Transformation of raw material into healthy food product is resultant of efficient processing, preparation, distribution and finally consumption of food product. Increasing concerns of consumers regarding healthy and green food products, demand for plant products is anticipated to remain significant in the near future. Technological advancements in food have led towards development of varied soy products including isolates, concentrates, and other edible soy products. This has further led to increased consumption of soy-based products among consumers across the globe. Soy protein products are used as functional and nutritional food ingredient across various food products. Owing to demand for low-cost source of protein from plants, the food product formulators are focused on developing products, which offer enhanced nutrients required for the human body.
Some of the factors driving the demand for soy protein ingredients include changing consumer food patterns, inclination of consumers towards vegetarian food, rising meat prices, ban on usage of animal sources by governments of various countries, increasing availability of ready-to-eat food products and increasing concerns of consumers towards healthy and nutritious food products. However, taste preferences for soy-based products restricts its adoption among few consumers and thus, might hinder the soy protein ingredients market growth rate in the near future.
Globally, soy protein ingredients market in North America is expected to be the largest in terms of value followed by Europe and Asia Pacific. Increasing government support and subsidies related to improved agricultural practices and crop yield methods. Asia Pacific is further anticipated to exhibit the fastest CAGR during the forecast period, which is attributed to growing food and beverage industry in China and India leading towards demand for soy protein ingredients coupled with awareness among consumers regarding of soy protein ingredients benefits such as low fat and sugar content, environment friendly as compared to animal protein ingredients and high nutritional content.
Global soy protein ingredients market is expected to be valued at US$ 8.0 Bn by the end of 2021 and is projected to expand at a CAGR of 6.3% during the forecast period 2023-2030.
Purpose of the Report
The purpose of this strategic research study titled “Global Soy Protein Ingredients Market- Growth, Future Prospects, Competitive Analysis and Forecast, 2023 – 2030” is to provide company executives, industry investors, and industry participants with in-depth insights to enable them to make informed strategic decisions regarding the opportunities in the global soy protein ingredients market.
Target Audience
USP and Key Offerings
The report titled “Global Soy Protein Ingredients Market- Growth, Future Prospects, Competitive Analysis and Forecast, 2023 – 2030” offers strategic insights into the soy protein ingredients market along with the market size and estimates for the duration 2020 to 2030. The said research study covers in-depth analysis of multiple market segments based on type, application and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the leading soy protein ingredients manufacturers, their expansion strategies, market positioning, and latest developments. Other in-depth analyses provided in the report include:
Overall, the research study provides a holistic view of the global soy protein ingredients market growth, offering market size and estimates for the period from 2020 to 2030, keeping in mind the above-mentioned factors.
On the basis of type :
Increasing demand for cost-effective vegetable proteins have led towards adoption of soy protein ingredients across different food formulations. Soy protein ingredients are categorized broadly into soy protein concentrates, soy protein isolates and soy flour. Among these types, soy protein isolates segment accounted for around highest market share and is expected to remain dominant throughout the forecast period. Extensive research and development by companies operating in the protein ingredients market in order to offer better and enhanced ingredients in comparison to available animal protein products is anticipated to fueling the soy protein isolates market growth. Furthermore, health benefits such as viscosity proteins, fat absorption and texture development are some of the factors leading towards increased consumption of soy-based products, thereby leading to increased application of soy protein ingredients in food and beverage products. Also, there has been continuous research and development towards development of advanced products leading to soy protein ingredients application in other food and beverage products. Soy protein concentrates segment is anticipated to record significant growth in the forthcoming years, which is due to increased product launches comprising soy protein concentrates as compared to isolates among food and beverage product manufacturers.
On the basis of application:
Of different applications, bakery and confectionery segment holds largest market share and is expected to maintain its dominance throughout the forecast period. Increasing bakery and confectionery food product consumption along with demand for high quality and protein rich food products among consumers drives the demand for soy protein ingredients in these products subsequently. Furthermore, increasing demand for healthy and plant-based products especially from countries such as India, China and Brazil, wherein shifting consumer preferences for food products plays a pivotal role in adoption of better and efficient ingredient sources such as soy protein ingredients among manufacturers, thus mitigating the demand for nutritional food ingredients among consumers globally. Functional foods segment is expected to record highest growth, which is attributed to its increasing consumption of these products, leading towards development of ingredients suiting the end use consumer requirement, thereby fuelling soy protein ingredients market growth across the globe. In addition, ban on animal protein as an ingredient in food products coupled with new product development with customization stimulates the soy protein ingredients market growth.
In 2020, North America was the leading market followed by Europe. Both these regions together accounted for more than 70% share of the market in terms of value. However, growth is projected to be fastest from the Asia Pacific region during the forecast period 2023 to 2030. Growth in this region is attributed to various factors including rising demand for green label food products coupled with increasing awareness related to healthy and plant-based products especially in countries such as China and India. This is further expected to lead towards adoption of clean label products, thus fuelling soy protein ingredients market growth. Moreover, functional food acceptance among consumers in Asia Pacific is increasing, which is further anticipated to fuel the demand for soy protein ingredients among the food product manufacturers, thereby a significant market growth. The market for soy protein ingredients in North America is anticipated to record significant growth, followed by Europe and Latin America. The market for soy protein ingredients in Middle East and Africa is projected to grow at a moderate rate during the forecast period.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Soy Protein Ingredients market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Type
| |
Application
| |
|
Region Segment (2022-2032; US$ Million)
|
Key questions answered in this report
