Soy Protein Ingredients Market is anticipated to reach at $15,303.9 million by 2030, registering a CAGR of 4.4%
According to a new report published by Allied Market Research, titled, “Soy protein ingredients Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The 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. The soy protein concentrate segment accounted for more than 50% of the total market share in 2020. Soy proteins are derived from soybean meal, which is defatted and dehulled. Defatted & dehulled soybeans are processed into three types of high-protein commercial products, including soy protein concentrates, soy protein isolates, and soy flours.
Currently, the global soy protein ingredients market is witnessing significant growth, due to increase in awareness among consumers for protein-rich diet. In addition, consumption of soy protein concentrate powder as a supplement has increased, owing to regular recommendations by dieticians & doctors in response to a wider set of customer demand for protein supplements in their diets. Soy protein concentrate is a nutritional supplement manufactured after the soy is dehulled & defatted. The percentage of protein in lower end concentrates ranges from 30% to 90%.
However, availability of alternatives such as whey protein ingredients and increase in inclination of consumers toward high-quality animal protein are some factors anticipated to hamper the market growth.
On the contrary, rise in requirement of dietary supplements and animal feed (rich in plant-based protein) is expected to offer potential growth opportunities for the global soy protein ingredients market.
The oldest segment of the population consumes most of the food supplements, including protein, vitamins, calcium, and other supplements to delay aging disorders and effects.
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Moreover, with time, the rate of development of red blood cells in the body decreases that increases the susceptibility to many diseases, which is the factor responsible for surge in demand for protein ingredients. In animal feed, the requirement for protein is basic and does not rely over any age group, however, the awareness regarding its requirement in animals and the effects due to its deficiency is still less and rising. The deficiency among animals may reduce appetite in young animals, lower feed intake, and delay muscle development, thus taking prolonged time to reach maturity. In mature animals, weight loss and decreased milk production have been observed. Therefore, rise in demand for animal feed rich in plant proteins drives the growth of the market for soy protein ingredients.
Moreover, active and health-conscious consumers have shifted their preference toward natural alternatives from caffeinated and sugar-based energy drinks. Protein ingredients possess specific nutrients and supplements, which improvise athletic performance and metabolism. Appropriate nutrition is an essential prerequisite for effective improvement of athletic performance, recovery from fatigue after exercise, and prevention of injury. Therefore, the demand for plant-based proteins has grown rapidly due to their nutritional properties, which has propelled the growth of the soy protein ingredients market.
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. 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 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.
Key Findings Of The Study
By type, the soy protein concentrate segment dominated the market in 2020, and is expected to gain maximum market share in the coming years.
On the basis of application, the infant food segment is anticipated to grow with a moderate CAGR during the forecast period.
Region wise, North America led in terms of market share in 2020, and is expected to retain its dominance during the forecast period.