Soy Protein Market

Fastest Growing Segment Fueling Growth Of Soy Protein Market

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The global Soy Protein Market is estimated to be valued at US$ 7.51 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview: –

Soy protein is made from soybean and contains essential amino acids and strong nutritional properties. It is used in various food products like bakery, meat alternatives and supplements due to its ability to increase protein content. It is cheaper than meat and dairy proteins and hence preferred by health conscious consumers looking for plant based food options.

Market key trends: –

Soy protein enjoys high demand in the food and beverage industry. The rise of the vegan and vegetarian population especially in North America and Europe is driving the growth of the plant-based food market. As consumers are increasingly adopting flexitarian diets, there is growing consumption of soy-based meat and dairy alternatives like tofu, soy milk and soy yogurt. Additionally, increasing focus on health, wellness and protein-rich diets is boosting the sales of soy protein supplements and nutraceuticals. The growing prominence of organic and non-GMO products is also benefiting the soy protein market.

Segment Analysis: –

The global soy protein market is segmented into soy protein concentrates, soy protein isolates, and soy protein flour. Soy protein concentrates dominate the market accounting for over 40% share due to their low cost and wide applications in food processing industry. Soy protein isolates follow soy protein concentrates due to their high protein content and excellent functional properties such as solubility, viscosity, and gelation. Soy protein flour is expected to witness modest growth over the forecast period.

Key Takeaways: –

The Global Soy Protein Market Demand is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing demand for plant-based proteins and soy-based food products. The global soy protein market size for 2023 is US$ 7.51 Bn.

Regional analysis: – North America dominates the global soy protein market and is expected to continue its dominance over the forecast period. This is attributed to rising health awareness and demand for vegan food products in the region. Asia Pacific is expected to be the fastest growing market for soy protein owing to increasing soybean cultivation and rising middle-class population in countries such as China and India.

Key players: – Key players operating in the soy protein market include Archer Daniels Midland Company, Cargill Inc., DowDuPont Inc., Imcopa Food Ingredients B.V., CHS Inc., Crown Soya Protein Group, Wilmer International Ltd., Foodchem, Kerry Ingredients Inc., Burcon NutraScience Corporation, and others. These players are focused on new product launches and capacity expansion to strengthen their market position. For instance, in 2022, Archer

Daniels Midland Company announced the expansion of its soy protein concentrate production capacity in Europe.

*Note:
1.  Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it