The global soy protein market is expected to grow at a CAGR of 7.4% between 2023 and 2028

BlueWeave Consulting and Research Pvt Ltd

The North American segment holds the largest share of the market due to growing health awareness, increasing demand for vegan diet, and increasing rate of women working outside the home, resulting in increased sales of ready-to-eat and packaged soy protein foods. products and increasing research and development activities in this region are driving the growth of the market.

New Delhi, June 10, 2022 (GLOBE NEWSWIRE) — The global soy protein market is growing at a high rate owing to improving living standards, increasing disposable incomes, growing shift in preference from animal protein to plant protein due to global concerns as well as various benefits of soy protein…

A recent study conducted by the strategic consultancy and market research firm, BlueWeave Consultingrevealed that the global soy protein market was worth USD 10.94 billion in 2022. It is expected to grow at a CAGR of 7.4%, generating revenue of approximately USD 14.23 billion by the end of 2028. The lucrative growth of the global market soy protein market is attributed to urbanization, increase in consumer purchasing power, expansion of food and beverage industry, adoption of increasing consumption of soy protein snacks , fast food and protein supplements worldwide. In addition, the global soy protein market is one of the most emerging market which is constantly growing due to its advantages such as high protein content, cholesterol-free, lactose-free and gluten-free protein. The demand for soy protein is also on the rise owing to its growing application in the food industry as a functional and nutritional ingredient, pharmaceutical, cosmetic and best alternative to animal protein. However, for some consumers, the bad smell of soybean and its unpleasant flavor are undesirable for the consumption of soy protein foods due to its bean and grassy taste, which is the main limiting factor. of the global soy protein market.

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Some countries have developed the cultivation of genetically modified crops which are scientifically harmful to health and the environment, thus affecting the global soy protein market. Soy protein has many benefits in personal care and is used in cosmetics, usually in the form of genistein, and soy isoflavone brightens the skin, stimulates collagen production, decreases redness and improves skin tone. skin. Soy protein concentrates are beneficial for pregnant and nursing women, for children, and are widely used in pet foods and as a milk substitute for babies. Soy flour is a powdered form of soybeans that contains natural oils, and it is gluten-free and used to make yeast bread. Soy protein is a complete protein and provides all of the amino acids essential for human health. In Western countries, soy-based protein bars, snacks, fast food, confectionery, dairy alternatives, bakery, gluten-free functional drinks, nutritional supplements, and pet foods in general, are gaining popularity with consumers. Soy protein as an alternative to meat and dairy products which has the same benefits as animal protein has already earned a niche in the global soy protein market owing to its high protein and amino acids. With increasing launches of different other soy protein foods, the global soy protein market is expected to propel during the forecast period (2023-2028).

Based on distribution channel, the global soy protein market is segmented into online retail, convenience stores, supermarket/hypermarkets and others. The online retail segment accounts for the largest market share as the demand for soy protein has increased tremendously among vegetarians. Additionally, due to the increasing use of cell phones, advertisements and the rapid growth of e-commerce, the emerging sales of soy protein bars, gym protein supplements, foods and confectionery based on plants as well as a variety of soy protein food products are available on online websites. Hence, accelerating the growth of the global soy protein market over the forecast period. Based on end-user, the global soy protein market is segmented into food and beverage, animal feed, cosmetics, and protein supplements. The food and beverage segment dominates the global soy protein market owing to the growing need for protein in food and beverages. The growing consumption of alternative proteins to animal proteins is also leading manufacturers to use soy protein as an alternative to meet protein demand. This is followed by the launch of new products by manufacturers such as soy milk, soy flour, soy nuggets, soy nuts, soy snacks and other soy protein products.

Please see Global Soy Protein Market Press Release: https://www.blueweaveconsulting.com/press-release/global-soy-protein-market-to-grow-at-a-cagr-of-7-4-during-2023-2028

Geographically, the global soy protein market is segmented into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East and Africa (MEA). The North American segment holds the largest share of the market due to growing health awareness, increasing demand for vegan diet, and increasing rate of women working outside the home, resulting in an increase in sales of ready-to-eat and packaged soy protein. Additionally, increasing research and development activities in this region are driving the growth of the global soy protein market over the forecast period. The sudden outbreak of COVID-19 has adversely affected the growth of the global soy protein market. Initially, sales declined due to many productions stoppage during full lockdown, disruption of supply chains and scarcity of raw materials is the main reason slowing down the growth of the global soy protein market. However, post COVID-19, there is an increase in demand for soy protein products as health consciousness and wellbeing caused by the pandemic is expected to boost the growth of the global soy protein market. soy in the future.

The major players in the global soy protein market are Archer-Daniels-Midland, Cargill, Inc., Wilmar International Limited (Singapore), Ruchi Soya Industries Ltd (India), Nisshin Oillio Group, Ltd. (Japan), The Scoular Company (USA), AG Processing Inc (USA), Devansoy Inc. (USA), EI Du Pont De Nemours, Company (USA), CHS Inc. (USA), United), Kerry Group plc (Ireland), Kellogg Company, Kraft Heinz Company, and other leading players. The global soy protein market is highly consolidated with the presence of multinational food and beverage companies. These companies constantly launch a wide range of products with innovations to attract consumers and invest significantly in research and development activities to further innovate their offerings. Moreover, the adoption of competitive strategies such as partnerships, mergers, acquisitions, collaborations, etc., is also important in this market.

Don’t miss the business opportunity in the global soy protein market. Consult our analysts to gain crucial insights and facilitate the growth of your business.

The in-depth analysis of the report provides insights into the growth potential, upcoming trends, and statistics of the global Soy Protein Market. It also highlights the factors driving the forecast of the total market size. The report promises to provide the global Soy Protein market recent technology trends and industry insights to help decision makers take sound strategic decisions. In addition, the report also analyzes market growth drivers, challenges, and competitive dynamics.

RECENT DEVELOPMENTS

  • In April 2021, The Dutch subsidiary of Fuji Oil Holdings Inc. has invested in UNOVI’s NCAP II fund, a major fund specializing in food technologies. The company plans to contribute to a sustainable society by using its plant-based food processing technologies to solve problems that consumers face around the world.

  • February 2021Bunge expanded its soy protein manufacturing plants by purchasing two soybean processing plants from local crusher Imcopa for $12 million, cementing its position as the country’s largest oilseed processor.

Report scope

Attributes

Details

Years considered

Historical data – 2018-2021

Base year – 2022

Forecast – 2023 – 2028

Facts Covered

Revenue in billions of dollars

Market coverage

North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East and Africa (MEA)

Product Service/Segmentation

By type, by distribution channel, by end user, by region

Key players

Archer-Daniels-Midland, Cargill, Inc., Wilmar International Limited (Singapore), Ruchi Soya Industries Ltd (India), Nisshin Oillio Group, Ltd. (Japan), The Scoular Company (USA), AG Processing Inc. (USA), Devansoy Inc. (USA), EI Du Pont De Nemours (USA), CHS Inc. (USA) , Kerry Group plc (Ireland), Kellogg Company, Kraft Heinz Company and other leading players.

By type

By distribution channel

Per end user

  • Food and drinks

  • animal feed

  • Beauty products

  • Protein supplements

By region

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