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Australia Soy Protein Market Size, Share, Growth, Report: By Type: Isolate, Textured Soy Protein, Concentrate; By Form: Powder, Capsules and Tablets, Ready-to-Drink, Bars, Others; By Nature: Organic Soy Protein, Conventional Soy Protein; By Application; By Distribution Channel; Regional Analysis; Market Dynamics; Competitive Landscape; 2024-2032
Australia Soy Protein Market Outlook
The Australia soy protein market size reached USD 41.42 million in 2023. The market is expected to grow at a CAGR of 4.53% between 2024 and 2032, reaching USD 61.44 million by 2032.
Key Takeaways
- According to the USDA's findings, Australia's soybean production hit 42,000 tons during the 2022/23 season, fuelling the growth of the soy protein market in Australia.
- As reported by the Australia Bureau of Statistics, the sales of dairy and meat substitutes from Australian supermarkets and other food retailers increased by an extra 14% in 2020-21, following the previous 14% rise seen between 2018-19 and 2019-20.
- Early data from the National Nutrition Survey and other studies suggest that approximately 2% of Australians identify as vegan, contributing to the growing demand for soy protein in the Australian market.
Textured soy protein drives the Australia soy protein market growth because it serves as a cost-effective protein source compared to meat, offering a budget-friendly option for both manufacturers and consumers
Textured soy protein (TSP) serves as a meat substitute in vegetarian products, replicating the texture of meat. It stands out as a cost-efficient protein source, adaptable to various flavours, low in fat, and environmentally sustainable, appealing to health-conscious and environmentally aware consumers.
In February 2022, Benson Hill, Inc., a food tech company leveraging natural plant genetic diversity, launched TruVail™, a series of domestically sourced, non-GMO plant-based protein ingredients. The brand's debut included high-protein soy flour and texturized proteins, appealing to traditional and burgeoning plant-based protein markets.
Isolated soy protein (ISP) offers a high protein content, improves texture, provides enhanced nutrition, extends shelf life, and is suitable for individuals with various dietary requirements, contributing to its popularity in the market.
Market Segmentation
Australia Soy Protein Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments
Market Breakup by Type
- Isolate
- Textured Soy Protein
- Concentrate
Market Breakup by Form
- Powder
- Capsules and Tablets
- Ready-to-Drink
- Bars
- Others
Market Breakup by Nature
- Organic Soy Protein
- Conventional Soy Protein
Market Breakup by Application
- Bakery and Confectionery
- Functional Foods
- Pharmaceuticals
- Feed
- Meat Additives
- Others
Market Breakup by Distribution Channel
- Supermarkets and Hypermarkets
- Convenience Stores
- Online
- Others
Market Breakup by Region
- New South Wales
- Victoria
- Queensland
- Australian Capital Territory
- Western Australia
- Others
The Australia soy protein market key players are Cargill Australia Financial Services Pty Limited, Halcyon Proteins Pty Ltd, ADM Asia-Pacific Trading Pte. Ltd., Ben Furney Flour Mills and Bulk Powders Pty Ltd. among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Form |
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| Breakup by Nature |
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| Breakup by Application |
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| Breakup by Distribution Channel |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Australia Soy Protein Market Overview
8.1 Key Industry Highlights
8.2 Australia Soy Protein Historical Market (2018-2023)
8.3 Australia Soy Protein Market Forecast (2024-2032)
9 Australia Soy Protein Market by Type
9.1 Isolate
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Textured Soy Protein
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
9.3 Concentrate
9.3.1 Historical Trend (2018-2023)
9.3.2 Forecast Trend (2024-2032)
10 Australia Soy Protein Market by Form
10.1 Powder
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Capsules and Tablets
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Ready-to-Drink
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Bars
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Australia Soy Protein Market by Nature
11.1 Organic Soy Protein
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Conventional Soy Protein
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
12 Australia Soy Protein Market by Application
12.1 Bakery and Confectionery
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Functional Foods
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Pharmaceuticals
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Feed
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
12.5 Meat Additives
12.5.1 Historical Trend (2018-2023)
12.5.2 Forecast Trend (2024-2032)
12.6 Others
13 Australia Soy Protein Market by Distribution Channel
13.1 Supermarkets and Hypermarkets
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Convenience Stores
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Online
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 Others
14 Australia Soy Protein Market by Region
14.1 New South Wales
14.1.1 Historical Trend (2018-2023)
14.1.2 Forecast Trend (2024-2032)
14.2 Victoria
14.2.1 Historical Trend (2018-2023)
14.2.2 Forecast Trend (2024-2032)
14.3 Queensland
14.3.1 Historical Trend (2018-2023)
14.3.2 Forecast Trend (2024-2032)
14.4 Australian Capital Territory
14.4.1 Historical Trend (2018-2023)
14.4.2 Forecast Trend (2024-2032)
14.5 Western Australia
14.5.1 Historical Trend (2018-2023)
14.5.2 Forecast Trend (2024-2032)
14.6 Others
15 Market Dynamics
15.1 SWOT Analysis
15.1.1 Strengths
15.1.2 Weaknesses
15.1.3 Opportunities
15.1.4 Threats
15.2 Porter’s Five Forces Analysis
15.2.1 Supplier’s Power
15.2.2 Buyer’s Power
15.2.3 Threat of New Entrants
15.2.4 Degree of Rivalry
15.2.5 Threat of Substitutes
15.3 Key Indicators for Demand
15.4 Key Indicators for Price
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Cargill Australia Financial Services Pty Limited
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Halcyon Proteins Pty Ltd
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 ADM Asia-Pacific Trading Pte.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Ben Furney Flour Mills
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Bulk Powders Pty Ltd.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Australia Soy Protein Market: Key Industry Highlights, 2018 and 2032
2. Australia Soy Protein Historical Market: Breakup by Type (USD Million), 2018-2023
3. Australia Soy Protein Market Forecast: Breakup by Type (USD Million), 2024-2032
4. Australia Soy Protein Historical Market: Breakup by Form (USD Million), 2018-2023
5. Australia Soy Protein Market Forecast: Breakup by Form (USD Million), 2024-2032
6. Australia Soy Protein Historical Market: Breakup by Nature (USD Million), 2018-2023
7. Australia Soy Protein Market Forecast: Breakup by Nature (USD Million), 2024-2032
8. Australia Soy Protein Historical Market: Breakup by Application (USD Million), 2018-2023
9. Australia Soy Protein Market Forecast: Breakup by Application (USD Million), 2024-2032
10. Australia Soy Protein Historical Market: Breakup by Distribution Channel (USD Million), 2018-2023
11. Australia Soy Protein Market Forecast: Breakup by Distribution Channel (USD Million), 2024-2032
12. Australia Soy Protein Historical Market: Breakup by Region (USD Million), 2018-2023
13. Australia Soy Protein Market Forecast: Breakup by Region (USD Million), 2024-2032
14. Australia Soy Protein Market Structure
Key Questions Answered in the Report
The market was valued at USD 41.42 million in 2023.
The market is projected to grow at a CAGR of 4.53% between 2024 and 2032.
The revenue generated from the soy protein market is expected to reach USD 61.44 million in 2032.
The soy protein market is categorised according to type, which includes isolate, textured soy protein and concentrate.
The key players are Cargill Australia Financial Services Pty Limited, Halcyon Proteins Pty Ltd, ADM Asia-Pacific Trading Pte. Ltd., Ben Furney Flour Mills and Bulk Powders Pty Ltd. among others.
Based on the end nature, the market is divided into organic soy protein and conventional soy protein.
The market is broken down into New South Wales, Victoria, Queensland, Australian Capital Territory, Western Australia, and others.
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