A recent
report published by Infinium Global Research on the soy protein market provides
an in-depth analysis of segments and sub-segments in the global as well as
regional soy protein market. The study also highlights the impact of drivers,
restraints, and macro indicators on the global and regional soy protein market
over the short term as well as long term. The report is a comprehensive
presentation of trends, forecasts, and dollar values of the global soy protein
market. According to the report, the global soy protein market is projected to
grow at a CAGR of over 10% over the forecast period of 2022-2028.
The global soy protein market was valued at about USD 9 Billion in 2022 and is expected to reach over USD 22 Billion in 2028, with a CAGR of over 10% during the forecast period. Soy protein is a very rich source of lean, cholesterol-free, and lactose-free protein and offers numerous health benefits to consumers. Soy protein is isolated from soybeans and is widely utilized to replace animal proteins in human consumer diets. Soy protein is low in fat and destitute of saturated fats and cholesterol, which makes it a perfect protein source for reinforcing the density of foods. Increasing concentration on lean protein sources and nutritionally dense foods and advancements in nutrition science and exercise physiology are some key factors boosting demand for soy protein and soy foods and are expected to contribute to the market growth over the forecast period. Soy protein is the only vegetable protein that's a whole protein and essentially fits within the recommendations of nutrition experts.
The
increasing awareness about the advantages of protein and growing demand for a
protein-rich diet, growing health and wellness trend, increasing consumers’
concentration on meat alternatives, and advancements in ingredient technologies
like microencapsulation are the key factors driving the expansion of the
general soy protein market. The global protein demand is rising in parallel
with the growing population. The high protein trend is gaining traction and can
still evoke interest in the upcoming years. As per the Food and Agriculture
Organization (FAO), in 2050, the worldwide food demand, particularly for protein,
is twice the demand in 2013. Moreover, consumers became more attentive to
protein benefits in supporting a full-of-life lifestyle. Protein-rich diet has
been proven to alleviate several health concerns. As a result, consumers have
increasingly started incorporating a specific amount of protein into their
daily diets. This can ultimately be resulting in a big increase in soy protein
production and consumption, worldwide. The most important factor that's to
blame for hindering the market growth is the presence of other substitutes
within the market. Plant-based proteins are rapidly gaining popularity across
the planet and makers are choosing different plant-based proteins like pea
protein, wheat protein, rice protein, pulses, canola, flax, and chia protein
when soy is not used.
The global
pandemic has impacted economies and industries badly due to lockdowns and
restrictions on travel and transport. The food & beverage industry is
considered a prominently hit industry around the world and faced serious
disruptions in terms of the supply chain, distribution cancellations, and
closures of businesses as a result of the pandemic. The Lockdown situation in
major soy protein manufacturing countries affected the supply chain of the raw
material. As the situation was becoming more critical the consumption of soy
protein-based products increased due to the growing need for healthier food
options, and hence, the growth of the market was enhanced.
Based on the
region, the worldwide soy protein market is segmented into the Asia Pacific,
North America, Europe, and the Middle East & Africa. North America is
anticipated to witness the highest market share over the forecast period. The
growth of the market is attributed to a growing inclination toward a vegan diet;
increasing health consciousness; a rising number of women working outside the
home; health & wellness trends; and huge production of soybean in the
region. Asia Pacific region is anticipated to dominate the expansion of the
market during the forecast period. The rising presence of major market players
is predicted to propel the expansion of the region.
The report
on the global soy protein market covers segments such as product type and
application. On the basis of product type, the sub-markets include soy protein
concentrates, soy protein isolate, textured soy protein, soy flour, grits, and
chunks. On the basis of application, the sub-markets include food &
beverage, meat, poultry, & seafood, meat alternatives, bakery &
confectionary, infant foods, dairy & dairy replacements, and animal feed.
The report
provides profiles of the companies in the market such as Cargill Inc., Kerry
Group, E.I. Dupont De Nemours and Company, NOW Foods (NOW Health Group, Inc.),
Burcon Nutrascience Corporation, SOTEXPRO SA, Farbest-Tallman Foods
Corporation, Wilmar International and CHS Inc, Nisshin Oillio Group, Ltd., and
Ruchi Soya Industries Ltd.
The report
provides deep insights into the demand forecasts, market trends, and micro and
macro indicators. In addition, this report provides insights into the factors
driving and restraining this market's growth. Moreover, The IGR-Growth Matrix
analysis given in the report brings an insight into the investment areas that
existing or new market players can consider. The report provides insights into
the market using analytical tools such as Porter's five forces analysis and DRO
analysis of the soy protein market. Moreover, the study highlights current
market trends and provides forecasts for 2022-2028. We also have highlighted
future trends in the market that will affect the demand during the forecast
period. Moreover, the competitive analysis given in each regional market brings
an insight into the market share of the leading players.
Please Choose One of them.