Market Size of Canada Soy Protein Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 231.5 Million |
| Market Size (2029) | USD 301.80 Million |
| CAGR (2024 - 2029) | 5.45 % |
| Fastest Growing Market | Food and Beverages |
| Largest Market | Animal Feed |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Canada Soy Protein Market Analysis
The Canada Soy Protein Market size is estimated at USD 231.5 million in 2024, and is expected to reach USD 301.80 million by 2029, growing at a CAGR of 5.45% during the forecast period (2024-2029).
- The soy protein isolate is commonly used in protein bars, shakes, and other supplements. It is a great source of protein for vegetarians and vegans. It is also low in fat and contains no cholesterol, making it a heart-healthy choice.
- Frequent consumption of soy protein can reduce the risk of heart disease, minimize cholesterol levels, and promote healthy bones. A wide variety of product variants are available, including soy protein isolate, soy protein concentrate, and textured soy protein. Soy protein is gaining traction among health-conscious people. Increasing awareness about the health benefits of soy protein is boosting the demand for the product from soy protein in Canada.
- Canada's soy protein market is projected to witness significant growth avenues in the coming years. The growing use of soy protein in numerous applications is pushing the market growth. The expanding vegan and vegetarian population, along with the surging trend of plant-based diets, are fueling the market growth. As per research conducted by the Angus Reid Institute in 2022, 1 in 5 Canadians, 22%, who regularly eat meat would like to reduce the amount of meat they consume and move towards vegetarian.
- Furthermore, the extensive product application in various industries, including food and beverages, animal feed, and supplements industries, owing to its various functional properties, such as emulsification, foaming, and gelling, are fueling the Canadian market growth.
Canada Soy Protein Industry Segmentation
Soy protein is a form of protein derived from soybeans that is usually consumed as a dietary supplement. Soy protein comprises essential amino acids that the human body requires for growth and maintenance.
The Canada soy protein market is segmented by form into concentrates, isolates, textured/hydrolyzed. The end user segment further segments the market into animal feed, food and beverages, and supplements.
The market sizing has been done in value terms in USD and in volume terms in tons for all the abovementioned segments.
| By Form | |
| Concentrates | |
| Isolates | |
| Textured/Hydrolyzed |
| By End-User | ||||||||||
| Animal Feed | ||||||||||
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Canada Soy Protein Market Size Summary
The Canadian soy protein market is experiencing a robust expansion, driven by increasing health consciousness and the rising popularity of plant-based diets. Soy protein, particularly in the form of isolates and concentrates, is gaining traction among health-conscious consumers due to its low fat and cholesterol-free nature, making it an appealing choice for vegetarians and vegans. The market is further bolstered by the growing awareness of soy protein's health benefits, such as reducing the risk of heart disease and promoting bone health. The expanding vegan and vegetarian population, coupled with the trend towards plant-based diets, is significantly contributing to the market's growth. Additionally, the diverse applications of soy protein in food and beverages, animal feed, and supplements industries, owing to its functional properties like emulsification and gelling, are enhancing its market presence in Canada.
The market is moderately consolidated, with major players like Archer Daniels Midland Company, CHS Inc., DuPont de Nemours Inc., Kerry Group PLC, and The Scoular Company dominating the landscape. These companies are actively engaging in strategic acquisitions and partnerships to enhance their product offerings and meet the growing demand for plant-based foods and beverages. The agriculture and aquaculture sectors are also key contributors to the market, with soy protein being widely used in animal feed due to its digestibility and nutritional benefits. The ongoing innovation and diversification of plant-based protein products, along with the cost-effectiveness of soy protein compared to other protein sources, are expected to drive the Canadian soy protein market's growth in the coming years.
Canada Soy Protein Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Increasing demand for meat alternatives
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1.2 Market Restraints
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1.2.1 Presence of numerous alternatives in the plant proteins
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. Market Segmentation
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2.1 By Form
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2.1.1 Concentrates
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2.1.2 Isolates
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2.1.3 Textured/Hydrolyzed
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2.2 By End-User
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2.2.1 Animal Feed
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2.2.2 Food and Beverages
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2.2.2.1 Bakery
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2.2.2.2 Beverages
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2.2.2.3 Breakfast Cereals
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2.2.2.4 Condiments/Sauces
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2.2.2.5 Dairy and Dairy Alternative Products
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2.2.2.6 Meat/Poultry/Seafood and Meat Alternative Products
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2.2.2.7 RTE/RTC Food Products
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2.2.2.8 Snacks
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2.2.3 Supplements
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2.2.3.1 Baby Food and Infant Formula
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2.2.3.2 Elderly Nutrition and Medical Nutrition
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2.2.3.3 Sport/Performance Nutrition
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Canada Soy Protein Market Size FAQs
How big is the Canada Soy Protein Market?
The Canada Soy Protein Market size is expected to reach USD 231.5 million in 2024 and grow at a CAGR of 5.45% to reach USD 301.80 million by 2029.
What is the current Canada Soy Protein Market size?
In 2024, the Canada Soy Protein Market size is expected to reach USD 231.5 million.
