by The soy protein market is estimated to be valued at US$ 7.51 Bn in 2023 and is expected to exhibit a CAGR of 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: –
Soy protein is a complete protein extracted from soybean. It finds wide applications in food and beverages such as bakery, meat analogs, dairy alternatives, infant nutrition, etc. owing to its high protein content and versatility. Soy protein helps improve nutrition and functionality in various food products.
Market Dynamics: –
The market is expected to witness high growth owing to increasing demand from food and beverage industry. Soy protein is widely used in production of meat alternatives, dairy substitutes and various other plant-based food products. Rising health consciousness among consumers and increasing preference for vegan andplant-based diets is driving the demand for soy-based meat and dairy alternatives. Furthermore, growing awareness regarding nutritional benefits of soy protein such as lower cholesterol levels is also fueling the market growth.
SWOT Analysis: –
- Strength: – Soy protein has high demand due to its nutritional benefits. It is a complete source of protein containing all essential amino acids. Soy protein isolates have over 90% protein content which makes it attractive for protein fortification. Processing soy into protein further concentrates the nutrition density.
- Weakness: – Soy allergies present a limitation to the market growth. Also, demand for non-GMO products is rising which leads to additional processing costs.
- Opportunity: – Growing health-conscious population is increasing demand for plant-based protein options. Rise in veganism and flexitarian diets creates new opportunities. Formulating soy protein into various food applications.and products expands its uses.
- Threats: – Alternatives like pea and other plant-based proteins pose competition. Negative publicity around GMO crops can impact soybean production and costs.
Key Takeaways: –
The Global Soy Protein Market Size is expected to witness high growth, exhibiting CAGR of 7.3% over the forecast period, due to increasing demand for plant-based protein and health benefits of soy. The market size for 2023 is US$ 7.51 Bn.
Regional analysis: – The Asia Pacific region dominates the global soy protein market owing to largest production and consumption of soy products in major countries like China, India. North America and Europe are other major consumers driven by shifting preferences towards meat alternatives.
Key players: – Key players operating in the soy protein market are Archer Daniels Midland Company, Cargill Inc., DowDuPont Inc., Imcopa Food Ingredients B.V., CHS Inc., Crown Soya Protein Group, Wilmer International Ltd., Foodchem, Kerry Ingredients Inc., Burcon NutraScience Corporation, and others. They are focusing on new product launches, capacity expansions and mergers to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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