The global soy protein market size is expected to reach USD 18.35 billion in 2028 and register a revenue CAGR of 7.0% over the forecast period, according to a latest report by Reports Data. Major factors driving market revenue growth are rising awareness regarding the benefits of soy protein, changing consumer perception on nutrition and growing trend of vegan culture owing to health benefits associated with vegan diets.
The rapid increase in health and fitness centers has been resulting in rapid adoption of soy protein globally. Soy protein contains 90% protein that helps to lower blood pressure, boost energy, and has low amounts of saturated fat.
Ongoing research and development activities, various medical nutrition science research and private investments in the area of soy protein is expected to positively impact revenue growth of the market over the forecast period. For instance, The ICMR, Indian Council of Medical Research suggest that an average adult should consume protein every day between 0.8 to 1g of protein per kg of body weight to maintain a healthy quality of life.
Further, international health organizations and government initiatives to encourage people to intake soy protein has been opening up open new and more lucrative opportunities for players operating in the global soy protein market.
However, allergy concerns, food-borne intolerances and side effects of soy protein are some major factors expected to restrain global soy protein market revenue growth over the forecast period.
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Some Key Highlights From the Report:
- On the basis of product type, the market report is segmented into soy protein concentrates, soy protein isolates, textured soy protein, and soy flour, grits, and chunks. Among these, the soy protein isolates segment is expected to register a significantly rapid revenue CAGR during the forecast period as this product contains highest amount of protein and minimize risk of breast cancer, heart disease, and osteoporosis.
- On the basis of form, the market report is segmented into powder, ready to drink, bars, capsules tablets, and others. The ready to drink segment is expected to register largest revenue share over the forecast period due to rising demand for ready-to-eat foods owing to hectic, stressful and busy lifestyles.
- On the basis of application, the market report is segmented into bakery confectionery, meat alternatives, functional foods, dairy replacers, infant foods, and others. Among these, infant foods segment is expected to register robust revenue CAGR during the forecast period due to increasing demand for packaged food products owing to rising working population, advancements in packaged food products and growing demand for cost effective meat alternatives.
- On the basis of distribution channel, the market report is segmented into specialty store, convenience store, e-commerce/online sale channel, and supermarket/hypermarket. The e-commerce/online sale channel segment accounted for the largest revenue share in the global market in 2020 due to rapid digitalization and rise in online shopping due to Covid-19 lockdowns.
- Asia Pacific soy protein market is expected to register fastest revenue growth rate and dominate other regional markets over the forecast period. This is due to increasing consumption of soy-based products and rising trend of consuming vegetarian food due to trend of 'being vegan' in countries in the region.
- North America soy protein market revenue is expected to remain significantly larger over the forecast period. This can be attributed to growing awareness of plant based products such as soy protein isolates in countries in the region.
- Europe soy protein market is expected to hold significant revenue share due to increasing vegan population, rising number of health issues and robust presence of key players in the region.
- Some major players in the market research report 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, and Hung Yang Foods Co. Ltd.
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Segments covered in the report:
For the purpose of this report, Reports Data has segmented the global soy protein market on the basis of product type, form, application, distribution channel and region:
By Product Type (Revenue, USD Billion; 2018 – 2028)
- Soy Protein Concentrates
- Soy Protein Isolates
- Textured Soy Protein
- Soy Flour, Grits, and Chunks
By Form (Revenue, USD Billion; 2018 – 2028)
- Powder
- Ready to Drink
- Bars
- Capsules Tablets
- Others
By Application (Revenue, USD Billion; 2018 – 2028)
- Bakery Confectionery
- Meat Alternatives
- Functional Foods
- Dairy Replacers
- Infant Foods
- Others
By Distribution Channel (Revenue, USD Billion; 2018 – 2028)
- Specialty Store
- Convenience Store
- E-Commerce/Online Sale Channel
- Supermarket/Hypermarket
Regional Outlook (Revenue, USD Billion; 2018 – 2028)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East Africa
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