Canada Soy Protein Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 231.5 Million |
| Market Size (2029) | USD 301.80 Million |
| CAGR (2024 - 2029) | 5.45 % |
| Fastest Growing Market | Food and Beverages |
| Largest Market | Animal Feed |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Canada Soy Protein Market Analysis
The Canada Soy Protein Market size is estimated at USD 231.5 million in 2024, and is expected to reach USD 301.80 million by 2029, growing at a CAGR of 5.45% during the forecast period (2024-2029).
- The soy protein isolate is commonly used in protein bars, shakes, and other supplements. It is a great source of protein for vegetarians and vegans. It is also low in fat and contains no cholesterol, making it a heart-healthy choice.
- Frequent consumption of soy protein can reduce the risk of heart disease, minimize cholesterol levels, and promote healthy bones. A wide variety of product variants are available, including soy protein isolate, soy protein concentrate, and textured soy protein. Soy protein is gaining traction among health-conscious people. Increasing awareness about the health benefits of soy protein is boosting the demand for the product from soy protein in Canada.
- Canada's soy protein market is projected to witness significant growth avenues in the coming years. The growing use of soy protein in numerous applications is pushing the market growth. The expanding vegan and vegetarian population, along with the surging trend of plant-based diets, are fueling the market growth. As per research conducted by the Angus Reid Institute in 2022, 1 in 5 Canadians, 22%, who regularly eat meat would like to reduce the amount of meat they consume and move towards vegetarian.
- Furthermore, the extensive product application in various industries, including food and beverages, animal feed, and supplements industries, owing to its various functional properties, such as emulsification, foaming, and gelling, are fueling the Canadian market growth.
Canada Soy Protein Market Trends
Rise in health consciousness across the country
- The increase in health consciousness acts as one of the major factors driving the growth of the Canadian soy protein market. The rise in demand for plant protein products owing to their functional efficiency and cost competitiveness and utilization in a wide variety of processed foods, especially in the ready-to-eat product category, accelerates the market growth.
- The increased demand for use in food & beverage and animal feed applications and the rise in demand for efficient and cost-effective meat alternatives across supplements further influence the market. Additionally, a surge in food spending, media influence on consumer awareness, adoption of healthy lifestyles, high use in a range of food, and increase in demand for protein-rich diet positively affect the soy protein market.
- As per the Canadian Community Health Survey, there is a continuous increase in the obesity rate in Canada. In 2020, the rate was 28.2%, which was observed to increase in 2021 to 29.2%. Thus, consumers are opting for healthy lifestyles and choosing plant-based protein in the country. Moreover, the market growth of soy protein is attributed to the high nutritional value of soy, the increase in awareness about the benefits of proteins, the rise in demand for a protein-rich diet, and health and wellness trends.
- Along with this, soy is a cheaper source of protein as compared to other sources, and hence, it drives the market for soy protein. Also, soy protein is the preferred alternative to meat and dairy proteins, which further fuels the market growth.
Animal Feed is the largest End User
- Soy protein, largely in the form of concentrates, is widely used in the diets of animals, birds, and fish. Its main characteristics, such as easy digestibility, improved shelf life, and protein enrichment, are driving its application in the food and beverage segment. Moreover, agriculture and aquaculture produce are identified as one of the leading markets for soy protein, as the use of soy protein in animal feed marginally surpasses its usage in food and beverages.
- Agriculture and aquaculture industries are investing a huge amount in soy proteins. The yield of aquaculture produce is maximized, and livestock farmers also appreciate the health benefits that are offered by the addition of soy protein in animal feed.
- Moreover, animal feed is another application sector that has been witnessing growth and is aiding the soy protein market. With companies undertaking multiple research and development undertakings, the market is being further propelled forward.
- For instance, Nordic Soya, a Finnish business, creates soy protein-based aqua as well as animal feed. Soy protein isolate is used in the formulation of these feed products. The rising innovation by the key manufacturers in the animal feed market is also providing an impetus for its growth. The diversification of products comprised of plant-based proteins like soy proteins is expected to drive the Canadian soy protein market in the coming years.
Canada Soy Protein Industry Overview
The Canadian soy protein market is moderately consolidated, with the top five companies occupying 64.74%. The major players in this market are Archer Daniels Midland Company, CHS Inc., DuPont de Nemours Inc., Kerry Group PLC, and The Scoular Company (sorted alphabetically).
For instance, in 2021, ADM, a global leader in nutrition and agricultural origination and processing, acquired Sojaprotein, a leading provider of non-GMO soy ingredients. The addition represents a significant expansion of ADM's alternative protein capabilities and its ability to meet the growing demand for plant-based foods and beverages.
Canada Soy Protein Market Leaders
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Archer Daniels Midland Company
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CHS Inc.
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DuPont de Nemours Inc.
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Kerry Group PLC
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The Scoular Company
*Disclaimer: Major Players sorted in no particular order
Canada Soy Protein Market News
- January 2023: ADM made a significant acquisition by taking over Kansas Protein Foods, a company based in the United States. This strategic move has endowed ADM with enhanced flexibility and capacity in the production of unflavored textured soy protein, flavored alternatives, and non-GMO proteins. Kansas Protein Foods' offerings are expected to complement ADM's global sales efforts, including those in the Canadian market.
- August 2022: ADM and Benson Hill Inc., both United States-based companies, entered into a strategic agreement. Under this agreement, ADM gained exclusive rights for the development and commercialization of plant-based ingredients derived from Benson Hill's ultra-high protein soybeans. This partnership is driven by the shared goal of meeting the growing demand from North American customers, including those in Canada.
- February 2021: DuPont merged its Nutrition Business with International Flavors & Fragrances (IFF), establishing a company poised to become a leading supplier of ingredients to the food industry in the United States and Canada. With a substantial revenue of USD 11 billion, this newly formed entity is well-positioned to provide a wide range of ingredients, including soy proteins, for consumer products.
Canada Soy Protein Market Report - Table of Contents
1. Introduction
1.1 Study Deliverables and Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Increasing demand for meat alternatives
4.2 Market Restraints
4.2.1 Presence of numerous alternatives in the plant proteins
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. Market Segmentation
5.1 By Form
5.1.1 Concentrates
5.1.2 Isolates
5.1.3 Textured/Hydrolyzed
5.2 By End-User
5.2.1 Animal Feed
5.2.2 Food and Beverages
5.2.2.1 Bakery
5.2.2.2 Beverages
5.2.2.3 Breakfast Cereals
5.2.2.4 Condiments/Sauces
5.2.2.5 Dairy and Dairy Alternative Products
5.2.2.6 Meat/Poultry/Seafood and Meat Alternative Products
5.2.2.7 RTE/RTC Food Products
5.2.2.8 Snacks
5.2.3 Supplements
5.2.3.1 Baby Food and Infant Formula
5.2.3.2 Elderly Nutrition and Medical Nutrition
5.2.3.3 Sport/Performance Nutrition
6. Competitive Landscape
6.1 Key Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Archer Daniels Midland Company
6.3.2 The Scoular Company
6.3.3 CHS Inc.
6.3.4 Kerry Group PLC
6.3.5 DuPont de Nemours Inc.
6.3.6 Ag Processing Inc.
6.3.7 Bunge Limited
6.3.8 Cargill Incorporated
6.3.9 International Flavors & Fragrances Inc.
6.3.10 Fuji Oil Group
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Canada Soy Protein Industry Segmentation
Soy protein is a form of protein derived from soybeans that is usually consumed as a dietary supplement. Soy protein comprises essential amino acids that the human body requires for growth and maintenance.
The Canada soy protein market is segmented by form into concentrates, isolates, textured/hydrolyzed. The end user segment further segments the market into animal feed, food and beverages, and supplements.
The market sizing has been done in value terms in USD and in volume terms in tons for all the abovementioned segments.
| By Form | |
| Concentrates | |
| Isolates | |
| Textured/Hydrolyzed |
| By End-User | ||||||||||
| Animal Feed | ||||||||||
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Canada Soy Protein Market Research FAQs
How big is the Canada Soy Protein Market?
The Canada Soy Protein Market size is expected to reach USD 231.5 million in 2024 and grow at a CAGR of 5.45% to reach USD 301.80 million by 2029.
What is the current Canada Soy Protein Market size?
In 2024, the Canada Soy Protein Market size is expected to reach USD 231.5 million.
Who are the key players in Canada Soy Protein Market?
Archer Daniels Midland Company, CHS Inc., DuPont de Nemours Inc., Kerry Group PLC and The Scoular Company are the major companies operating in the Canada Soy Protein Market.
Which is the fastest growing region in Canada Soy Protein Market?
Food and Beverages is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Canada Soy Protein Market?
In 2024, the Animal Feed accounts for the largest market share in Canada Soy Protein Market.
What years does this Canada Soy Protein Market cover, and what was the market size in 2023?
In 2023, the Canada Soy Protein Market size was estimated at USD 218.88 million. The report covers the Canada Soy Protein Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Canada Soy Protein Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Canada Soy Protein Industry Report
Statistics for the 2024 Canada Soy Protein market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Canada Soy Protein analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
