Increasing health and wellness trend, rising awareness about the benefits of protein and growing demand for protein rich diet are key factors contributing to high CAGR of soy protein during the forecast period.
Market Size – 9.98 Billion in 2019, Market Growth – CAGR of 7.0%, Market Trends – Soy Protein Bars & Energy Powder
According to the current analysis of Reports and Data, the global soy protein market was valued at USD 9.98 Billion in 2019 and is expected to reach USD 16.1 Billion by the year 2027, at a CAGR of 7.0%. Soy protein is a high-quality, complete protein that provides the essential amino acids necessary for protein synthesis in muscle and other tissues. In recent times, there is a significant rise in the consumption of protein-rich options. These ingredients, particularly isolates, are widely used as key ingredients in such products due to their protein quality and proven health benefits. These ingredients continue to show dynamic growth in the food and beverage market, particularly in products targeting weight management and sports nutrition. In addition to that, it has a unique amino acid arrangement, making it a complete protein and the best alternative for dairy and meat -a suitable choice for the vegan population segment. Increasing health and wellness trend, raising awareness about the benefits of protein, and growing demand for protein-rich diet, are some of the important factors driving the growth of the market. In addition to that, increasing consumers’ focus on meat alternatives, growing demand from the food and beverage industry, and advancement in ingredient technologies such as microencapsulation also helps in the growth of the soy protein market.
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Further key findings from the report suggest
- Soy Protein comprises of multitudes of health-enhancing phytochemicals. Scientific research has established many connections between soy consumption and lower rates of certain cancers, particularly breast, prostate, stomach, colon, and lung. Colorectal cancer is the second most deadly cancer worldwide, with about 881,000 deaths estimated for 2018.
- Over the past few years, there has been an increasing demand for soy protein ingredients from emerging markets, particularly from China. It is one of the world’s largest producers and importers of soybeans. However, the recent outbreak of ASF (African Swine Flu) in China’s pig rearing industry has led to a slump in demand for soymeal, which is used extensively as pig feed. The recent trade deal between the U.S. and China on the 15th of January 2020 amounting to USD 50 billion dollars of agricultural imports to China from the U.S. is expected to increase the supply of soy ingredient proteins in the country.
- The U.S. is China’s second-biggest supplier of soybeans and other soy ingredients, and increasing production volumes in recent years highlight the importance of this ingredient in emerging economies like China, where it is used both as a feed and food source.
- Ideal for women and for men over 40, soy protein contains numerous phytochemicals, which are said to be beneficial for helping to support cardiovascular health, optimal cholesterol levels, osteoporosis prevention, and possibly cancer prevention.
- Many companies are expanding their production capacities to cater to the increasing demand for soy protein. For e.g., In 2019, Ingredion, Inc. announced its investment of USD 185 million for expansion of plant protein ingredient plant-based in Vanscoy, Saskatchewan, and Canada in order to increase the company’s production capacity which is likely to capture the soy protein market in the coming years.
- In the product segment, protein concentrates in North America generated a notable revenue of USD 966.81 in 2019 and is anticipated to reach 1,385.39 million during the forecast period. Growing preference of concentrates in animal feed is identified as one of the fastest-growing animal agriculture sectors owing to the rising need to cultivate healthy species to satisfy the food requirements of the ever-increasing world population; aquaculture producers are seeking more nutritive and sustainable aqua-feed.
- In terms of application, meat alternatives are anticipated to grow at the highest rate of 6.0% during the forecast period. Dollar sales of plant-based meat grew 18% in the past year and 38% over the past two years, and soya chunks accounted for a notable share in the plant-based meat category.
- On the basis of region, North America is expected to be the largest region for soy protein market during the forecast period. Recent consumer trends toward “cholesterol-free” food products have helped raise the demand for soy protein ingredients, impacting the demand for animal proteins.
- Key participants include Wilmar International Limited, Nisshin Oillio Group, Ltd., Ruchi Soya Industries Ltd, AG Processing Inc, Devansoy Inc., The Scoular Company and Biopress SAS, Cargill, E. I. du Pont de Nemours and Company, Archer Daniels Midland Company, CHS Inc., Kerry Group plc.
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Segmets covered in the report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the soy protein market trends in each of the sub-segments from 2017 to 2027. For the purpose of this study, Reports and Data have segmented the soy protein market on the basis of type, application, and region:
Type (Revenue, USD Million; 2017–2027)
- Soy Protein isolates
- Soy flours
- Soy protein concentrates
- Others(soy grits, textured soy protein, and hydrolyzed soy proteins)
Application (Revenue, USD Million; 2017–2027)
- Pet food
- Aqua feed
- Livestock feed
- Dairy Replacements
- Functional Food
- Infant Foods
- Meat Alternatives
- Bakery & confectionery
- Others(frozen desserts, soups & sauces, and soy protein-based snacks)
Regional Outlook (Revenue in USD Million; 2017–2027)
- North America
- Rest of the Europe
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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