The soy protein market has been gaining immense traction over the past few years owing to the rising demand for plant-based proteins from various end use industries such as food and beverages, nutraceuticals, pharmaceuticals, feed among others. Soy protein is obtained through processes including soil extrusion, solvent extraction, and others. It provides various nutritional and functional benefits such as high protein content, ease of digestibility, cholesterol-free property, and others. Rising health awareness among consumers regarding gluten-free, vegan and organic food products is driving the need for sustainable and plant-based protein alternatives like soy protein. This has prompted many food brands to launch soy-based food and snack products.
The Global soy protein market is estimated to be valued at US$ 8.66 Mn in 2024 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the soy protein market are Anmol Chemicals, Bartek Ingredients Inc., Changmao Biochemm, ESIM Chemicals, Fuso Chemical Co. Ltd, Merck KGaA, Polynt, Thirumalai Chemicals Ltd, UPC Group, Yongsan Chemicals Inc., and XST Biological Co. Ltd. These players are focused on expanding their production capacities and launching new product variants with improved functionality to cater to changing consumer demand.
The growing vegan population coupled with rising awareness about benefits of plant-based diets presents significant growth opportunities for soy protein manufacturers. Moreover, the launch of functional food and beverage products containing soy proteins will further aid the market expansion during the forecast period.
Advent of innovative production technologies like membrane separation and selective hydrolysis has enabled manufacturers to produce high-quality isolate, concentrate, and textured soy proteins. This has increased soy protein usage in applications beyond conventional meat analogs and extruded snacks.
Market Drivers
Increased health consciousness - Rising obesity and chronic disease rates have compelled people to shift focus towards well-balanced, nutritious diets. This growing trend towards nutrition and wellness is a major driver for the Soy Protein Market Demand.
Demand from food processing industry - Food production has greatly increased in order to meet escalating global demand. Soy proteins are widely used as functional ingredients in applications like baked goods, soups, sauces to enhance nutrients while reducing costs. This uptake from food processing boosts market revenues.
Alternative protein solution - With mounting concerns over environmental sustainability of animal agriculture, plant-based meat and dairy substitutes are gaining popularity. Soy protein is a primary ingredient in formulating veggie burgers, sausages thus driving its commercialization.
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