Market Size of Australia Soy Protein Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.99 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Australia Soy Protein Market Analysis
The Australia soy protein market size is expected to grow from USD 85.13 million in 2023 to USD 103.50 million by 2028, at a CAGR of 3.99% during the forecast period (2023-2028).
- The Australian soy protein market is primarily driven by its applications in the food and beverage industry. The demand for plant-based meat products is increasing in the country owing to the increasing demand for clean-label food in the market. Additionally, due to rising health consciousness and increasing demand for functional and nutritional food, the demand for soy protein is growing. The soy protein concentrates are claimed to provide good protein content, better hydration, and immunity-boosting nutrients.
- The high penetration rate of soy protein in the Australian food and beverage market can be attributed to the abundant availability of raw materials and lower prices. During the review period, soy protein was 40%-50% cheaper than other proteins, like pea protein. Steady innovations in the RTE food segment led to the wide application of soy protein incorporated in various products, such as burger patties, minced meat analog, meatballs, and sausages. Owing to this, the use of soy protein concentrate as a bakery ingredient is increasing.
- Additionally, the demand for soy protein in animal feed is also increasing owing to the increasing demand for nutritional animal feed among meat suppliers. According to Alltech Feed Survey 2021, animal feed production in Australia majorly comes from more than 160 mills in the country. 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.
- Furthermore, the production of soya beans is increasing in Australia owing to the environmental conditions and market demand for plant-based ingredients. According to the Australian Bureau of Statistics, the soybean yield in Australia in 2021 was 1.7 million metric tons per hectare.
