The “Soy Protein Market by Type, Crop Type, Source Process, Form, Application – Global Forecasts to 2029” report has been added to ResearchAndMarkets.com’s offering.
The research report provides an in-depth analysis of the soy protein market in five major geographies and emphasizes the current market trends, market size, market share, recent developments, and forecast till 2029.
In terms of value, the soy protein market is projected to reach $14.10 billion by 2029, at a CAGR of 9.9% from 2022 to 2029, while in terms of volume, the market is projected to reach 7,698.9 thousand tons by 2029, at a CAGR of 7.3% from 2022 to 2029.
The growth of this market is attributed to the increasing awareness about the benefits of protein-rich diets, the rising demand for protein-rich food products, the rising health & wellness trends, the increasing demand for meat alternatives, the rising demand from the food & beverage industry, and advancements in ingredient technologies, such as microencapsulation.
Based on type, in 2022, the soy protein concentrates segment is expected to account for the largest share of the soy protein market. The large market share of this segment is attributed to its low cost compared to other proteins, potential health advantages associated with soy protein concentrate, the rising demand from the animal feed sector, increased use of soy protein concentrate in food applications, and an increase in the number of product launches. In addition, the growing demand for soy protein concentrates from the meat and animal feed industries drive the growth of this segment. However, the soy protein isolate segment is projected to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the high demand for soy protein isolates from food & beverage manufacturers due to their nutritional and functional properties, including high protein content, neutral taste, and high viscosity.
Based on crop type, in 2022, the genetically modified organism crops segment is expected to account for the largest share of the soy protein market. The large market share of this segment is attributed to the common use of GMO crops, such as soybean, for plant-based protein production due to their huge productivity and cost-effectiveness. However, the non-genetically modified organism crops segment is projected to register the highest CAGR during the forecast period.
Based on the sourcing process, in 2022, the conventional soy protein ingredients segment is expected to account for the largest share of the soy protein market. However, the organic soy protein ingredients segment is projected to register the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing demand for preservatives and additive-free products. In addition, the growing trend for clean-label products, which are natural with fewer chemicals and additives, due to consumers’ preferences is also driving the growth of this segment.
Based on form, in 2022, the solid segment is expected to account for the largest share of the soy protein market. The large market share of this segment is attributed to the growing demand for powder soy protein, ease of handling and transport, lower costs, lower chances of formulation errors, and their capability to maintain ingredient stability. Moreover, this segment is also projected to register the highest CAGR during the forecast period.
Based on application, in 2022, the food & beverages segment is expected to account for the largest share of the soy protein market. The large market share of this segment is attributed to the high consumer demand for sustainable products, the growing awareness about the health benefits of consuming soy protein, the rising awareness about the harmful effects of consuming animal-based products and ingredients, the increasing vegan population, and rising meat prices and clean label trend.
Based on geography, the protein market in North America is developing and expanding at a significant pace. The large share of this region is primarily attributed to the well-established food & beverage industry, the rising concerns about the negative effects of animal-derived products and protein, the increasing vegan population, the growing preference for plant-based food products, the increasing demand for healthy & nutritional products, the rising health & wellness trends, and the growing consumer awareness about the health benefits of consuming soy protein.
Market Dynamics
Drivers
- Increasing Awareness About the Benefits of Protein-Rich Diets & the Rising Demand for Protein-rich Food Products
- Rising Health & Wellness Trends
- Increasing Demand for Meat Alternatives
- Rising Demand for Soy Protein in the Food & Beverage Industry
- Advancements in Technologies such as Microencapsulation
Restraints
- Significant Preference for Animal-based Protein
- Fluctuating Raw Material Prices
- High Demand for Soy-free Products
Opportunities
- Consumers’ Increasing Inclination Toward the Vegan Diet
- Emerging Economies in Southeast Asia, the Middle East & Africa, and Latin America
Companies Mentioned
- Archer Daniels Midland Company (U.S.)
- Cargill Incorporated (U.S.)
- Kerry Group plc (Ireland)
- International Flavors & Fragrances Inc. (U.S.)
- NOW Health Group Inc. (U.S.)
- Burcon NutraScience Corporation (Canada)
- Sotexpro (France)
- Farbest Brands (U.S.)
- Wilmar International Limited (Singapore)
- CHS Inc. (U.S.)
- Devansoy Inc. (U.S.).
For more information about this report visit https://www.researchandmarkets.com/r/t8xs8n-protein?w=5
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SOURCE: Research and Markets
