DUBLIN–(BUSINESS WIRE)–The “Global Soy Protein Market Report and Forecast 2022-2027” Report has been added to ResearchAndMarkets.com offering.
The global soy protein market reached a value of almost 9,194.3 million in 2021. With the help of the thriving food and beverage industry, the market is projected to grow further at a CAGR of 7.0% between 2022 and 2027 to reach around USD 15,652.7 million by 2027.
Soy-based foods and beverages, such as tofu, soy milk, and tempeh, among others, contain a primary protein known as soy protein. It is obtained from soybeans and is an excellent source of protein, and contains vitamins and minerals. It is also rich in calcium, magnesium and iron. The soy protein market is growing due to its growing demand in the food industry due to the growing preference for meat and dairy alternatives in various food products.
Soy protein is gaining ground among vegetarians who cannot tolerate dairy products. In addition to this, the growing trend of veganism due to rising awareness of animal cruelty is further driving the demand for soy protein. Soy protein production is anticipated to be boosted by its growing demand from restaurants, hotels and pubs, among others.
Since soy protein is a rich source of vitamins, carbohydrates and minerals, the growing bias towards health and exercise is driving the development of the soy protein market. Soy protein also facilitates weight loss and adds good cholesterol to the body. Such favorable properties of the protein make it highly beneficial for diabetic and obese patients. In this sense, the increasing prevalence of obesity and diabetes mellitus is expected to accelerate the market in the coming years.
The increasing expansion of the e-commerce industry is likely to contribute significantly to the demand for soy protein-based products. The increasing availability of soy protein-containing products, such as tofu and tempeh, from online food delivery platforms is anticipated to drive the growth of the soy protein market.
As soy protein contains a large number of amino acids, it is increasingly used in animal feed to improve its nutritional profile and protein quality. The increasing availability of soy protein in various formats, such as extruded, dry powder and granular, among others, will reinforce its use in animal feed applications. In addition, some of the major trends in the soy protein market include the growing demand for sustainably sourced soy protein, the growing preference for cost-effective plant-based protein solutions, and the growing demand for high-quality meat alternatives.
Asia Pacific, in terms of region, represents a significant share of the market due to the increase in population in emerging countries such as India and China. The increasing shift towards vegan diets in such countries is further strengthening the growth of the market. In addition, rapid urbanization, increased online purchasing power, and growing demand for high-protein foods and beverages for weight management in the region are likely to help the market.
Meanwhile, the North American soy protein market is likely to see promising growth due to rising obesity rates. Growing soy protein manufacturing in the region is expected to help the market. During the forecast period, the growing awareness of the health benefits of soy protein in reducing the risk of hypertension and cardiovascular diseases, among others, is expected to help the market.
The market can be divided on the basis of type, application, and region.
Market breakdown by type
- To concentrate
- textured soy protein
Market segmentation by application
- Bakery and Confectionery
- Functional Foods
- pharmaceutical products
- meat additives
Market breakdown by region
- North America
- Pacific Asia
- Latin America
- Middle East and Africa
The report analyzes the market shares, plant changes, capacities, investments, and acquisitions and mergers, among other important developments, of soy protein companies. Some of the main key players explored in the report are as follows:
- Cargill, Incorporated.
- Wilmar International Limited
- CHS Inc.
- Nutrition and Biosciences
- Archer Daniels Midland Company
For more information on this report, visit https://www.researchandmarkets.com/r/r796vn
Laura Wood, Senior Press Officer
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