolate.

China is leading in the development of soy protein isolates and has filled the maximum number of patents during the last five years.(2014-2019).In the year 2018, 24 patents were granted making it a significant progress in the soy protein isolate market.