Soy Protein Ingredients Market Insights
The global soy protein ingredients market is set to reach the CAGR of 7.45% and USD 13.39 billion during the forecast period, 2023-2030.
Soy protein is cost-effective compared to animal protein, which is gaining ground among consumers around the world. The growing vegan population also stimulates market growth. In addition, the increase in the lactose intolerant population stimulates market growth. The soy protein ingredient is also used to extend the shelf life of processed foods, further stimulating the growth of the soy protein ingredient market. In addition, the high nutritional value of soy protein ingredients market stimulates demand among the health-conscious population. However, the foul taste of soy products is not preferred by many consumers, which could hinder the market growth.
The Europe soy protein ingredients market is experiencing steady growth, driven by the increasing consumer demand for plant-based protein products. Soy protein is known for its high nutritional value and versatility, making it a popular choice among health-conscious consumers in Europe.
The global soy protein ingredients market is expected to be driven by diverse factors. Growing demand for vegetable protein ingredients is a major factor in the growing acceptance of soy protein ingredients. In addition, soy protein ingredients are an affordable option for food and beverage producers instead of peas, wheat, and canola. In addition, the use of soy protein increased in animal feed production. The growing vegan population around the globe offers a huge opportunity for soy protein ingredient manufacturers during the forecast period. However, stringent government regulation is expected to be a major problem in the global soy protein ingredients market over the forecast period.
Key Players
The global soy protein ingredients key market players are aggressively working on innovation and new product development to serve consumers with high-quality and nutritious food products and stay competitive in the market. Some of these market players include Archer Daniels Midland Company, DowDupont Inc., Cargill Incorporated, CHS Inc., Kerry Group PLC Wilmar International Limited, Ruchi Soya Industries Limited, Ag Processing Inc., Nisshin Oillio Group, Ltd., Crown Soya Protein Group, Natural Products, Inc., The Scouler Company, Nordic Soya Oy, Sonic Biochem Limited, and Devansoy.
Market Segmentation
The global soy protein ingredients market is divided based on product type and application.
The global soy protein ingredients market is classified based on product type, soy protein concentrates, soy protein isolates, soy flours, and others.
Based on application, the global soy protein ingredients market is classified into the feed and food & beverages. Further, the food & beverage segment is bifurcated into bakery & confectionery, functional foods, infant nutrition, meat alternatives, dairy replacement products, and others. In addition, feed segment is further divided into aqua food, pet food, and animal feed.
Recent Updates
Montana Microbial Products is taking part in the global aquaculture accelerator as part of current expansion strategies targeted to establish new production plants. The company had developed soy-based ingredient for aqua feed earlier, and it is looking ahead to develop barley-based feed protein for the same segment.
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