Global Soy Protein market size was USD 12.63 billion in 2023 and the market is projected to touch USD 18.84 billion by 2032, at a CAGR of 4.54% during the forecast period.
Soy protein is a plant-based protein extracted from soybeans and is commonly used in various food products, including meat substitutes, dairy alternatives, and nutritional supplements. It is favoured for its high protein content, versatility, and health benefits, such as being low in saturated fat and cholesterol-free. The growing demand for vegan and vegetarian food products, expanding consumer knowledge of the health benefits of plant-based diets, and growing concerns about animal cruelty and environmental sustainability are what are driving the soy protein industry. Furthermore, new soy protein products with enhanced flavor, texture, and nutritional profile have been developed as a result of technological developments in food processing and component formulation, which has further accelerated market expansion. But the market also has to contend with issues including volatile soybean pricing, restrictions pertaining to genetically modified organisms (GMOs), and competition from other plant-based protein sources like wheat and pea protein.
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