Market Size of india soy protein Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 547.23 Million |
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Market Size (2029) | USD 711.65 Million |
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Largest Share by End User | Food and Beverages |
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CAGR (2024 - 2029) | 5.39 % |
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Fastest Growing by End User | Personal Care and Cosmetics |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
India Soy Protein Market Analysis
The India Soy Protein Market size is estimated at 547.23 million USD in 2024, and is expected to reach 711.65 million USD by 2029, growing at a CAGR of 5.39% during the forecast period (2024-2029).
547.23 Million
Market Size in 2024 (USD)
711.65 Million
Market Size in 2029 (USD)
5.09 %
CAGR (2017-2023)
5.39 %
CAGR (2024-2029)
Largest Market by Form
47.64 %
value share, Isolates, 2023
Soy protein isolate is a purified form of soy protein, with a protein content of a minimum of 90% on a moisture-loose basis, driving its application in all sectors.
Largest Market by End User
57.99 %
value share, Food and Beverages, 2023
The F&B segment, closely followed by the animal feed segment, is leading the end-user segment, primarily due to the demand from the dairy and meat alternatives sub-segments.
Fastest Growing Market by Form
5.96 %
Projected CAGR, Isolates, 2024-2029
Soy protein isolates have major applications in the animal feed segment, followed by the F&B segment. Constant research in the segments is projected to increase during the forecast period.
Fastest Growing Market by End User
8.44 %
Projected CAGR, Personal Care and Cosmetics, 2024-2029
The sector holds growth opportunities for animal proteins like gelatin and collagen, mainly in nutricosmetics, as they can be used in products for sensitive skins.
Leading Market Player
4.16 %
market share, International Flavors & Fragrances Inc., 2021
The company's subsidiary, DuPont Nutrition & Biosciences, is constantly developing new soy proteins, and its differentiated product portfolio is the most important factor in its success.
Increasing preference for protein fortification and it's suitability drives the animal feed and food and beverages sector
- The F&B segment controls the majority application share of the market. It is expected to record a CAGR of 6.06%, by volume, over the forecast period. Personal care and cosmetics is expected to be the fastest-growing end-user segment during the forecast period, with a CAGR of 8.25% by volume. India has the highest number of vegetarians in Asia-Pacific, fueling the country's demand for plant-based proteins. As of 2022, 24% of Indians were strictly vegetarian, 9% were vegan, and 8% were pescatarian. The growing demand for meat alternatives and dairy alternatives, as well as the rising vegetarianism and veganism, is driving the demand for food and beverages. The growing preference for healthy, on-the-go meal options is also contributing to market expansion. In 2021, approximately 70% of Indians were willing to prioritize dietary changes to improve their overall health and immunity and reduce stress and anxiety.
- Soy protein is primarily used for meat and dairy alternative products in the F&B segment. About 44.22% of the volume share in the F&B segment was held by meat and meat alternatives and 37.04% by dairy and dairy alternatives. Soybeans are powerful legumes with high levels of protein and other nutrients that can easily replace meat. They also offer easy digestibility and meat-like texture. Soy-fortified milk is also popular since its protein, calcium, vitamins A and D, and vitamin B content is comparable to cow's milk. The main trend in the use of plant protein ingredients has been the availability of high protein content ingredients, so the emphasis has shifted to sustainable sources and the quality of the protein in the ingredients offered.
Understand The Key Trends Shaping This Market
