DUBLIN–(BUSINESS WIRE)–The “Global Soy Protein Market- Size, Trends, Competitive Analysis and Forecasts (2022-2027)” report has been added to ResearchAndMarkets.com’s offering.
Globally, the soy protein market was worth $11,519.8 million in 2021. The demand for plant-based proteins has been growing continuously for the past few years. Growing demand for plant-based proteins can be explained by the increase in the trend of adopting the vegan and vegetarian lifestyle and concerns related to health and the environment.
The soy protein industry is highly developed in the North American and European region, and the market is relatively mature compared to the other regions. The emerging countries in the Asia-Pacific and South America present a huge growth potential for the soy protein market primarily because of their large customer base. Based on the current market trend, the soy protein industry is estimated to attain a value of $17,144.7 million by 2027, growing at a CAGR of 6.8% during the forecast period 2022 to 2027.
Soy Protein Concentrate-Most consumed Type
Soy protein concentrate is the most widely used type and accounts for more than 40% market share. In terms of revenue, it stands at $4,981.3 million in 2021. The use of soy protein concentrate is very high in the food industry, mainly as a primary application. It is used as a nutritional ingredient in baked items such as cookies, bread, biscuits, and breakfast cereals. Soy protein isolates contain the highest amount of protein compared to other types. With a growing demand for high protein-containing products across various industry segments, the exploration of other applications of soy protein isolates has intensified.
Food Industry-Major Consumer of Soy Protein
Soy protein is popularly used as both primary and secondary ingredients in the food industry. Soy protein isolates and soy protein concentrate contain high protein, and these soy protein types can be added to food items depending upon the required nutrition. In addition, other soy protein types i.e. textured and hydrolyzed forms of soy protein, are used as a seasoning, texture improvement, taste enhancer, and to improve the aesthetic appearance of food products. The application of soy protein in the food industry represents a market share of 36%.
The beverage industry has recorded a significant surge in product launches and demand for various juices, smoothies, and flavored drinks. Even the market revenue of the beverage industry is expanding at a rapid rate with the growing income of the population in the middle and lower class. In addition, the demand for ready-to-drink products is growing rapidly with the increase in busy lifestyle of the population worldwide. Growing consumer interest in healthy diets has forced the manufacturers in the beverage industry to embrace the popularity of soy and develop healthy beverages.
The soy protein market in North America holds the largest percentage share of around 35% of the global soy protein market. U.S. alone represents just less than 60% of the North America soy protein market, while Canada and Mexico contribute around 35%, respectively. Europe has a soy protein market share of 28%. Major drivers for the soy protein market in both regions are the increasing trend of consuming plant-based protein diets, growing health consciousness, and high demand for natural and organic products. In the European region, Germany, U.K, France, Spain, and Russia lead in terms of soy protein market share.
Key Deliverables
- Market trends since 2018 and five-year forecasts of market growth
- Detailed analysis of the micro and macro elements influencing demand trends
- Identifying opportunity spaces across segments and countries
- Supply & demand side trend and analysis
- Price trend analysis, investment prospects, and competition pattern
- Insights on the growth potential of the market in key countries
- Detailed analysis of major producers covering financial investments & strategies adopted
- Competitive landscape of the industry
Companies Mentioned
- Archer Daniels Midland
- Cargill Inc.
- Wilmar International
- DowDuPont Inc.
- The Scoular Company
- Devansoy Inc.
- Kerry Ingredients Inc.
- Fuji Oil Co. Ltd.
- CHS Inc.
- Shandong Wonderful Industrial Group Co., Ltd
- Shandong Sinoglory Health Food Co., Ltd.
- Crown Soya Protein Group
- Farbest Brands
- Biopress S.A.S.
- Now Foods
- Victoria Group
- A Costantino & C. S.P.A.
For more information about this report visit https://www.researchandmarkets.com/r/fgutmt
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