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Redding, California - May 31, 2022

Soy Protein Market Worth $14.1 Billion by 2029

Soy Protein Market by Type (Soy Concentrates, Soy Protein Isolates, Textured Soy Protein), Crop Type (GMO), Source Process (Organic), Application (Food & Beverage, Animal Feed, Nutritional Supplements) - Global Forecast to 2029


Meticulous Research®_ leading global market research company published a research report titled, 'Soy Protein Market by Type (Soy Concentrates, Soy Protein Isolates, Textured Soy Protein), Crop Type (GMO), Source Process (Organic), Application (Food & Beverage, Animal Feed, Nutritional Supplements) - Global Forecast to 2029.'

According to this latest publication from Meticulous Research®, the Soy Protein Market is expected to reach $14.1 billion by 2029, at a CAGR of 9.9% from 2022 to 2029. The growth of this market is driven by factors such as the increasing awareness about the benefits of protein-rich diets, increased demand for protein-rich products, rising health & wellness trends, the increasing demand for meat alternatives, the rising demand from the food & beverage industry, and advancements in ingredient technologies, such as microencapsulation.

In addition, emerging economies and consumers' growing inclination toward vegan diets are expected to provide significant growth opportunities for soy protein manufacturers. However, the significant preference for animal-based protein, fluctuating raw material prices, and the high demand for soy-free products are expected to hinder the growth of this market to a notable extent.

The soy protein market is segmented based on type, crop type, source process, form, application, and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.

Based on type, the soy protein market is segmented into soy protein concentrates, soy protein isolates, textured soy proteins, soy flour, grits, and chunks. In 2022, the soy protein concentrates segment is estimated to account for the largest share of the soy protein market. Soy protein concentrates are cheaper than other soy protein products, which increases their market demand. In addition, the growing demand for soy protein concentrates from the meat and animal feed industries drive the growth of this segment. However, the soy protein isolate segment is expected to grow at the highest CAGR during the forecast period. The high demand for soy protein isolates from food & beverage manufacturers due to their nutritional and functional properties, including high protein content, neutral taste, and high viscosity drives the growth of this segment.

Based on crop type, the soy protein market is segmented into genetically modified organism crops and non-genetically modified organism crops. In 2022, the genetically modified organism crops segment is expected to account for a larger share of the soy protein market. However, the non-genetically modified organism crops segment is expected to register a higher CAGR during the forecast period. The growth of the non-genetically modified organism crops segment is mainly attributed to factors such as the rising trend of consuming non-GMO food products, the rising demand for eco-friendly, natural, and organic food products, and stringent regulations for genetically modified crops in Europe and Asia-Pacific.

Based on source process, the soy protein market is segmented into organic soy protein ingredients and conventional soy protein ingredients. In 2022, the conventional soy protein ingredients segment is estimated to account for a larger share of the soy protein market. The large market share of this segment is attributed to factors such as the wide availability of crops grown through the traditional harvesting method (with the use of chemical fertilizers), easy accessibility to cost-effective conventional soy protein ingredients, the longer shelf life of conventional soy proteins, and the wide availability of substantial crop varieties. However, the organic soy protein ingredients segment is expected to grow at a higher CAGR during the forecast period.

Based on form, the soy protein market is segmented into solid/dry and liquid. In 2022, the solid/dry segment is estimated to account for a larger share of the soy protein market. The large market share of this segment is attributed to factors such as the growing demand for powder soy protein, ease of handling and transport, lower costs, lower chances of formulation errors, and their capability to maintain ingredient stability. This segment is also expected to grow at a higher CAGR during the forecast period.

Based on application, the soy protein market is mainly segmented into food & beverage, animal feed, nutrition & health supplements, and other applications. In 2022, the food & beverage segment is estimated to account for the largest share of the soy protein market. The large market share of this segment is attributed to the high consumer demand for sustainable products, the growing awareness about the health benefits of consuming soy protein, the rising awareness about the harmful effects of consuming animal-based products and ingredients, the increasing vegan population, and rising meat prices and clean label trend. However, the nutrition & health supplement segment is expected to register a high growth rate during the forecast period. The rapid growth of this segment is mainly attributed to changing lifestyles, growing health & wellness trends, and the increasing prevalence of diseases.

Based on geography, in 2022, North America is estimated to account for the largest share of the soy protein market. The large share of this regional market is attributed to factors such as the well-established food & beverage industry, the rising concerns about the negative effects of animal-derived products and protein, the increasing vegan population, the growing preference for plant-based food products, the increasing demand for healthy & nutritional products, rising health & wellness trends, and the growing consumer awareness about the health benefits of consuming soy protein. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period. The high market growth in Asia-Pacific is mainly attributed to the large vegetarian population, the growing awareness about the importance of consuming protein-rich diets, technological advancements in the food & beverage industry, and the wide availability of raw materials.

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The key players operating in the soy protein market are Archer Daniels Midland Company (U.S.), Cargill, Incorporated (U.S.), Kerry Group (Ireland), International Flavors & Fragrances, Inc. (U.S.), Now Foods (U.S.), Burcon NutraScience Corporation (Canada), Sotexpro (France), Farbest Brands (U.S.), Wilmar International (Singapore), and CHS Inc. (U.S.).

Key questions answered in the report:

  • Which are the high-growth market segments in terms of the type, crop type, source process, form, application, and countries?
  • What is the historical market for soy protein across the globe?
  • What are the market forecasts and estimates for the period of 2022–2029?
  • What are the major drivers, restraints, challenges, opportunities, and trends in the global soy protein market?
  • Who are the major players in the global soy protein market, and what shares of the market do they hold?
  • Who are the major players in various countries, and what shares of the market do they hold?
  • How is the competitive landscape?
  • What are the recent developments in the global soy protein market?
  • What are the different growth strategies adopted by the major players in the market?
  • What are the key geographic trends, and which are the high-growth countries?
  • Who are the local emerging players in the global soy protein market, and how do they compete with other players?

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Soy Protein Market - Global Opportunity Analysis And Industry Forecast (2022-2029)
Report ID: MRFB - 104354 Pages: 160 Formats*:PDF Category: Food and Beverages
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