Summary

The Asia-Pacific Soy Protein Market size is estimated at USD 2.59 billion in 2024, and is expected to reach USD 3.46 billion by 2029, growing at a CAGR of 5.96% during the forecast period (2024-2029).

F&B and animal feed together major share in usage of soy protein due to high nutritional properties associated with soy protein

• Asia-Pacific has an established market for soy protein, as it is one of the most accepted traditional foods by consumers in the region. Soy protein has increased functionalities in different foods as a protein ingredient and flavor enhancer, which majorly drives its applications in various end-user segments. Soy protein is predominantly used in the animal feed sector, followed by the food and beverage sector.
• In animal feed, soy protein is primarily used as a dairy substitute and fishmeal for its functionalities, including high protein digestibility, cheaper price point, low anti-nutritional content, and longer shelf life. Accordingly, the animal feed segment is projected to register the fastest CAGR of 6.23% during the forecast period. Soy protein is also extensively used in pet food because of its easy digestibility. Many dogs need to follow a hypoallergenic diet because of allergies to chicken, beef, and other animal protein sources. Soy is a common pet food, and it can help alleviate symptoms. Soy is a protein-rich meat substitute because it is also high in dietary fiber, vitamins, and minerals. Half a cup of cooked textured soy protein has 11 grams of protein.
• In the F&B segment, soy protein is mainly used in meat and dairy alternative products. The meat and meat alternatives and dairy and dairy alternatives sub-segments accounted for 46.24% and 36.72% volume shares of the F&B segment, respectively. With high levels of protein and other nutrients, soybeans are a powerful legume that can easily replace meat and is the main driver for the application segment, along with easy-digestibility and meat-like texture. Soy-fortified milk also observed high demand because of comparable protein, calcium, vitamins A and D, and B vitamins content to cow's milk.

China accounted holds significant share in consumption of soy protein due to high production capacity

• China is the largest consumer of soy protein in the region, attributed to high production capacity that reduces the ingredient's price and boosts its consumption volume. About 70% of the world’s supply of soy protein isolate, a primary ingredient in many plant-based foods, is processed in the Shandong Province in China. It also enables innovations across plant-based products, attracting more consumers to try differentiated product offerings. Soy protein also serves as an alternative to animal-derived meals and provides numerous functionalities, like high digestibility and low levels of anti-nutritional factors.
• Due to constant product developments and consumers' growing demand for vegan food, China is predicted to record the fastest CAGR volume of 8.11% during the forecast period. Around 200 alternative plant-based ingredients are used across soy protein startups in India. India's soy protein market was driven by the high demand from the food and beverage and animal feed sectors, which recorded volume shares of 56.68% and 43.09%, respectively, in 2022. With government bodies and food authorities, such as FSSAI, promoting the consumption of soy protein, its demand is expected to increase further.
• Indonesia holds a significant market share in the soy market, which is projected to register a CAGR value of 2.22% during the forecast period. The government has been working hard to increase soybean production in order to achieve self-sufficiency through programs like Gema Palagung, Bangkit Kedelai, and Farmer’s School for Integrated Crop Management/FSICM for soybean due to the rising demand for protein-rich products. Consumers' interest in soy protein sources has grown significantly due to wellness trends and awareness about nutrition in daily diets.

Asia-Pacific Soy Protein Market Trends

Plant protein consumption growth fuels opportunities for key players in the plant protein ingredients sector

• Plant proteins are highly gaining interest in the Asian market, as the awareness and proof regarding their benefits are rising in the region. Among all plant proteins, soy proteins occupy the market share with the increased acceptability of the ingredient in different foods and its increased production, making it highly available in the region. The volume of soybean meal consumption in China in 2020/21 was 72.68 MMT, which was around 9% more than in 2018. High investments in research, rapid technological advancements, and advanced innovation techniques are some of the major factors resulting in the use of developed protein ingredients, including soy proteins.
• Major drivers of allergen-free plant proteins such as soy, pea, hemp, and potato may include increasing adoption of the vegetarian lifestyle, growing demand for lactose-free and gluten-free products, and growing concern about health-related problems. Around 81% of Indian consumers restrained meat from their diet in 2021. Major benefits of plant protein ingredients over animal proteins, including high nutritional value, being a good source of several vitamins and minerals, technological advancements in various food industries, and growing demand for natural and organic substitutes, are expected to change consumer preference.
• The increasing consumption of plant proteins and consumer acceptance in the region drive manufacturers to innovate products fortified with these ingredients. Major grains consumed in Japan are soybeans, rice, and wheat, along with some other types like corn and peas. In 2020, Japan's daily per capita intake of plant-based proteins was 34.3 grams. The rise in plant-based protein is expected to continue to provide opportunities for food manufacturers in the upcoming years.

India is one of the top five soybean producers in the world

• A rise in maize production in China is leading to a decline in soybean production. Domestic soybean production is about to decline by 1 MMT to 17.5 MMT due to farmers moving toward corn owing to soybean's high price. China's imports of soybeans increased by 2 million tonnes to 102 million tonnes for 2021–2022 due to a slight increase in feed demand. In addition, China's swine fever outbreak recovery resulted in increased use of soybean meal for feed during the period. Increasing soybean crushing is expected to constrain vegetable oil imports over the forecast period.
• India is one of the top five soybean producers in the world. In 2020, soybean production in India decreased by 8.09% over a decade, primarily due to the lower yield obtained from states like Madhya Pradesh, which is considered the primary soybean-growing state and has had excessive rainfall registered in recent years. The regular rainfall during harvesting and disease attacks severely affected the crop and led to low yields.
• Soybean is the most planted legume in Japan in terms of acreage (141,800 ha). Most soybeans are cultivated for dry seeds. To prevent the overproduction of rice, the Japanese government recommends the cultivation of soybean instead of rice. Hence, soybeans are commonly seen in Japanese paddy fields. The production volume of soybeans increased to over 7,600 tons in 2020 compared to 2018. About a few decades ago, Japanese farmers usually planted soybeans on a small scale, and seeding and harvesting were performed manually. But with technological improvements, the mechanization of soybean cultivation became more widespread at production sites, encouraging the cultivation scale of soybean to increase.

Asia-Pacific Soy Protein Industry Overview

The Asia-Pacific Soy Protein Market is fragmented, with the top five companies occupying 21.29%. The major players in this market are Archer Daniels Midland Company, Bunge Limited, Fuji Oil Group, International Flavors & Fragrances, Inc. and Kerry Group PLC (sorted alphabetically).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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Table of Contents

1 EXECUTIVE SUMMARY & KEY FINDINGS

2 INTRODUCTION
2.1 Study Assumptions & Market Definition
2.2 Scope of the Study​
2.3 Research Methodology

3 KEY INDUSTRY TRENDS
3.1 End User Market Volume
3.1.1 Baby Food and Infant Formula
3.1.2 Bakery
3.1.3 Beverages
3.1.4 Breakfast Cereals
3.1.5 Condiments/Sauces
3.1.6 Confectionery
3.1.7 Dairy and Dairy Alternative Products
3.1.8 Elderly Nutrition and Medical Nutrition
3.1.9 Meat/Poultry/Seafood and Meat Alternative Products
3.1.10 RTE/RTC Food Products
3.1.11 Snacks
3.1.12 Sport/Performance Nutrition
3.1.13 Animal Feed
3.1.14 Personal Care and Cosmetics
3.2 Protein Consumption Trends
3.2.1 Plant
3.3 Production Trends
3.3.1 Plant
3.4 Regulatory Framework
3.4.1 Australia
3.4.2 China
3.4.3 India
3.4.4 Japan
3.5 Value Chain & Distribution Channel Analysis

4 MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)
4.1 Form
4.1.1 Concentrates
4.1.2 Isolates
4.1.3 Textured/Hydrolyzed
4.2 End User
4.2.1 Animal Feed
4.2.2 Food and Beverages
4.2.2.1 By Sub End User
4.2.2.1.1 Bakery
4.2.2.1.2 Beverages
4.2.2.1.3 Breakfast Cereals
4.2.2.1.4 Condiments/Sauces
4.2.2.1.5 Dairy and Dairy Alternative Products
4.2.2.1.6 Meat/Poultry/Seafood and Meat Alternative Products
4.2.2.1.7 RTE/RTC Food Products
4.2.2.1.8 Snacks
4.2.3 Personal Care and Cosmetics
4.2.4 Supplements
4.2.4.1 By Sub End User
4.2.4.1.1 Baby Food and Infant Formula
4.2.4.1.2 Elderly Nutrition and Medical Nutrition
4.2.4.1.3 Sport/Performance Nutrition
4.3 Country
4.3.1 Australia
4.3.2 China
4.3.3 India
4.3.4 Indonesia
4.3.5 Japan
4.3.6 Malaysia
4.3.7 New Zealand
4.3.8 South Korea
4.3.9 Thailand
4.3.10 Vietnam
4.3.11 Rest of Asia-Pacific

5 COMPETITIVE LANDSCAPE
5.1 Key Strategic Moves
5.2 Market Share Analysis
5.3 Company Landscape
5.4 Company Profiles (includes Global Level Overview, Market Level Overview, Core Business Segments, Financials, Headcount, Key Information, Market Rank, Market Share, Products and Services, and Analysis of Recent Developments).
5.4.1 Archer Daniels Midland Company
5.4.2 Bunge Limited
5.4.3 CHS Inc.
5.4.4 Foodchem International Corporation
5.4.5 Fuji Oil Group
5.4.6 International Flavors & Fragrances, Inc.
5.4.7 Kerry Group PLC
5.4.8 Shandong Yuwang Industrial Co. Ltd
5.4.9 Wilmar International Ltd

6 KEY STRATEGIC QUESTIONS FOR PROTEIN INGREDIENTS INDUSTRY CEOS

7 APPENDIX
7.1 Global Overview
7.1.1 Overview
7.1.2 Porter’s Five Forces Framework
7.1.3 Global Value Chain Analysis
7.1.4 Market Dynamics (DROs)
7.2 Sources & References
7.3 List of Tables & Figures
7.4 Primary Insights
7.5 Data Pack
7.6 Glossary of Terms