IMARC Group, a leading market research company, has recently releases report titled “Soy Protein Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The global soy protein market size reached US$ 8.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 13.9 Billion by 2028, exhibiting a growth rate (CAGR) of 8.27% during 2023-2028.
Industry Overview of Soy Protein
Soy protein is extracted from soybeans through a process that involves dehulling, defatting, and isolating the protein content. It comprises soy protein isolate, which undergoes a more extensive processing method to remove most of the fats and carbohydrates, resulting in a higher protein content. It also consists of soy protein concentrate, which is concentrated but retains more of the original soybean nutrients, including some fats and carbohydrates. It is rich in essential amino acids, making it comparable to animal-based proteins. It is also a good source of minerals, antioxidants, and vitamins like thiamine, riboflavin, niacin, pantothenic acid, folate, and pyridoxine, contributing to overall health. Soy protein plays a crucial role in meeting the protein needs of individuals following vegetarian and vegan diets, as it provides a complete amino acid profile. It has been associated with cardiovascular health benefits, including the ability to reduce low-density lipoprotein (LDL) cholesterol levels. It is often incorporated into a balanced diet to aid in weight management by promoting a feeling of fullness and supporting muscle maintenance during weight loss. It has phytoestrogenic properties, which may contribute to hormonal balance and alleviate symptoms associated with menopause in women. It is fortified with calcium and vitamin D, contributing to bone health. Soy protein contains dietary fiber, which is beneficial for digestive health and can help prevent constipation and promote a healthy gut microbiota.
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What are the growth prospects and trends in the soy protein industry?
At present, the increasing consumption of protein-rich diets to prevent the occurrence of various chronic ailments like diabetes, arthritis, and cardiovascular complications represents one of the crucial factors impelling the growth of the market. Besides this, the rising adoption of a vegan lifestyle among the masses, driven by concerns about sustainability and animal welfare, is contributing to the market growth. Manufacturers are incorporating soy protein into a wide range of products, including meat substitutes, dairy alternatives, snacks, and beverages, as soy protein is highly versatile and can seamlessly integrate into various food formulations, enhancing nutritional profiles and meeting the increasing demand for plant-based options.
In addition, the growing availability of vegan meat that can mimic the taste and texture of animal meat is offering a favorable market outlook. Apart from this, innovative extraction and purification methods are improving the overall quality of soy protein, addressing taste and texture concerns that were once associated with plant-based proteins. These technological developments are also broadening the scope of soy protein applications, making it more appealing to a wider consumer base.
Additionally, the development of non-genetically modified organisms (GMO) and organic soy protein variants caters to the preferences of consumers seeking cleaner and more natural food options. Technological advancements are not only enhancing the sensory attributes of soy protein but also making soy protein more accessible to diverse consumer segments. Moreover, government initiatives and awareness campaigns promoting the consumption of plant-based proteins as part of a balanced diet are bolstering the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
- Textured Soy Protein
- Capsules and Tablets
- Organic Soy Protein
- Conventional Soy Protein
Distributional Channel Insights:
- Convenience Stores
- Online Stores
- Bakery and Confectionery
- Functional Foods
- Meat Additives
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
A. Costantino C. spa, Archer Daniels Midland Company, Bunge Limited, Cargill Incorporated, Crown Soya Protein Group, DuPont de Nemours Inc., Fuji Oil Co. Ltd., Smithfield Foods Inc, Sonic Biochem Extractions Pvt. Ltd, The Scoular Company and Wilmar International Ltd.
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