Market Size of Japan Soy Protein Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 2.31 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Japan Soy Protein Market Analysis
The Japan soy protein market is expected to grow from USD 192 million in 2023 at a CAGR of 2.31% over the next five years.
- Soy protein is used in different foods and beverages as the demand for plant-based food and beverage products is increasing in the country. Soy proteins are easily digestible and provide higher nutrients than animal meat. Owing to this, the use of soy protein in meat substitutes is increasing. Soybeans are a powerful legume that can easily replace meat as it provides a meat-like texture.
- Soy-fortified milk also observed high demand because of comparable protein, calcium, vitamins A and D, and B vitamins content to cow's milk. The demand for soy milk is increasing in the country due to rising lactose intolerance. According to JSMA data from 2022, the shipment volume of soy milk in Japan was 126.3 thousand liters. Furthermore, the demand for soy protein in sports nutrition and infant food is also increasing due to its nutritional and functional properties.
- According to the United States Department of Agriculture data from 2022, the production of soybeans in Japan was 238 thousand tons. Owing to the increasing production, the processing of soya is also increasing in the country. The market players are launching and innovating new soy proteins for a wide range of applications. For instance, Hollywood Cosmetics Japan provides a range of soy proteins for beauty and health. Soy protein is used in cosmetics and personal care products as it holds moisture in the skin for a longer time and provides glowing, healthy skin. According to Mitsubishi Chemical Corporation data from 2021, monthly household expenditure on personal care products in Japan was USD 26.96. Owing to this, the demand for soy protein in personal care products is growing. Although the use of soy protein is increasing in the country, the presence of other plant-based proteins like hemp protein, pea protein, potato protein, and others is expected to restrict the growth of the market.
