Market Size of north america soy protein Industry
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 3.4 Billion |
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Market Size (2029) | USD 4.16 Billion |
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Largest Share by End User | Food and Beverages |
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CAGR (2024 - 2029) | 4.11 % |
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Largest Share by Country | United States |
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Market Concentration | Medium |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
North America Soy Protein Market Analysis
The North America Soy Protein Market size is estimated at 3.4 billion USD in 2024, and is expected to reach 4.16 billion USD by 2029, growing at a CAGR of 4.11% during the forecast period (2024-2029).
3.4 Billion
Market Size in 2024 (USD)
4.16 Billion
Market Size in 2029 (USD)
6.00 %
CAGR (2017-2023)
4.11 %
CAGR (2024-2029)
Largest Market by Form
44.12 %
value share, Isolates, 2023
Soy protein isolates overpower other forms owing to their low viscosity, high dispersibility, and solubility, which caters to its extensive application in all sectors.
Largest Market by End User
53.01 %
value share, Food and Beverages, 2023
The F&B sector, closely followed by the animal feed sector, is leading the end-user segment, primarily due to the demand from the dairy and meat alternatives sectors.
Fastest Growing Market by Form
4.44 %
Projected CAGR, Isolates, 2024-2029
Constant research studies and innovations, mainly in the field of animal feed, are supporting the application of soy protein isolates, which is driving the segment.
Fastest Growing Market by End User
6.13 %
Projected CAGR, Supplements, 2024-2029
The growing consumer focus on health and sports fitness may drive the segment. Due to its high protein content, soy is the most preferred protein source in the sector.
Leading Market Player
17.09 %
market share, Archer Daniels Midland Company, 2021
Archer Daniels Midland Company holds the largest share of the market. The company has collaborated with regional clients as an expansion strategy, to expand its consumer base.
Food and Beverages sector accounted major share in usage of soy protein due to high nutritional properties associated with soy protein
- The food and beverages segment is the leading end-user segment by value share in 2022. In this segment, meat and meat alternatives held the largest share by value (46%) in 2022, primarily due to the wider application of soy proteins in meat alternatives. Soy protein as a meat alternative is used to create meat-like chunks, shreds, and strips, which improve the eating experience of meat-free applications. In 2021, around 25% of Americans consumed plant-based meat alternatives for health and environmental reasons, thereby propelling the growth of the sub-segment.
- The animal feed industry is another crucial application sector for soy proteins in the region. Soy proteins, primarily in the form of concentrates, are broadly used in the animal feed industry. Their easy digestibility, shelf-life, and protein fortification are the key functionalities driving their application in the sector. It is often used as the dominant source of proteins in the rations of most farm animals, including ruminants, pigs, poultry, and aquaculture, which is catering to the rising awareness regarding the importance of soy proteins in animal feed in the region. The segment is projected to register a CAGR of 3.20% during the forecast period.
- Supplements are projected to witness the fastest CAGR of 5.92% by value during the forecast period. The segment's faster growth is attributed to the surge in consumer interest in fitness that drove sports and performance nutrition, as a large number of fitness enthusiasts and vegan gym-goers are dependent on proteins for their body-building needs. For female athletes, soy protein powder is frequently used as an ergogenic aid to enhance performance and speed up muscle recovery, which can help with osteoporosis.
Understand The Key Trends Shaping This Market
United states holds accounted significant share in 2022 with favorable governments initiatives that boost the segment growth across the country
- The North American soy protein market is dominated by the United States, supported by numerous government initiatives and promotions to boost soy protein consumption. Both the food and beverages and animal feed industries contribute to the market, accounting for a value share of 51.1% and 47.8%, respectively. The booming poultry industry that uses significant soy protein supports the market. For instance, the total consumption of poultry, which includes broilers, other chickens, and turkey, was around 107.6 pounds per person per year back in 2016, which rose to 113.4 pounds per person per year in 2021.
- Meat/poultry/seafood and meat alternatives dominate the F&B segment, with a market share of 42.5% in 2022. Consumers are quite interested in buying health-promoting products. This high level of health consciousness is primarily due to the growing awareness of the negative impacts of meat intake and its derivative products. As a result, the demand for meat alternatives and analogs has increased significantly in recent years.
- The dominant US market was followed by the Canadian and Mexican markets in 2022. The Mexican soy protein market is still in its nascent stage and holds immense growth potential with the budding food and beverages industry. Mexico has a strong food culture and a desire to consume traditional goods, many of which are meat-based. As a result, manufacturers are creating products that precisely mimic the properties, texture, flavor, and aroma of meat. Therefore, in Mexico, the food and beverages segment is projected to witness the fastest CAGR of 5.40% during the forecast period.
North America Soy Protein Industry Segmentation
Concentrates, Isolates, Textured/Hydrolyzed are covered as segments by Form. Animal Feed, Food and Beverages, Supplements are covered as segments by End User. Canada, Mexico, United States are covered as segments by Country.
- The food and beverages segment is the leading end-user segment by value share in 2022. In this segment, meat and meat alternatives held the largest share by value (46%) in 2022, primarily due to the wider application of soy proteins in meat alternatives. Soy protein as a meat alternative is used to create meat-like chunks, shreds, and strips, which improve the eating experience of meat-free applications. In 2021, around 25% of Americans consumed plant-based meat alternatives for health and environmental reasons, thereby propelling the growth of the sub-segment.
- The animal feed industry is another crucial application sector for soy proteins in the region. Soy proteins, primarily in the form of concentrates, are broadly used in the animal feed industry. Their easy digestibility, shelf-life, and protein fortification are the key functionalities driving their application in the sector. It is often used as the dominant source of proteins in the rations of most farm animals, including ruminants, pigs, poultry, and aquaculture, which is catering to the rising awareness regarding the importance of soy proteins in animal feed in the region. The segment is projected to register a CAGR of 3.20% during the forecast period.
- Supplements are projected to witness the fastest CAGR of 5.92% by value during the forecast period. The segment's faster growth is attributed to the surge in consumer interest in fitness that drove sports and performance nutrition, as a large number of fitness enthusiasts and vegan gym-goers are dependent on proteins for their body-building needs. For female athletes, soy protein powder is frequently used as an ergogenic aid to enhance performance and speed up muscle recovery, which can help with osteoporosis.
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Need A Different Region Or Segment?
North America Soy Protein Market Size Summary
The North America soy protein market is experiencing steady growth, driven by increasing consumer demand for plant-based alternatives and the rising popularity of soy protein in various applications. The food and beverages sector, particularly meat and meat alternatives, leads the market due to the growing preference for meat-free options among health-conscious consumers. The animal feed industry also plays a significant role, with soy protein being a key component in the diets of farm animals due to its digestibility and nutritional benefits. Additionally, the supplements segment is witnessing rapid expansion, fueled by the surge in fitness and performance nutrition, where soy protein is valued for its muscle recovery and performance-enhancing properties.
The market is predominantly led by the United States, supported by government initiatives and a robust poultry industry that heavily relies on soy protein. Canada and Mexico also contribute to the market, with Mexico showing significant growth potential in the food and beverages sector. The region's soy protein market is moderately consolidated, with major players like Archer Daniels Midland Company and Bunge Limited leading the industry. The United States is a major global producer and exporter of soybeans, with innovations in farming practices supporting both domestic and international demand. The market's growth is further bolstered by increasing consumer awareness of the benefits of plant-based diets and the ongoing trend towards flexitarian and vegan lifestyles.
North America Soy Protein Market Size - Table of Contents
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1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)
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1.1 Form
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1.1.1 Concentrates
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1.1.2 Isolates
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1.1.3 Textured/Hydrolyzed
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1.2 End User
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1.2.1 Animal Feed
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1.2.2 Food and Beverages
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1.2.2.1 By Sub End User
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1.2.2.1.1 Bakery
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1.2.2.1.2 Beverages
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1.2.2.1.3 Breakfast Cereals
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1.2.2.1.4 Condiments/Sauces
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1.2.2.1.5 Dairy and Dairy Alternative Products
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1.2.2.1.6 Meat/Poultry/Seafood and Meat Alternative Products
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1.2.2.1.7 RTE/RTC Food Products
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1.2.2.1.8 Snacks
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1.2.3 Supplements
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1.2.3.1 By Sub End User
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1.2.3.1.1 Baby Food and Infant Formula
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1.2.3.1.2 Elderly Nutrition and Medical Nutrition
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1.2.3.1.3 Sport/Performance Nutrition
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1.3 Country
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1.3.1 Canada
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1.3.2 Mexico
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1.3.3 United States
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1.3.4 Rest of North America
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North America Soy Protein Market Size FAQs
How big is the North America Soy Protein Market?
The North America Soy Protein Market size is expected to reach USD 3.40 billion in 2024 and grow at a CAGR of 4.11% to reach USD 4.16 billion by 2029.
What is the current North America Soy Protein Market size?
In 2024, the North America Soy Protein Market size is expected to reach USD 3.40 billion.
