Australia Soy Protein Market Report and Forecast 2025-2034

Australia Soy Protein Market Outlook

The Australia soy protein market size reached USD 41.42 million in 2024. The market is expected to grow at a CAGR of 4.53% between 2025 and 2034, reaching USD 61.44 million by 2034.

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.

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Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Market Segmentation

Australia Soy Protein Market Report and Forecast 2025-2034 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