India Soy Protein Market Size

The India Soy Protein Market is experiencing growth driven by the increasing demand for plant-based proteins, particularly in the food and beverage sector, which holds the largest market share. The market's expansion is further supported by the rising popularity of meat and dairy alternatives, fueled by a significant vegetarian and vegan population in the country. Additionally, the trend towards healthier, on-the-go meal options is contributing to the market's growth. The focus on sustainable and high-quality protein sources is also shaping the market dynamics, as soy protein offers a viable alternative due to its nutritional benefits and meat-like texture.

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Market Size of india soy protein Industry

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India Soy Protein Market Summary
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https://s3.mordorintelligence.com/study%20period/1629296433432_test~study_period_study_period.svg Study Period 2017 - 2029
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2024) USD 547.2 Million
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2029) USD 711.6 Million
https://s3.mordorintelligence.com/hydraulic_fluids/1629285650767_test~hydraulic_fluids_hydraulic_fluids.svg Largest Share by End User Food and Beverages
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg CAGR (2024 - 2029) 5.39 %
https://s3.mordorintelligence.com/hydraulic_fluids/1629285650767_test~hydraulic_fluids_hydraulic_fluids.svg Fastest Growing by End User Personal Care and Cosmetics

Major Players
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*Disclaimer: Major Players sorted in no particular order

Key Players

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India Soy Protein Market Analysis

The India Soy Protein Market size is estimated at 547.2 million USD in 2024, and is expected to reach 711.6 million USD by 2029, growing at a CAGR of 5.39% during the forecast period (2024-2029).

547.2 Million

Market Size in 2024 (USD)

711.6 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

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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

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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

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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

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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

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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.
India Soy Protein Market

India Soy Protein Industry Segmentation

Concentrates, Isolates, Textured/Hydrolyzed are covered as segments by Form. Animal Feed, Food and Beverages, Supplements are covered as segments by End User.

  • 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.
Form
Concentrates
Isolates
Textured/Hydrolyzed
End User
Animal Feed
Food and Beverages
By Sub End User
Bakery
Beverages
Breakfast Cereals
Condiments/Sauces
Dairy and Dairy Alternative Products
Meat/Poultry/Seafood and Meat Alternative Products
RTE/RTC Food Products
Snacks
Supplements
By Sub End User
Baby Food and Infant Formula
Elderly Nutrition and Medical Nutrition
Sport/Performance Nutrition
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India Soy Protein Market Size Summary

The India Soy Protein Market is experiencing significant growth, driven by the increasing demand for plant-based proteins, particularly in the food and beverage sector. This demand is largely fueled by the country's high vegetarian and vegan population, which is the largest in the Asia-Pacific region. The market is witnessing a shift towards healthier, on-the-go meal options, as more consumers prioritize dietary changes to enhance their health and well-being. Soy protein is predominantly used in meat and dairy alternative products, offering a sustainable and nutritious substitute for traditional animal-based products. The market is also seeing a rise in the use of soy protein in personal care and cosmetics, reflecting broader consumer trends towards natural and plant-based ingredients.

The market landscape is characterized by a fragmented structure, with several key players contributing to its development. Companies are increasingly focusing on innovation and product diversification to meet the growing consumer demand for plant-based alternatives. The availability of high-protein content ingredients and the emphasis on sustainable sourcing are pivotal trends shaping the market. Despite the challenges of protein deficiency among the Indian population, efforts are being made to enhance soybean cultivation and improve farm productivity through public-private partnerships and technological advancements. The market's expansion is further supported by the introduction of new products and collaborations aimed at increasing awareness and consumption of soy protein among Indian consumers.

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India Soy Protein Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)

    1. 1.1 Form

      1. 1.1.1 Concentrates

      2. 1.1.2 Isolates

      3. 1.1.3 Textured/Hydrolyzed

    2. 1.2 End User

      1. 1.2.1 Animal Feed

      2. 1.2.2 Food and Beverages

        1. 1.2.2.1 By Sub End User

          1. 1.2.2.1.1 Bakery

          2. 1.2.2.1.2 Beverages

          3. 1.2.2.1.3 Breakfast Cereals

          4. 1.2.2.1.4 Condiments/Sauces

          5. 1.2.2.1.5 Dairy and Dairy Alternative Products

          6. 1.2.2.1.6 Meat/Poultry/Seafood and Meat Alternative Products

          7. 1.2.2.1.7 RTE/RTC Food Products

          8. 1.2.2.1.8 Snacks

      3. 1.2.3 Supplements

        1. 1.2.3.1 By Sub End User

          1. 1.2.3.1.1 Baby Food and Infant Formula

          2. 1.2.3.1.2 Elderly Nutrition and Medical Nutrition

          3. 1.2.3.1.3 Sport/Performance Nutrition

India Soy Protein Market Size FAQs

The India Soy Protein Market size is expected to reach USD 547.23 million in 2024 and grow at a CAGR of 5.39% to reach USD 711.65 million by 2029.

In 2024, the India Soy Protein Market size is expected to reach USD 547.23 million.

India Soy Protein Market Report Snapshots

India Soy Protein Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029