The global soy protein market size is expected to reach USD 18.35 billion in 2028 and register a revenue CAGR of 7.0% over the forecast period, according to a latest report by Reports & Data. Major factors driving market revenue growth are rising awareness regarding the benefits of soy protein, changing consumer perception on nutrition and growing trend of vegan culture owing to health benefits associated with vegan diets.
The rapid increase in health and fitness centers has been resulting in rapid adoption of soy protein globally. Soy protein contains 90% protein that helps to lower blood pressure, boost energy, and has low amounts of saturated fat.
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Ongoing research and development activities, various medical & nutrition science research and private investments in the area of soy protein is expected to positively impact revenue growth of the market over the forecast period. For instance, The ICMR, Indian Council of Medical Research suggest that an average adult should consume protein every day between 0.8 to 1g of protein per kg of body weight to maintain a healthy quality of life.
Further, international health organizations and government initiatives to encourage people to intake soy protein has been opening up open new and more lucrative opportunities for players operating in the global soy protein market.
However, allergy concerns, food-borne intolerances and side effects of soy protein are some major factors expected to restrain global soy protein market revenue growth over the forecast period.
Some major players in the market research report include, Wilmar International, CHS Inc., The Archer Daniels Midland Company, Crown Soya Protein Group, DowDuPont Inc., Linyi Shansong Biological Products Co. Ltd., Cargill Corporation, Shandong Yuxin Bio-Tech Co. Ltd., Sonic Biochem, and Hung Yang Foods Co. Ltd.
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Segments covered in the report:
For
the purpose of this report, Reports & Data has segmented the global soy
protein market on the basis of product type, form, application, distribution
channel and region:
By Product Type (Revenue,
USD Billion; 2018 – 2028)
Soy
Protein Concentrates
Soy
Protein Isolates
Textured
Soy Protein
Soy
Flour, Grits, and Chunks
By Form (Revenue, USD
Billion; 2018 – 2028)
Powder
Ready
to Drink
Bars
Capsules
& Tablets
Others
By Application (Revenue, USD Billion; 2018 – 2028)
Bakery
& Confectionery
Meat
Alternatives
Functional
Foods
Dairy
Replacers
Infant
Foods
Others
By Distribution Channel
(Revenue, USD Billion; 2018 – 2028)
Specialty
Store
Convenience
Store
E-Commerce/Online
Sale Channel
Supermarket/Hypermarket
Regional Outlook
(Revenue, USD Billion; 2018 – 2028)
North
America
Europe
Asia
Pacific
Latin
America
Middle
East and Africa
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Some Key Highlights From
the Report:
On
the basis of product type, the market report is segmented into soy protein
concentrates, soy protein isolates, textured soy protein, and soy flour, grits,
and chunks. Among these, the soy protein isolates segment is expected to
register a significantly rapid revenue CAGR during the forecast period as this
product contains highest amount of protein and minimize risk of breast cancer,
heart disease, and osteoporosis.
On
the basis of form, the market report is segmented into powder, ready to drink,
bars, capsules & tablets, and others. The ready to drink segment is
expected to register largest revenue share over the forecast period due to
rising demand for ready-to-eat foods owing to hectic, stressful and busy
lifestyles.
On
the basis of application, the market report is segmented into bakery &
confectionery, meat alternatives, functional foods, dairy replacers, infant
foods, and others. Among these, infant foods segment is expected to register
robust revenue CAGR during the forecast period due to increasing demand for
packaged food products owing to rising working population, advancements in
packaged food products and growing demand for cost effective meat alternatives.
On
the basis of distribution channel, the market report is segmented into
specialty store, convenience store, e-commerce/online sale channel, and
supermarket/hypermarket. The e-commerce/online sale channel segment accounted
for the largest revenue share in the global market in 2020 due to rapid
digitalization and rise in online shopping due to Covid-19 lockdowns.
Asia
Pacific soy protein market is expected to register fastest revenue growth rate
and dominate other regional markets over the forecast period. This is due to
increasing consumption of soy-based products and rising trend of consuming
vegetarian food due to trend of 'being vegan' in countries in the region.
North
America soy protein market revenue is expected to remain significantly larger
over the forecast period. This can be attributed to growing awareness of plant
based products such as soy protein isolates in countries in the region.
Europe
soy protein market is expected to hold significant revenue share due to
increasing vegan population, rising number of health issues and robust presence
of key players in the region.
Key Features of the Soy Protein Market Report:
The
report offers a comprehensive analysis of the changing competitive dynamics.
Provides
a futuristic outlook on the key market drivers and restraining factors.
A
comprehensive 8-year forecast of the market and its expected growth rate and
pattern.
In-depth
analysis of the key product segments and application spectrum
Provides
strategic recommendations to the established companies and new entrants to
provide a competitive advantage over the other companies.
Comprehensive
analysis of the key regions of the industry and provides a SWOT analysis and
Porter’s Five Forces analysis to impart a deeper understanding of the market.
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