Soy protein ingredients Market Projected to Show Steady Growth by 2028 | Market Research Future
Market Highlights
The global soy protein
ingredients market size is projected to be valued at USD 13.55 billion
by 2028, recording a CAGR of 7.45% during the forecast period.The growth of the soy
protein ingredients market size is anticipated to be driven by several factors
during the forecast period. One of the key factors is the rising prevalence of
lactose intolerance among consumers. The growing adoption of plant-protein
ingredients among the food & beverages manufacturers, followed by a shift
in consumer preference toward organic ingredients, has created new
opportunities for soy protein ingredient manufacturers. However, the allergen
reaction associated with soy is restraining the growth of the market.
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COVID-19 caused a
sudden increase in demand for plant-based substitutes across the globe. Amidst
the outbreak of the pandemic, many slaughterhouses have shut down. For
instance, one of the largest meat producers, Tyson Foods, shut down two of its
biggest pork plants in the US. Other competitors are facing similar scenarios.
This has resulted in a gradual shift in demand for plant-based ingredients. The
demand for plant-based food products is increasing at an exponential rate. In
some regions, the demand is anticipated to reach the triple-digit growth rate.
However, this growth rate is anticipated to be only temporary during the global
pandemic crisis. Many plant-based food manufacturers and soy protein
ingredients processors are seeing this global crisis as an opportunity to
popularize plant-based foods across the globe. The rising awareness among
individuals regarding the growth of harmful diseases from the wet markets is
certainly anticipated to make a dent in red meat consumption and surge the
demand for plant-based food, which is fueling the growth of the global soy
protein ingredients market size.
Segmental Analysis
The global soy
protein ingredients market size has been segmented based ontype, application,
and region.
Based on type, the
global soy protein
ingredients market size has been segmented as soy protein concentrates, soy
protein is olates, soy flours, and others. Soy protein concentrates arefurther
divided into powder and textured soy concentrate. The soy protein concentrates
segment accounted for the largest market share of 40.97% in 2020,whereas the
soy protein isolates segment is expected to exhibit the highest CAGR of 5.10%
during the review period.The most refined forms of soybean proteins, isolates,
contain 90% or more protein. Soy protein isolate is a dietary protein isolated
from soybeans that contain isoflavone phytoestrogens. Soy protein isolate is
majorly used as an ingredient in various packaged foods, including protein
bars, bread and baked goods, soups, and sauces.
Based on application,
the global soy protein ingredients market size has been segmented into food
& beverages, feed, and pharmaceuticals & nutraceuticals. The food &
beverages segment is segmented into bakery & confectionery, meat
alternatives, meat products, functional foods, dairy replacement products,
infant nutrition, and others. The feed segment is further segmented into animal
feed, pet food, and aqua feed. The food & beverages segment accounted for
the major market share of 67.33% in 2020, whereas the feedsegment is
expected to recordthe highest CAGR of 4.65% during the forecast period. Soy
protein ingredients, especially soy protein concentrates and soy protein
isolates, are an excellent source of easily digestible amino acids. They are
ideal for pet food, animal feed, and aqua feed, where protein quality and
nutritional value are important. Soy protein concentrate was mainly considered
for animal feed. However, the abundance of soy protein isolates, mainly of
Asian origin, has prompted many manufacturers to consider the ingredient
forspecialty feed, such as milk replacers, piglet feeds, and broiler
pre-starters. The increasing demand for plant protein sources in animal feed is
driving the growth of the segment. The growth of the feed industry is also
directly impacting the consumption of soy protein ingredients in animal feed.
Also, in fish, 40-100% of fishmeal can be replaced by soy protein concentrate
as they are a good protein source for aquafeeds. The increasing adoption of
pets globally leading to innovation in the pet food industry with high
plant-sourced protein, driving the sales of soy protein ingredients in the pet
food industry. Soy protein ingredients are economical, which has also led to
their widespread use in feed products.
Regional Analysis
Geographically,
the global soy protein ingredients market size has been categorized
as North America,Europe, Asia-Pacific,South America, and the Middle East &
Africa. As per MRFR analysis, North America constituted a dominant share
of the soy protein ingredients market size in 2020. Expanding the product
portfolio of meat substitutes by the food processors is a significant factor
for the rising growth of soy protein ingredients in the region. The US was the
largest country-level market 81.42% share and was valued at USD 2,366.07
million in 2020.The demand for soy protein ingredients in the region is growing
at an exponential rate.
Key Findings of the
Study:
- The global soy protein ingredients market size is projected to
register a growth rate of 4.56%from 2021 to 2028.
- The soy protein concentrates segment is estimated to retain its
prominent share till2028,whereas the soy protein isolates segment is
predictedtorecordthe highestCAGR of 5.10% during the forecast period.
- The food & beverages segment accounted for the largest market
share in 2020 and is expected to grow at the highest rate of 4.53% during
the forecast period,whereas the feedsegment is projected to recordthe
highestCAGR of 4.65% during the forecast period.
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NOTE: Our Team of
Researchers are Studying Covid19 and its Impact on Various Industry Verticals
and wherever required we will be considering Covid19 Footprints for Better
Analysis of Market and Industries. Cordially get in Touch for More Details.
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