The Asia-Pacific soy protein ingredients market size is expected to expand at a high CAGR of more than 8.23% during the forecast period, 2021–2028. The growth of the market is attributed to driving forces behind technological progress, increased demand for personal care products and increased consumption of animal products, increased demand for food made of protein ingredients such as margarine, cold cuts, baked goods, spreads, yogurt, and hot dog milk.
Soy foods are an excellent source of dietary protein, depending on the quality used. Soy protein ingredients are processed ingredients obtained by water extraction from fully defatted soy flour. These ingredients are used to make variety of protein foods, because soybeans provide essential amino acids and the saturated fat content is usually lower than other protein sources.
Soy protein ingredients contain amino acids necessary for human nutrition. On the other hand, soy protein ingredients are widely used in foods, including pet food, pet food, and water. Soy protein ingredients can be used in medicines and health products.
The Covid-19 pandemic affected the demand and supply of Asia-Pacific soy protein ingredients market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing consumption of protein based foods is expected to boost the market during forecast period.
- Rapid growth of infant food industry is likely to demand protein based foods is major factors fueling the market during forecast period.
- Rising disposable income is creating demand for high nutritive protein based products which is expected to drive the market in coming years.
- Unpleasant flavor of soy protein is expected to hamper the market growth.
- Lack of awareness of nutritive value of soy proteins acts as major factors that can restrict the market growth during the forecast period.
- R&D investment and development of plant based protein having same nutritive value as of meat products is projected to offer lucrative opportunities for the market players.
Scope of the Report
The report on the Asia Pacific soy protein ingredient market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Soy Protein Ingredient Market - Asia Pacific Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types (Soy Isolates, Soy Concentrates, and Textured Soy Protein), and Applications (Bakery & Confectionery, Meat Extenders & Substitutes, Nutrition Supplements, Beverages, and Others)
Regional Scope: Asia Pacific
India, China, Japan, Australia, and Rest of Asia Pacific
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Cargill Inc., DowDuPont Inc., Kerry Group, Wilmar International Ltd., and Archer Daniels Midland Company
Market Segment Insights
The soy isolates segment is projected to hold a major market share
Based on types, the soy protein ingredients market is segregated into soy isolates, soy concentrates, and textured soy protein. The soy isolates segment is expected to represent a key share of the market during forecast period. Soy protein isolate has the maximum protein content among all kinds of soy protein ingredients, close to 90%. They are considered as a premium ingredient and are used in milk beverages due to their high dispersibility. Another benefit of using soy protein isolate is its mild taste and low fat, oligosaccharide, and fiber content. They are used to fortify protein in weaning feeds, milk replacers, meat systems, and functional foods.
The meat extenders & substitutes segment is expected to grow at a rapid pace
Based on applications, the soy protein ingredients market is fragmented into bakery & confectionery, meat extenders & substitutes, nutrition supplements, beverages, and others. The meat extenders and substitutes segment is expected to represent a key share of the market during the forecast period due to increasing health awareness, consumers are turning to plant-based protein products instead of animal products. Soy protein isolates and concentrates are used for various other purposes in the meat industry. Therefore, emulsified meat formulas containing soybean ingredients have better appearance, texture, and tastelessness.
Japan is expected to dominate the market
On the basis of regions, the soy protein ingredients market is classified as India, China, Japan, Australia, and Rest of Asia Pacific. Japan is anticipated to dominate the market during forecast period. The regional market growth can be attributed to increased protein intake through packaged foods and beverages. The consumption structure of the entire region depends on the income and expenditure structure of the population.
Segments Covered in the Report
The Asia Pacific soy protein ingredient market has been segmented on the basis of
- Soy Isolates
- Soy Concentrates
- Textured Soy Proteins
- Bakery and Confectionery
- Meat Extenders and Substitutes
- Nutrition Supplements
- Rest of Asia Pacific
- Cargill Inc.
- DowDuPont Inc.
- Kerry Group
- Wilmar International Ltd.
- Archer Daniels Midland Company
Key players competing in the soy protein ingredient market include Cargill Inc., DowDuPont Inc., Kerry Group, Wilmar International Ltd., and Archer Daniels Midland Company
Some of these players are using several business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.