The global soy protein market is expected to exhibit strong growth, reaching USD 11.3 billion by 2028. As per the report titled "Soy protein Market Size, Share & COVID-19 Impact Analysis, By Type (Soy Protein Concentrates, Soy Protein Isolates, Textured Soy Proteins and Other Types (Soy Flour, Grits, & Chunks)), By Crop Type (Genetically Modified Organism Crops and Non-Genetically Modified Organism Crops), By Source Process (Conventional Soy Protein Ingredients and Organic Soy Protein Ingredients), By Form (Solid/Dry and Liquid), By Application (Food & Beverages (Meat, Poultry, and Seafood, Bakery & Confectionery, Meat Analogues, Dairy & Dairy Alternatives, Beverages, Other Food & Beverage Applications) Animal Feed, Nutrition & Health Supplements and Other Applications) and Regional Forecasts, 2022-2028" observes that the market size in 2021 stood at USD 9.2 billion and USD 11.3 billion in 2028. The market is expected to exhibit a CAGR of 3.50% during the forecast period.
 
DuPont Unveiled a Line of Planit Goods Made from Plants

In July 2020, DuPont introduced a portfolio of plant-based Planit products to increase the variety of products. The new range includes plant proteins, cultures, hydrocolloids, fibers, probiotics, antioxidants, food protection, natural extracts, enzymes, emulsifiers, and specially designed systems. The company aims to increase plant-based consumption by providing an ingredient forum for businesses diversifying into new formats and subgroups that widen the plant-based food space.
 
Healthy Food Products are in High Demand, which is Driving the Market

A wide range of uses for soy protein, including baking, confectionery, dairy substitutes, emulsion-type sausages, nutritious bars, functional beverages, and cereals, is driving the market for soy protein ingredients. Manufacturers replace dairy and animal products with soy proteins, helping them reduce costs and raise the profitability of their goods. Additionally, there is a high demand for soy protein due to the rising vegan population, particularly in the industrialized world, the growing popularity of vegan diets and the health benefits they offer, as well as the expanding trend of plant-based proteins.
 
Restriction on GMO crops in Europe has Affected the Traditional soy Protein Ingredients Business

The conventional soy protein ingredients industry has been negatively impacted by the ban on genetically modified crops in some areas, notably Europe, which is expected to stymie its expansion. Furthermore, the off-flavor of soy is brought on by the presence of ketones, aldehydes, alcohols, and furans, rendering soy products undesirable for consumption. Soy protein ingredients market expansion is anticipated to be constrained by the goods' off-flavor. However, improvements in soy products' pleasant qualities are anticipated to boost the demand for soy protein ingredients in the upcoming years.

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Major Players Develop Acquisition Plans to Boost Brand Image

The leading businesses in the soy protein market plan acquisitions to improve their brand recognition globally. For instance, in February 2021, Bunge strengthened its position as the nation's largest oilseed processor by expanding its soy protein manufacturing facilities by purchasing two soy processing plants from the neighborhood crusher Imcopa for USD 12 million.
Notable Industry Development
March 2021: Benson Hill introduced "ultra-high" soybeans to compete with soy protein concentrates in finished goods. The variant would require incredibly little water and processing to produce roughly comparable protein levels as in soy protein concentrate. According to corporate analysis, the production and processing of soy protein concentrate is a water and energy-intensive process. Benson Hill has created a soybean variety that, compared to existing yields, offers up to 50% more protein at crop standard.
 
List of Key Players Profiled in the Report
Archer Daniels Midland Company (U.S.)
Cargill, Incorporated (U.S.)
Kerry Group plc (Ireland)
International Flavors & Fragrances Inc. (U.S.)
NOW Health Group, Inc. (U.S.)
Burcon NutraScience Corporation (Canada)
Sotexpro (France)
Farbest Brands (U.S.)
Wilmar International Limited (Singapore)
CHS Inc. (U.S.)
Devansoy Inc. (U.S.)

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