Soy Protein Ingredients Market - Growth, Trends, and Forecasts (2023 - 2028)

Soy Protein Ingredients Market - Growth, Trends, and Forecasts (2023 - 2028)

The Global Soy Protein Ingredients Market is projected to grow at a CAGR of 7.8% during the next five years.

The demand for a protein-based diet increased in the past decade. As a result, the market is growing gradually. Due to hectic work-oriented lifestyles these days, people are more inclined toward functional foods to maintain a balanced diet. This is also one of the factors for the growth of the market.

The global soy protein ingredients market is driven by a growing inclination toward vegan diets. The functional efficiency and cost competitiveness offered by such plant protein products and their increasing utilization in a wide variety of processed foods, especially in the ready-to-eat product category. Soy protein isolates and concentrates are the most eminent forms of soy protein and contain 90% and 70% protein content, respectively. The high functional property of soy protein and its natural health benefits are boosting its market growth. There is an increase in the adoption of soy protein across several end-user industries owing to its high sustainability.

Soy Protein Ingredients Market TrendsIncreasing Application of Soy Protein Ingredients in Meat Extenders and Substitutes

Owing to growing health awareness, consumers are shifting to plant-based protein products instead of animal protein products. So, soy protein remains the first choice of consumers among all other plant-based proteins. Soy protein isolates and concentrates are used for several other applications in the meat industry, such as emulsification, emulsion stabilization, gelation, and fat and water binding. As a result, emulsified meat formulations containing soy ingredients have a better visual appeal, good texture, and no off-flavors. In United States, the military purchases more than one-half of its beef in ground form and utilizes soy-extended beef to achieve significant cost savings. The extender approved is textured or granulated soy protein concentrate, which can be added at about 20% level (5% on a dry basis) in a hydrated form. The trend of vegan food has become popular since the start of the COVID-19 pandemic. As a result, people prefer plant-based protein over meat protein.

North America Leading The Soy protein Ingredients Market

The soy protein ingredient market in the North American region is growing at a fast rate, owing to factors such as changes in lifestyle, lack of balanced dietary intake, and increasing focus of global manufacturers on R&D to develop new kinds of soy-protein-enriched products. United States continues to capture the largest market share for soy protein ingredients, followed by Canada and Mexico. Nowadays, consumers in the region are switching to other alternative products, such as green-label food products, due to increasing awareness of healthy and plant-based products, as there is an increasing number of counterfeit products in the market.

Soy Protein Ingredients Market Competitive Analysis

The global soy protein ingredients market is consolidated and comprises regional and international competitors. The most active companies in this market are Archer Daniels Midland, DuPont, The Scoular Company, Fuji Oil Asia Pte, Cargill, and DowDupont. The common strategies adopted by the companies are new product developments and mergers and acquisitions of small players to get a foothold in the market. The soy protein ingredients market offers a wide scope to the existing companies. There are government regulations for GMO soy, which influence the entry of players into the market.

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• The market estimate (ME) sheet in Excel format
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