Reports and Data has published its latest report titled “Soy Protein Market By Product Type (Soy Protein Concentrates, Soy Protein Isolates, Textured Soy Protein, Soy Flour, Grits, and Chunks), By Form (Powder, Ready to Drink, Bars, Capsules & Tablets, Others), By Application, By Distribution Channel, And By Region Forecast to 2028.”
According to the latest report, global soy protein market size was USD 10.68 billion in 2020 and is expected to reach USD 18.35 billion in 2028 and register a CAGR of 7.0% during the forecast period, 2021-2028.
Drivers, Restraints, and Opportunities
Soy protein is a rich source of lean, cholesterol-free, and lactose-free protein and offers numerous health benefits to consumers. Soy protein is isolated from soybeans and is widely used to replace animal proteins in human consumer diets. Soy protein is low in fat and devoid of saturated fats and cholesterol, which makes it an ideal protein source for boosting the density of foods. Increasing focus on lean protein sources and nutritionally dense foods and advancements in nutrition science and exercise physiology are some key factors boosting demand for soy protein and soy foods, and are expected to continue to contribute to market revenue growth over the forecast period. Soy protein is the only vegetable protein that is a complete protein and essentially fits within the current recommendations of nutrition experts.
Soy provides a comprehensive source of dietary protein that contains all essential amino acids and soy protein delivers many health benefits such as prevention of chronic diseases and treatment of menopausal symptoms. Soy protein products are used in foods for fat binding and absorption. Soy proteins promote fat binding and decrease cook loss and maintain the dimensional stability in the cooked products. Addition of soy protein and soy protein products in bakery foods such as pancakes and doughnuts can prevent excessive oil absorption during frying. Isolated soy protein supports healthy growth and development and recent studies indicate it can contribute to muscle development in athletes and compromised individuals. In addition, soy protein containing foods have been approved to be labeled as protective against cardiovascular diseases by the U.S. FDA. Soy protein reduces serum concentrations of total cholesterol, Low-Density Lipoprotein (LDL) – sometimes called ‘bad’ cholesterol – and triglycerides. Soy proteins also contribute to efficient control of hyperglycemia and body weight, which can be beneficial for non-diabetic and diabetic persons in controlling obesity and blood sugar levels.
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Soy protein research has increased over the recent past among multiple health disciplines and with growing awareness regarding health benefits of soy, major companies are developing additional foodstuffs to meet the rising global demand for soy products. This is expected to boost use of soy protein in foods and beverages and the trend is expected to continue going ahead. However, concerns regarding food allergies, intolerance to soy products among certain individuals, and lack of awareness regarding daily nutritional requirement are expected to negatively impact adoption of soy-based products and hamper market growth to a certain extent over the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Soy Protein Isolates to Support Revenue Growth:
Soy protein isolates segment is expected to account for largest revenue share over the forecast period, attributable to increasing use of soy protein isolates in vegetarian and vegan diets, and availability of cost-effective soy protein isolates, among others.
Ready to Drink Segment to Register Rapid CAGR:
Ready to drink segment is expected to register a rapid revenue CAGR during the forecast period, attributable to increasing demand for convenience and ready-to-eat foods due to busy lifestyles, availability of wide range of cost-effective soy-based food products, and rising disposable income among consumers globally.
North America to Lead in Terms of Revenue Share:
North America is expected to account for a significantly large revenue share over the forecast period, attributed to increasing awareness regarding health benefits of soy protein, increasing investment to accelerate soy protein research to introduce new varieties of soy-protein enriched products, and rising trend of veganism and shift to healthier lifestyle practices and diets.
Asia Pacific to Register Robust Revenue Growth Rate:
Asia Pacific market is expected to register robust revenue CAGR over the forecast period, attributable to rising consumption of soy protein in major countries in the region, increasing trend of vegetarian diet due to rising focus on consuming cholesterol-free and low-fat foods, and availability of various soy-based products.
Europe market revenue to expand steadily:
Europe is expected to register significantly steady revenue growth rate over the forecast period, attributable to increasing vegan population due to rising awareness regarding health benefits of soy proteins, rising prevalence of chronic diseases such as Cardiovascular Disease (CVD) and obesity, increasing number of initiatives encouraging consumption of soy protein products, and presence of major companies in countries in the region.
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Major Companies in the Market Include:
- Wilmar International
- CHS Inc.
- The Archer Daniels Midland Company
- Crown Soya Protein Group
- DowDuPont Inc.
- Linyi Shansong Biological Products Co. Ltd.
- Cargill Corporation
- Shandong Yuxin Bio-Tech Co. Ltd.
- Sonic Biochem
- Hung Yang Foods Co. Ltd.In-depth research on specific segments/regions or companies