Soy Protein Concentrate Market To Expand at 11.2% CAGR by 2034

Overview

New York, NY – May 30, 2025 – The Global Soy Protein Concentrate Market is growing fast, driven by rising demand for plant-based protein and healthy food options. In 2024, the market was valued at USD 2.0 billion, but it’s expected to reach USD 5.8 billion by 2034, growing at a strong 11.2% CAGR.

The Dry Form led the Soy Protein Concentrate Market, holding a 77.3% share. Its popularity stems from high protein content, stability, and long shelf life, making it ideal for food and beverage applications. Conventional Soy Protein concentrate dominated with an 82.9% market share, driven by its affordability and widespread availability.

Emulsification captured a 38.6% share in the Soy Protein Concentrate Market, excelling in stabilizing processed foods, meat alternatives, and dairy substitutes. The Food and Beverages segment led the Soy Protein Concentrate Market with a 54.1% share, fueled by its use in meat substitutes, baked goods, and nutritional drinks.

US Tariff Impact on Soy Protein Concentrate Market

On March 10, 2025, China imposed 15% retaliatory tariffs on U.S. products, including soybeans, following a 10% duty and a subsequent 34% levy on all U.S. goods effective post-April 2, totaling 44% for soybeans arriving after May 13. Reuters reports that 2 million tons face a 10% tariff, 800,000 tons face a 44% rate, and 600,000 tons remain unshipped, threatening U.S. producers who are reliant on the USD 12.84 billion Chinese market in 2024.

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China’s soybean imports surged from 28 million to 109 million tons over two decades, driven by a 45% rise in per capita meat consumption. Since 2017, U.S. exports to China fell 31%, while Brazil’s grew 48%, likely worsening with new tariffs. U.S. soybean prices, which have declined 15% to below USD 400 per ton in 2024, face further pressure as Brazil gains market share.

The EU, representing 10% of U.S. soybean exports in 2024, will impose retaliatory tariffs in mid-April 2025 in response to Trump’s 25% tariffs. This restricts U.S. export options, risking oversupply and price drops, while Brazilian exporters stand to benefit significantly.

Key Takeaways

• Global Soy Protein Concentrate Market is expected to be worth around USD 5.8 billion by 2034, up from USD 2.0 billion in 2024, and grow at a CAGR of 11.2% from 2025 to 2034.
• In the Soy Protein Concentrate Market, dry form dominates with a substantial 77.3% market share.
• Conventional soy protein concentrate leads the market, accounting for a commanding 82.9% share.
• Emulsification function captures a notable 38.6% share, highlighting its extensive application across industries.
• The Food and Beverages sector remains the largest application, holding a significant 54.1% market share.
• The North American soy protein concentrate market holds a dominant 36.4% share.

Report Scope

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Key Market Segments

By Form Analysis

• In 2024, the dry form led the Soy Protein Concentrate Market, holding a 77.3% share. Its popularity stems from high protein content, stability, and long shelf life, making it ideal for food and beverage applications. Easy to incorporate into baked goods, meat alternatives, and supplements, it meets rising demand for plant-based proteins. Cost-effective and versatile, the dry segment is set to maintain its lead with ongoing innovations.

By Nature Analysis

• In 2024, Conventional Soy Protein concentrate dominated with an 82.9% market share, driven by its affordability and widespread availability. Supported by established supply chains and non-organic soybean cultivation, it ensures consistent quality for processed foods, meat substitutes, and bakery items. Lower production costs attract large-scale manufacturers, and growing demand for cost-effective plant-based proteins secures its market leadership.

By Function Analysis

• In 2024, Emulsification captured a 38.6% share in the Soy Protein Concentrate Market, excelling in stabilizing processed foods, meat alternatives, and dairy substitutes. Its ability to bind water and fat enhances texture in products like sauces and baked goods. With rising demand for multifunctional, plant-based ingredients, emulsification remains a key driver, supporting healthier, protein-rich food formulations.

By Application Analysis

• In 2024, the Food and Beverages segment led the Soy Protein Concentrate Market with a 54.1% share, fueled by its use in meat substitutes, baked goods, and nutritional drinks. Its texture-enhancing and protein-fortifying properties align with consumer demand for clean-label, plant-based products. Cost-effective and versatile, it drives growth in health-conscious diets, solidifying its market dominance.

Regional Analysis

• North America led the Soy Protein Concentrate Market, capturing a 36.4% share with USD 0.7 billion in revenue, driven by strong demand for plant-based proteins in the food and beverage industry and heightened consumer focus on health and nutrition. Europe remains a close contender, supported by its robust plant-based food sector, while Asia Pacific sees growing use of soy protein concentrate in functional foods and dietary supplements.
• Latin America and the Middle East & Africa are steadily increasing their market footprint, fueled by investments in food processing and plant-based protein production. With global demand for protein-rich diets rising, North America is poised to sustain its market leadership, propelled by strong demand for soy-based ingredients in processed foods and beverages.

Top Use Cases

• Meat Alternatives: Soy protein concentrate is widely used in plant-based meat products like burgers and sausages. Its high protein content and texture-enhancing properties mimic meat’s structure, appealing to vegans and flexitarians seeking sustainable, protein-rich diets.
• Dairy Substitutes: In dairy-free products like plant-based milk and cheese, soy protein concentrate adds protein and improves texture. Its emulsifying properties ensure smooth consistency, catering to lactose-intolerant consumers and those preferring vegan options.
• Nutritional Supplements: Soy protein concentrate is a key ingredient in protein powders, bars, and shakes. Its complete amino acid profile supports muscle growth and recovery, making it popular among athletes and health-conscious individuals.
• Bakery and Confectionery: Used in baked goods like bread and cookies, soy protein concentrate boosts protein content and enhances texture. Its water-binding and emulsifying properties improve shelf life and product quality, meeting demand for healthier baked goods.
• Animal Feed: Soy protein concentrate is a cost-effective, high-protein ingredient in livestock and aquaculture feed. It supports animal growth and health, offering a sustainable alternative to fishmeal, especially in regions with growing animal husbandry industries.

Recent Developments

1. ADM (Archer Daniels Midland)

• ADM has expanded its plant-based protein portfolio by increasing production capacity for soy protein concentrate, catering to the growing demand for meat alternatives. The company has also invested in R&D to improve the texture and taste of soy-based products. ADM’s ProFlex range offers high-protein concentrates for food and beverage applications.

2. Cargill Inc.

• Cargill is focusing on sustainable soy protein solutions, partnering with food brands to develop clean-label, non-GMO soy concentrates. The company recently launched Prolific, a plant-based protein for meat and dairy alternatives. Cargill is also enhancing supply chain transparency to meet consumer demand for ethically sourced ingredients.

3. Kerry Group

• Kerry has introduced Radicle, a soy protein concentrate designed for better flavor and functionality in plant-based foods. The company is working on reducing off-notes in soy proteins to improve consumer acceptance. Kerry is also expanding its production facilities in Asia to meet regional demand.

4. CHS Inc.

• CHS has invested in modernizing its soy processing plants to boost soy protein concentrate output. The company is collaborating with food manufacturers to create high-protein animal feed and human nutrition products. CHS emphasizes sustainable farming practices to ensure a steady supply of non-GMO soybeans.

5. Bunge Limited

• Bunge has expanded its soy protein capabilities through acquisitions and partnerships, strengthening its position in the plant-based protein market. The company’s Bunge Protein Solutions offers customized soy concentrates for meat analogs and dairy alternatives. Bunge is also focusing on reducing carbon emissions in soy processing.

Conclusion

The Global Soy Protein Concentrate Market is on a strong growth path. Rising demand for plant-based proteins, health-conscious diets, and sustainable food options is are key driver. Major players like ADM, Cargill, Kerry Group, CHS Inc., and Bunge are expanding production, improving product quality, and investing in R&D to meet consumer needs. The market is booming in food & beverages, sports nutrition, and animal feed, with big opportunities in Asia-Pacific and Latin America. As more people shift toward flexitarian and vegan diets, and food companies innovate with soy-based products, the market’s future looks bright.

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