Soy Protein Market Valuation to Reach USD 10 Billion by 2030 at 7.1% CAGR - Report by Market Research Future (MRFR)
June 23, 2022
Soy Protein Market Size and Trends Analysis by Type (Soy Protein Isolates, Soy Protein Concentrates, Soy Protein Flours and Others), by Form (Powder, Bars, Ready to Drink, Capsules & Tablets and Others), by Application (Functional Foods, Sports Nutrition, Meat Additives, Confectionery & Other Food Products, Pharmaceuticals and Others), by Distribution Channel (Supermarket/Hypermarket, Convenience store, E-commerce, and Others) and Region - Forecast to 2030
/EIN News/ -- New York, US, June 23, 2022 (GLOBE NEWSWIRE) -- Soy Protein Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Soy Protein Market Information by Category, Form, Application, and Region- Forecast till 2030”, the market is estimated to acquire a size of over USD 10 Billion by the end of 2030. The report further predicts the market to thrive at a healthy CAGR of over 7.1% during the review timeframe.
Soy protein is a soybean protein that has been isolated. It's made from soybeans that have been dehulled and defatted. Soy flour, focuses, and disconnects are three types of high protein foods made from dehulled and defatted soybeans. Most of the soy protein is utilized in a variety of foods, including meat substitutes, infant formula, frozen desserts, salad dressing, and others.
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|2030 Market Size||USD 10 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Form, Application, Distribution Channel and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Demand for protein products|
|increasing availability of soy protein bars|
The key players profiled in the Soy Protein Market are
- Archer-Daniels-Midland Co. (U.S.)
- Ingredion (U.S.)
- Solae (U.S.)
- Dupont (U.S.)
- Solbar (Israel)
- Cargill (U.S.)
- Gushen Biological Technology Group Co., Ltd (China)
The worldwide soy protein market is being pushed by the growing trend of high-protein diets for health and wellness. Consumers are increasingly turning away from animal-based food and beverage items in favor of plant proteins, which is helping the sector. The rise in the number of people adopting a vegan diet is also helping to propel the sector forward. Veganism is still a somewhat niche hobby, but the market for vegan goods and beverages is rising, with younger consumers driving the trend. Vegan alternatives to regular items are being introduced by major manufacturers and food retailers. The rise in plant-based protein substitutes that has resulted has aided the growth of the soy protein business. Vegans and people with dairy-based sensitivities are increasingly turning to soy protein as a substitute for dairy proteins. It is also used as a high-quality meat alternative that is also cost-effective.
Soy protein isolates account for the majority of the market and are mostly used to improve the texture of food products. They are frequently seen in combination with other food additives. The availability of soy protein in various forms and packaging has changed the dynamics of the soy protein market in recent years. Advances in nutrition science and exercise physiology, as well as an increased focus on lean protein sources and nutritionally dense foods, are some of the primary reasons driving demand for soy protein and soy foods and are likely to contribute to market revenue growth over the forecast period. Soy protein is the only complete protein found in vegetables, and it largely conforms to nutritionists' current recommendations.
New foods are being developed by huge firms to meet the growing demand for soy products around the world, thanks to a growth in soy protein research in a range of health fields. Soy protein will likely become more prevalent in foods and beverages as a result of this, and the trend is expected to continue.
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Soy-based goods are expected to grow in popularity throughout the forecast period, although concerns about food allergies, sensitivity to soy products among some persons, and a lack of information about daily nutritional requirements are expected to impede market expansion.
The COVID-19 epidemic had a significant impact on the traditional meat processing business. Due to supply chain difficulties, a number of slaughterhouses have closed. The COVID-19 epidemic had a substantial impact on the meat supply chain in the United States, with several large meat facilities temporarily shutting down or operating at reduced capacity to protect workers. Large meat processing corporations, such as Tyson and Smithfield, for example, have shut down their factories owing of the COVID-19 pandemic. Consumer demand for soy protein-based goods surged as a result of the meat supply constraint. Furthermore, the COVID-19 pandemic highlighted the need of eating a balanced diet, resulting in an increase in demand for plant-based foods. As a result, the COVID-19 pandemic gave tremendous chances for the soy protein business to flourish.
Soy protein isolates have a substantial market share since they are widely utilized in food. This is due to the rising use of soy protein isolates in vegetarian and vegan diets, as well as the availability of cost-effective soy protein isolates.
Soy protein in powder form has the largest market share.
During the projected period, the use of soy protein in sports nutrition is expected to expand at a faster rate.
By Distribution Channel
Supermarket/Hypermarket accounts for the major market share whereas E-commerce segment is expected to witness higher growth rate over the review period.
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The increased soy production in South America is a crucial factor in America's global market supremacy in the Americas area. Brazil, the United States, Argentina, and Canada are the top exporters of soy protein. The highest proportion of the soy protein market is estimated to be in North America. This region's large market share can be attributed to a variety factors, including the well-established food and beverage industry, growing public awareness of the health benefits of soy protein, increasing veganism and the preference for plant-based diets as well as an increase in demand for high-quality, nutrient-rich foods.
The soy market in Europe is being boosted by rising demand for soy protein for various applications, primarily as a functional food.
The Asia Pacific region will grow faster than the rest of the world, owing to rising demand for high-quality soy protein, particularly from developing countries like China and India. The huge vegetarian population, increased awareness of the necessity of eating protein-rich diets, technical improvements in the food & beverage industry, and the abundant availability of raw materials are all contributing to Asia-strong Pacific's market growth.
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