Soy Protein Market Trends To Witness Robust Growth Driven By Surging Demand For Plant-Based Food Products
Soy protein is a highly nutritious plant-based protein derived from soybean. It is widely used in several food applications including bakery, confectionery, meat alternatives, beverages etc. Food manufacturers prefer using soy protein as an alternative to animal protein due to a variety of health benefits offered along with its cost-effectiveness. With the rising health awareness and consumption of vegan diet across the globe, soy protein has gained immense popularity over the years.
The global soy protein market is estimated to be valued at US$ 8.66 Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics: One of the key drivers propelling the growth of the global soy protein market is the rising demand for plant-based meat and dairy alternatives among health-conscious consumers. People are increasingly preferring meat and dairy substitutes made from soy and wheat protein due to the associated health risks with consumption of red meat. Additionally, soy protein products help alleviate lactose intolerance issues prevalent among the population. This growing demand has encouraged established as well as new players to invest in new product development and capacity expansion. The surging popularity of veganism and flexitarian diet trends across western countries is further fueling the sales of soy protein.
SWOT ANALYSIS
Strength: Soy protein is considered highly beneficial for human health as it contains high quality plant-based protein and is a complete protein source. Being naturally high in fiber and low in saturated fat, it aids in weight management and cardiovascular health. Soy protein isolate has a neutral taste and texture, making it easy to incorporate into various food products.
Weakness: Soy crops are vulnerable to climate changes and adverse weather conditions which could impact the steady supply of raw materials. Some consumers are also wary of genetically modified soy and associate soy with certain side effects although solid evidence is still lacking.
Opportunity: Rising health consciousness and demand for vegan and plant-based products offer immense growth prospects for soy protein. It can replace animal protein in various food applications and its functional properties allows innovations in nutritious food formulations. The growing soy food market and expanding soychemical industry will drive soy protein consumption.
Threats: Competition from other plant-based proteins such as pea, lentil and rice proteins poses a threat. Negative publicity regarding GMO soy could dent consumer confidence. Volatility in soybean prices and trade policies also impact the profitability and price competitiveness of soy protein.
Key Takeaways
The global Soy Protein Market Size is expected to witness high growth. The global soy protein market is estimated to be valued at US$ 8.66 Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2031.
The Asia Pacific region currently dominates the market accounting for over 40% of the global demand in 2023. China, India and other Asian countries have emerged as major producers and consumers of soy protein owing to the large population, growing health awareness and expanding food industries. The rising vegan population in countries like China and India is driving soyfood consumption.
Regional analysis related content comprises
Key players operating in the soy protein market include Anmol Chemicals, Bartek Ingredients Inc., Changmao Biochemm, ESIM Chemicals, Fuso Chemical Co. Ltd, Merck KGaA, Polynt, Thirumalai Chemicals Ltd, UPC Group, Yongsan Chemicals Inc., and XST Biological Co. Ltd. The key players are focused on launching new product innovations, expanding into high-growth regions and increasing production capacities through strategic partnerships and collaborations to gain market share.
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