Australia Soy Protein Market Report and Forecast 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