The “Soy Protein Ingredients Market By Type By Application: Global Opportunity Analysis and Industry Forecast, 2021-2030” report has been added to ResearchAndMarkets.com’s offering.
According to this report the global soy protein ingredients market was valued at $9,594.0 million in 2020, and is projected to reach at $15,303.9 million by 2030, registering a CAGR of 4.4% from 2021 to 2030.
One of the major factors that drive the growth of the global soy protein ingredients market includes rise in health consciousness and increase in awareness regarding the disadvantages of protein deficiency. In the present world, majority of the population is engaged in deskbound jobs, which has led to adoption of sedentary lifestyle, primarily among the youth. As functional foods are efficient in mitigating the problems that grow or develop due to sedentary lifestyle and owing to the adoption of non-optimal eating habits, a attracted large number of consumers have been adopting soy protein ingredients, thereby augmenting the market growth. Moreover, the cost of health care has mounted due to which consumers prefer to stay healthy. Therefore, this factor has led to rise in consumption of healthy and plant-based meals among the working youth, which helps them to stay healthy and fit.
Currently, the global soy protein ingredients market witnesses numerous opportunities due to increase in usage of dairy ingredients/alternatives among consumers globally, rise in use of soy protein ingredients as a wellness trend, and surge in high-quality protein supplements in the food industry. In addition, increase in popularity of soy supplements among youngsters, rise in consumption of pediatric milk especially in emerging countries, and advancements in the production technologies are some key factors that accelerate the global market growth.
Furthermore, Asia-Pacific and Latin America fuel the demand for soy protein ingredients, owing to increase in number of working women and health concerned population. However, lack of standardization of regulation, fluctuation in soybean prices, and issues associated with increase in prevalence of diseases among soybean plants are anticipated to hamper the market growth.
On the contrary, key players of the soy protein ingredients market are entering into the animal feed segment to increase in focus on the quality of animal food products to upgrade the food chain, which is anticipated to offer remunerative opportunities for the market growth during the forecast period. Being identified as the leading sector in agriculture, aquaculture producers are moving ahead to make huge investments in the soy protein ingredient. Besides aquaculture producers, livestock farmers further appreciates the health benefits offered by the usage of soy protein concentrate to animal feeds, which is likely to foster soy protein ingredients market growth during the forecast period.
The global soy protein ingredients market is segmented into type, application, and region. Depending on type, it is classified into soy protein isolates, soy protein concentrates, and soy flours. The soy protein concentrate segment dominated the global market in 2020, and is anticipated to maintain its dominance throughout the forecast period. On the basis of application, the market is segregated into bakeries & confectioneries, meat alternatives, functional foods, dairy replacers, infant foods, and others.
The infant foods application segment is estimated to grow at a significant CAGR of 6.2% during the forecast period. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for more than 35% share of the total revenue in 2020, followed by Europe and Asia-Pacific.
The players operating in the global soy protein ingredients market have adopted various developmental strategies to increase their market share, gain profitability, and remain competitive in the market. The key players operating in the soy protein ingredients market include AG Processing Inc., Archer-Daniels-Midland Company, Cargill, Inc., CHS Inc., Doves Farm Foods Ltd., E. I. Du Pont De Nemours and Company (Dupont Nutrition And Health), Kerry Group, Plc., Kraft Heinz Company, the Kellogg Company, and Wilmar International Limited.