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2024 Global Soy Protein Market Forecast
Soy Protein Market Industry
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Technological advancement is shaping the soy protein market. Companies in the soy protein industry are working on new technology to improve the oil, protein, and sustainability profiles of soybeans, and increase the nutritious content of soy protein products. Players in the market are trying to capture a larger customer base by improving the quality of soy protein products. For instance, in April 2021, ZeaKal, a US-based company engaged in developing technologies to promote higher levels of healthier oils across several crops, introduced a PhotoSeed technology to improve the oil, protein, and sustainability profile of soybeans. PhotoSeed technology improves soy protein levels as it captures better carbon and overall nutritional composition.
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Major Key Players of the Market:
Nippon Steel Corporation, Vallourec SA, Tenaris SA, ArcelorMittal, JFE Holdings, Inc, Sumitomo Corporation, Salzgitter AG, United States Steel Corporation, TATA Steel, Maharashtra Seamless Ltd, Hunan Standard Steel Co., Ltd, Ansteel Group Co., Ltd, Baosteel Trading Co., Ltd, Wuhan Heavy Industry Casting & Forging Co., Ltd, Jiangsu Wujin Stainless Steel Pipe Group Co., Ltd, Jindal Saw Ltd, Sandvik AB, IPP Europe Ltd., Tubos Reunidos S., TMK Group., Zekelman Industries Inc., Zamzam Steel, Santok Steel Corporation, ArcoSteel, AK Steel Holding
Soy Protein Market 2024 Key Insights:
• 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%.
• Growing Vegan Population Drives Demand For Soy Protein Boosting Market Growth
• Technological Advancements In Soy Protein Industry Enhance Nutritional Profiles And Sustainability
• North America was the largest region in the Soy Protein market in 2023
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