For the Quarter Ending December 2025
APAC
• In China, the Soy Protein Isolate Price Index rose by 1.8% quarter-over-quarter, driven by feedstock.
• The average Soy Protein Isolate price for the quarter was approximately USD 1673.00/MT, FOB Qingdao.
• Container freight eased, pressuring Soy Protein Isolate Spot Price while the Price Index remained supported.
• Soy Protein Isolate Production Cost Trend increased due to higher non-GM soybean premiums and compliance spending.
• Soy Protein Isolate Demand Outlook strengthened as European and Japanese orders rose, and domestic restocking.
• Soy Protein Isolate Price Forecast indicates upside as buyers refill pipelines and suppliers manage output.
• Coastal warehouse inventories tightened, supporting the Soy Protein Isolate Price Index and exporter bargaining leverage.
• Large crushers in Shandong and Jiangsu ran robust schedules, enabling FOB pass-through, limiting price corrections.
Why did the price of Soy Protein Isolate change in December 2025 in APAC?
• Higher non-GM soybean premiums and hexane-emission compliance costs increased processing expenses, underpinning December price increases.
• Strengthened European and Japanese contract enquiries and year-end restocking tightened cover, supporting exporter pricing power.
• Normalized Qingdao port logistics and eased freight reduced delivered costs, while inventories tightened among exporters.
Europe
• In Europe, the Soy Protein Isolate Price Index moved higher quarter-over-quarter, reflecting higher import replacement costs and firm feedstock-linked offers.
• Soy Protein Isolate market conditions remained import-led, with China-origin material accounting for the bulk of food and nutrition-grade supply.
• Soy Protein Isolate Spot Price faced mixed pressure, as eased container freight offset stronger exporter pricing linked to feedstock premiums.
• Soy Protein Isolate Production Cost Trend for importers increased modestly, driven by non-GM soybean premiums and compliance costs embedded in export offers.
• Soy Protein Isolate Demand Outlook strengthened, supported by plant-based food manufacturing, sports nutrition usage, and year-end restocking activity.
• Soy Protein Isolate Price Forecast indicates near-term firmness, as buyers replenish pipelines and manage inventory cover into early 2026.
• The Price Index remained supported by tightening exporter inventories and steady contract liftings into key European ports.
• Distributor stocks stayed balanced, limiting volatility while higher replacement costs capped scope for discounts.
Why did the price of Soy Protein Isolate change in December 2025 in Europe?
• Higher non-GM soybean premiums and processing compliance costs raised import replacement values.
• Strong year-end restocking by food and nutrition manufacturers increased short-term demand.
• Lower freight eased delivered costs but did not offset tighter exporter availability and firm offers.
North America
• In North America, the Soy Protein Isolate Price Index moved higher quarter-over-quarter, reflecting firmer import replacement costs and steady downstream demand.
• Soy Protein Isolate market conditions remained import-led, with China-origin material supplying food, beverage, and plant-based protein manufacturers.
• Soy Protein Isolate Spot Price faced mixed pressure, as easing ocean freight tempered landed costs while tighter exporter inventories limited discounts.
• Soy Protein Isolate Production Cost Trend for importers reflected higher upstream non-GM soybean premiums embedded in export offers, supporting price firmness.
• Soy Protein Isolate Demand Outlook strengthened, supported by food processing, sports nutrition, and plant-based formulation restocking toward year-end.
• Soy Protein Isolate Price Forecast signals mild near-term upside, driven by early-2026 pipeline refilling and stable consumption trends.
• Distributor inventories tightened modestly, aligning with the Soy Protein Isolate Price Index’s upward bias.
• Reliable port operations and predictable logistics ensured supply continuity, preventing abrupt spot volatility.
Why did the price of Soy Protein Isolate change in December 2025 in North America?
• Higher export replacement costs from Asia lifted landed-cost expectations for importers.
• Year-end restocking by food and nutrition manufacturers increased buying against available prompt cargoes.
• Lower freight offset part of the cost pressure, but tighter exporter inventories sustained firm pricing.
For the Quarter Ending September 2025
APAC
• In China, the Soy Protein Isolate Price Index fell by 6.27% quarter-over-quarter, reflecting weak export demand.
• The average Soy Protein Isolate price for the quarter was approximately USD 1643.33/MT on FOB.
• Soy Protein Isolate Spot Price softened as exporters lowered offers, stimulating shipments amid inventory accumulation.
• Soy Protein Isolate Price Forecast suggests brief Golden Week rebound, then persistent cautious purchasing globally.
• Soy Protein Isolate Production Cost Trend eased with lower freight charges, reducing exporters' breakeven pressure.
• Soy Protein Isolate Demand Outlook is muted while western buyers draw down inventories, deferring purchases.
• Soy Protein Isolate Price Index tracked competitor offers and inventory builds, prompting periodic seller discounts.
• Elevated inventories and some mills' production curtailments helped moderate further Soy Protein Isolate price declines.
Why did the price of Soy Protein Isolate change in September 2025 in APAC?
• Export demand weakness as buyers drew down prebuilt inventories reduced booking and pressured export pricing.
• Lower freight rates and logistics costs reduced exporters' cost pressures, enabled deeper discounts clearing inventory.
• High inventories and weak domestic demand prompted sellers to discount heavily, sustaining negative price momentum.
Europe
• In the Netherlands, the Soy Protein Isolate Price Index declined quarter-over-quarter, driven by soft import demand and high inventory levels across the region.
• Soy Protein Isolate Spot Price eased as abundant Asian supply and competitive offers continued to pressure European import margins.
• Soy Protein Isolate Price Forecast suggests limited near-term recovery, with cautious purchasing and balanced stock positions curbing fresh buying interest.
• Soy Protein Isolate Production Cost Trend for importers stabilized as lower ocean freight rates and steady energy costs offset minor currency fluctuations.
• Soy Protein Isolate Demand Outlook remains subdued, with food processing and nutrition sectors operating at stable but below-average procurement levels.
• Soy Protein Isolate Price Index reflected weaker global sentiment and strong competition among Asian exporters offering discounts to secure European contracts.
• High distributor inventories and steady container arrivals kept markets well supplied, reducing urgency for new import bookings.
• Importers maintained conservative buying strategies, aligning purchases closely with downstream consumption trends and cost parity signals.
Why did the price of Soy Protein Isolate change in September 2025 in Europe?
• Ample Asian export supply and sustained inventory overhang in Europe kept market sentiment bearish, softening prices across the Netherlands.
• Weak downstream demand from food and beverage industries limited restocking activity, maintaining downward price pressure.
• Stable freight costs and mild currency movements offered cost relief but failed to stimulate stronger import momentum amid subdued consumption.
North America
• In the USA, the Soy Protein Isolate Price Index declined modestly quarter-over-quarter, reflecting weaker import demand and sufficient domestic inventories.
• Soy Protein Isolate Spot Price softened as lower-cost Asian offers and high port inventories limited import restocking urgency.
• Soy Protein Isolate Price Forecast indicates stable-to-soft trends into Q4, supported by ongoing destocking and subdued consumer product manufacturing.
• Soy Protein Isolate Production Cost Trend for importers eased slightly, aided by lower freight rates and improved supply chain efficiency.
• Soy Protein Isolate Demand Outlook remains cautious, with muted demand from food processing and nutraceutical sectors limiting fresh orders.
• Soy Protein Isolate Price Index fluctuations mirrored import parity changes and overseas supplier discounting, compressing trade margins.
• Balanced domestic availability and steady containerized imports prevented sharp price corrections despite weaker consumption.
• Distributors and end-users adopted conservative procurement strategies amid uncertain consumption recovery and global pricing competition.
Why did the price of Soy Protein Isolate change in September 2025 in North America?
• Reduced import demand and elevated distributor inventories curbed restocking activity, maintaining downward pressure on prices.
• Competitive Asian export offers lowered landed costs, compelling domestic sellers to adjust quotations accordingly.
• Stable freight rates and smooth logistics mitigated extreme price fluctuations but did not stimulate significant fresh buying interest.
For the Quarter Ending June 2025
North America
• In April 2025, the soy protein isolate spot price in the USA edged up as importers increased purchase volumes in anticipation of future supply constraints, supported by stronger procurement activity from the food and beverage sectors.
• The Price Index reflected mild upward momentum in April, driven by higher ocean freight rates and extended lead times from Asian suppliers, contributing to concerns around product production cost trend and prompting earlier-than-usual buying cycles.
• April saw a recovery in the product demand outlook, with buyers aiming to restock inventories ahead of potential trade or logistics disruptions, especially amid recovering consumer demand and macroeconomic stabilization.
• In May, the Price Index in the U.S. registered a decline, as demand from downstream segments softened and previous restocking efforts led to temporarily elevated inventories among major distributors.
• Weakness in international procurement interest during May coincided with lingering tariff issues and uncertainty over import policies, delaying purchases and suppressing product demand outlook.
• Ample inventory levels and logistical normalization further pressured soy protein isolate spot prices in May, even as ocean freight rates gradually adjusted, slightly easing the product production cost trend.
• In June, the market remained sluggish, with buyers operating cautiously due to subdued consumer sentiment and high interest rates impacting spending across functional food, supplements, and nutraceutical segments.
• June also saw price competition intensify among importers due to excess availability in the market, resulting in a downtrend in the Price Index and greater buyer leverage during contract negotiations.
• In July 2025, prices in the U.S. market are likely to increase slightly, driven by restocking from nutraceutical and sports nutrition manufacturers and a potential drop in import volumes as suppliers overseas cut production to balance inventory levels.
• Despite these positive triggers, the product demand outlook remains tentative in the U.S., with inflationary pressure and policy uncertainty continuing to weigh on long-term forward contracting.
APAC
• In April 2025, the Soy Protein Isolate Price Index (FOB Qingdao, >90% Protein) rose by 0.28%, reaching USD 1780/MT, supported by proactive procurement from downstream food and beverage sectors amid supply-side uncertainty.
• April’s moderate upward movement in the soy protein isolate spot price stemmed from lean inventories, stronger international inquiries (notably from Europe and Asia), and anticipations of increased product production cost trend due to logistical and trade-related concerns.
• Despite a dip in China's PMI indicating slowing manufacturing momentum, product demand outlook remained firm in April as buyers ramped up orders to hedge against future supply disruptions.
• In May, the Price Index declined by 1.69% to USD 1750/MT, pressured by falling international demand, particularly from tariff-affected markets like the U.S., and weak downstream activity in food and healthcare segments.
• The decline in product spot price during May was also influenced by higher soybean imports, leading to surplus raw materials and unsold inventories piling up at Chinese factories.
• May's product demand outlook was subdued as export orders fell to yearly lows and domestic buyers remained hesitant due to economic uncertainty and the extended Labor Day holiday.
• The Price Index continued to slide in June, down by 1.14% to USD 1730/MT, amid weak global demand, overcapacity in production, and softening logistics rates that increased exporter competition.
• China’s product production cost trend was deflationary in June, with the Producer Price Index falling 3.6% YoY, reflecting a broad decline in input costs and pricing power across the upstream segment.
• Buyers in June adopted a wait-and-watch strategy, anticipating further price softening. As a result, product demand outlook weakened both domestically and internationally, with more sellers resorting to discounts to move excess inventory.
• In July 2025, Soy Protein Isolate prices are likely to increase slightly, as some restocking activity from downstream sectors is anticipated, while Chinese producers facing mounting stock pressure may cut operating rates to balance supply, limiting further downward pressure on the soy protein isolate spot price.
Europe
• The Price Index for Soy Protein Isolate imports into Europe rose marginally in April 2025, supported by restocking activities from plant-based food producers and a modest rebound in demand from Germany, the Netherlands, and France.
• Strong early-quarter procurement was spurred by cost inflation concerns and potential supply chain bottlenecks, which also contributed to a short-term rise in product production cost trend for regional processors.
• The product demand outlook in April remained optimistic, with growing interest in vegan protein supplements and clean-label alternatives across Western Europe, boosting spot transactions.
• In May, European markets experienced a clear shift, as the Price Index declined due to fading export order flow and reduced shipments from global producers, reflecting weakening macro demand indicators.
• European importers noted significant buyer hesitation in May, especially in Southern and Eastern Europe, where cost sensitivity intensified and several food processors delayed procurement amid tariff concerns.
• Inventories across Northern Europe swelled in May due to previously front-loaded import arrivals, leading to subdued product demand outlook and placing downward pressure on the soy protein isolate spot price.
• The trend extended into June, with the Price Index declining further, as subdued retail sales in the plant-based sector and cautious purchasing from large buyers like foodservice chains signaled a bearish demand environment.
• Freight rate deflation and a stabilization in warehouse inventories contributed to a softening product production cost trend, improving negotiation power for European importers but squeezing margins for suppliers.
• Buyers adopted a wait-and-watch approach in June, delaying bulk procurement and avoiding forward contracts, reinforcing market softness and limiting any potential rebound in product spot price.
• In July 2025, prices in Europe may increase slightly, as downstream users resume limited restocking to prepare for Q3 consumption cycles; however, the overall product demand outlook remains fragile due to economic stagnation and limited marketing push from end-use brands.
For the Quarter Ending March 2025
North America
In Q1 2025, the Soy Protein Isolate (SPI) market in the USA experienced fluctuating trends. Prices rose moderately in January as importers accelerated purchases ahead of the proposed 10% tariff on Chinese goods set for February. This frontloading, combined with the approaching Chinese Lunar New Year and rising energy costs, put additional strain on supply chains and pushed prices upward. Shipment delays, especially at the Port of Los Angeles, worsened due to congestion and wildfire-related disruptions, further driving up operational costs.
In February, prices declined as production recovery in China post-holiday increased export availability, and lower transpacific freight rates improved supply conditions. However, demand remained soft due to ongoing economic caution, inflation concerns, and delayed orders driven by tariff uncertainties.
By March, the market faced further declines with high inventories, weak demand, and uncertainty due to tariff hikes and a weaker U.S. dollar. Sellers resorted to aggressive price cuts to offload surplus stock. Throughout the quarter, subdued market sentiment led to continued downward pricing momentum.
Overall, the SPI market in the USA remained volatile throughout Q1 2025, with fluctuating prices and weak demand reflecting broader economic uncertainty and tariff-related concerns.
Asia Pacific
In Q1 2025, the Soy Protein Isolate (SPI) market in China experienced fluctuating trends. Prices rose significantly in January due to strong demand from industries such as food, healthcare, and animal feed, coupled with reduced manufacturing output ahead of the Lunar New Year. Exporters also rushed to ship goods ahead of expected U.S. tariffs, tightening supply and pushing prices higher. However, by February, prices declined as production resumed post-holiday, and inventory levels increased. Weak demand, driven by deflationary pressures and sluggish economic activity, further exacerbated the price drop. Additionally, the U.S. tariffs on Chinese goods dampened export competitiveness, contributing to domestic stockpile growth. By the end of the quarter, SPI prices continued to decline as surplus supply accumulated, worsened by a stronger yuan that made exports more expensive. Cautious buying behavior in downstream industries and uncertainty surrounding trade tensions also suppressed demand. Manufacturers resorted to aggressive discounting strategies to reduce stock levels, resulting in an overall downward trend in prices.
Europe
In Q1 2025, the Soy Protein Isolate (SPI) market in Europe experienced fluctuating pricing trends. January saw a moderate price increase, driven by improved business sentiment in Germany and accommodative monetary policies that stimulated demand, particularly from the healthcare and pharmaceutical sectors. Stockpiling activity, prompted by anticipated delays linked to the Lunar New Year, added upward pressure on prices.
However, in February, the market began to soften as supply remained ample and demand subdued. The appreciating Euro, combined with a sharp decline in ocean freight rates on Asia-Europe routes, helped facilitate cost-effective imports, resulting in an inventory buildup. Early stockpiling ahead of the Lunar New Year kept the market oversupplied. By March, these conditions persisted, with oversupply exacerbated by favorable import economics and sufficient shipping capacity. Demand continued to be weak, as buyers focused on clearing existing stock. Despite some port congestion in Europe, falling freight rates and a strong Euro kept landed costs low, reinforcing the soft pricing environment. Overall, weak domestic sentiment and cautious procurement strategies led to sustained downward pricing pressure throughout Q1 2025.
