Press release
Global Soy Protein Market 2024 - Gauging Size, Sharing Insights on Price, Analyzing Growth, Offering In-Depth Analysis, and Providing an Outlook and Forecast Report Till 2033
Global Soy Protein Market
The Business Research Company presents an extensive market research report on the Soy Protein Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The soy protein market size has grown strongly in recent years. It will grow from $10.45 billion in 2023 to $11.05 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to the strong economic growth in emerging markets, growing number of health-conscious consumers, rising awareness associated with benefits of plant-based protein food products, shift towards vegan eating and growth in dietary supplements..
The soy protein market size is expected to see strong growth in the next few years. It will grow to $13.7 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to government initiatives towards plant-based protein, change in preference of consumers for meat alternatives, increasing adoption of plant-based meat on menus, rising penetration of organized retail, increase in lactose intolerance and rapid growth in ecommerce. Major trends in the forecast period include on developing new technology to improve the oil, protein, and sustainability profile, focusing on plant-based protein ingredients, using artificial intelligence (ai) to analyze phytonutrients for potential health benefits, focusing on high yield raw materials to reduce processing time and resource consumption and increasing investments in soy protein.
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Key Market Players:
Major companies operating in the soy protein market report are Archer-Daniels-Midland Company, Wilmar International Limited, CHS Inc, Cargill Incorporated, Fuji Oil Company Ltd, International Flavors & Fragrances Inc, Royal Ingredients Group, Solbar Ningbo Protein Technology Co.Ltd., Nordic Soya Oy, Sonic Biochem, Vyas Bio Life Sciences Private Limited, Krungthep Trading Co. Ltd, Bw Binyuy Holdings (Pty) Ltd, Solitude Global Impex, Nutra Healthcare, Curemax Pharma, STDM Food & Beverages Private Limited, Titan Biotech Ltd, Halcyon Proteins, WuXi Biologics, FOODCHEM, Sun Green Group, Alfa Laval, Shandong Yuxin Soybean Protein Co, Jinan Grace Industry Co. Ltd, The BakeRite Company, Soya UK, Ingredients UK, Bion Corporation, Lantmannen, Kerry Group PLC, Biesterfeld AG, A. Costantino & C. S.P.A, Sojaprotein, Green Wise, Welldone, Roquette, Salconserv, Latraps, Vaks, Sbfoodinno, Benson Hill, Bunge Limited, DuPont de Nemours Inc, Green Labs LLC, Axiom Foods Inc, Ingredion Incorporated, Parabel, Burcon NutraScience Corporation, Glanbia plc, De Alimentos, Adm Do Brasil Ltda, Tomorrow Foods, Koita FZE, At Al Islami Foods, Blue Diamond Growers Inc, Daiya Foods Inc, Earth's Own Food Company Inc, Soy Africa Limited, Eden Foods Inc, Freedom Foods Group Ltd, The Hain Celestial Group Inc, Sunopta Inc.
Market Drivers:
The increasing vegan population is contributing to the growth of the soy protein market. A vegan diet excludes animal products such as fish, dairy, meat, and eggs. Vegan and flexitarian diets are becoming more popular as the plant-based business has developed and people becoming more conscious of the difficulties surrounding meat production. With a surge in the vegan population, there is an increase in demand for soy protein as people seek to add soy protein to their diet to maintain a protein balance. For instance, according to Good Food Institute, a US-based non-profit organization to promotes plant-based and cell-based alternatives to animal products, sales of plant-based foods increased three times more quickly than those of non-plant-based meals as compared to its previous years in the year 2021 in the US. Therefore, the rise in the vegan population is expected to propel the growth of the soy protein market in the coming years.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/soy-protein-global-market-report
The soy protein market covered in this report is segmented -
1) By Product Type: Soy Protein Concentrates, Soy Protein Isolates, Textured Soy Protein, Soy Flour, Grits, and Chunks
2) By Nature: Organic Soy Protein, Conventional Soy Protein
3) By Form: Powder, Ready To Drink, Bars, Capsules And Tablets, Other Forms
4) By Application: Bakery And Confectionery, Meat Alternatives, Functional Foods, Dairy Replacers, Infant Foods, Other Applications
5) By Distribution Channel: Specialty Store, Convenience Store, E-Commerce Or Online Sale Channel, Supermarket Or Hypermarket
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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