Soy Protein Ingredients Market Outlook: 2030
The soy protein ingredients market was valued at $9,594.0 million in 2020, and is projected to reach at $15,303.9 million by 2030, registering a CAGR of 4.4% from 2021 to 2030. Soy protein ingredients are a product of soybean. They are is olated from soybean meal which has been defatted and dehulled. Defatted and dehulled soybeans are processed into three types of high protein products including soy protein concentrates, soy flour, and soy protein isolates. All these three types of soy protein ingredients contain 70% protein, 20% carbohydrates, 6% ash and around 1% oil. Soy protein ingredients provide almost all the types of amino acids for human nutrition and are identical to other legume pulses and are considered to be one of the least expensive sources of protein.
The infant foods segment offers maximum market potential in the soy protein ingredients market, owing to increase in demand for soy protein ingredients across infant foods and readymade and packaged food products. Moreover, rise in demand for efficient and cost effective meat alternatives across infants is another key aspect fueling the demand for soy protein ingredients across the globe. The use of soy protein ingredients in infant foods has witnessed major developments, due to constant growth in per capita disposable income and rise in demand for soy protein ingredients. However, increasing costs and threat of substitutes are expected to affect the overall market growth in the developed and the developing countries. Furthermore, investments in R&D activities to produce cost effective and high in nutrition soy protein ingredients are expected to provide opportunities for growth in the future.
The global soy protein ingredients market is segmented into type, application, and region. Depending on type, it is classified into soy protein isolates, soy protein concentrates, and soy flours. The soy protein concentrate segment dominated the global market in 2020, and is anticipated to maintain its dominance throughout the forecast period. On the basis of application, the market is segregated into bakeries & confectioneries, meat alternatives, functional foods, dairy replacers, infant foods, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for more than 35% share of the total revenue in 2020, followed by Europe and Asia-Pacific.
By type, the soy protein ingredients market is divided into soy protein ingredients isolate, Soy Protein Concentrates and Soy Flours. The soy protein concentrate segment dominated the market in 2020, and is expected to gain maximum market share in the coming years.
By Target Testing
The soy protein concentrate segment dominates the Soy Protein Ingredients market and is expected to retain its dominance throughout the forecast period.
On the basis of application, the market is categorized intobakery & confectionery, meat alternatives, functional foods, dairy replacers, infant foods and others infant food segment is anticipated to grow with a moderate CAGR during the forecast period.
The bakery & confectionery segment dominates the Soy Protein Ingredients market and is expected to retain its dominance throughout the forecast period.
By region, the market is further divided into North America, Europe, Asia-Pacific and LAMEA. North America led in terms of market share in 2020, and is expected to retain its dominance during the forecast period.
The North America segment dominated the Soy Protein Ingredients market and is expected to retain its dominance throughout the forecast period.
The report focuses on the Soy protein ingredients market growth prospects, restraints, and opportunities of the global Soy protein ingredients market. The study provides Porter’s five forces analysis to understand the impact of various factors such as competitive intensity of competitors, bargaining power of suppliers, threat of substitutes, threat of new entrants, and bargaining power of buyers of the Soy protein ingredients market.
The players operating in the global soy protein ingredients market have adopted various developmental strategies to increase their market share, gain profitability, and remain competitive in the market. The key players operating in the soy protein ingredients market include AG Processing Inc., Archer-Daniels-Midland Company, Cargill, Inc., CHS Inc., Doves Farm Foods Ltd., E. I. Du Pont De Nemours and Company (Dupont Nutrition and Health), Kerry Group, Plc., Kraft Heinz Company, the Kellogg Company, and Wilmar International Limited.
Covid-19 Impact Analysis
- Soy protein ingredients industry was negatively impacted by the pandemic owing to the government restrictions and regulations to stay home which restricted the authorities to check the soy protein ingredients more efficiently like before.
- the ability of some testing laboratories was conceded due to the pandemic, with the constraint to follow social distancing and the reduced availability of material and staff
- This increase in sales is expect do to continue in the post COVID scenario due to the persistent consumer inclination towards health and wellbeing caused by the pandemic.
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current and emerging Soy protein ingredients market trends and opportunities.
- The report provides detailed qualitative and quantitative analysis of the currenttrends and future estimations that help evaluate the prevailing soy protein ingredients market opportunities in the market.
- The soy protein ingredients market fore cast is offered along with information related to key drivers, restraints, and opportunities.
- Themarket analysis is conducted by following key product positioning and monitoring the top competitors within the market framework.
- The report provides extensive qualitative insights on the potential and niche segments or regions exhibiting favorable growth.
Soy Protein Ingredients Market Report Highlights
This section provides the opinions of the top=level CXOs operating in the global soy protein ingredients market. According to the insights of the CXOs, the soy protein ingredients market is expected to exhibit high growth potential. This is majorly attributed to increase in disposable income in developing countries, changes in lifestyle of consumers, and increase in awareness of health benefits of soy protein ingredients such as higher composition of protein content and lower carbohydrates. Moreover, rise in demand for soy protein ingredients among infant food companies has fueled the growth of the global soy protein ingredients market.
CXO further added that the demand for plant-based proteins has surged with increase in awareness regarding well-being among consumers, which is generally promoted by the online health sector or by local key players either by advertisement or by counseling their customers in person regarding the benefits of their products over their health.
Furthermore, key manufacturers added that the availability of counterfeit soy protein and easy availability of substitutes at competitive price are the factors projected to hamper the growth of the market during the forecast period.