Soy protein concentrates 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%
Soy protein concentrates are a product of soybean. They are isolated from soybean meal which has been fibrous and husked. Fibrous and husked 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. Vegan diet attracts consumers due to the rise in consumer belief that plant-based protein products have medicinal benefits, which include enhancing immunity power, treating ailments, and mitigating the risk of diabetes, heart attack, and others.
Thereby, the global health crisis has raised an awareness among the consumers to opt for vegan diet.
Global Soy Protein Concentrate Market: Overview
The soy protein concentrates 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%.
Growing awareness regarding health and immunity has been encouraging the inclusion of nutritional values in food products.
With this trend picking up pace, frequency of product launches has increased on the food sector. There also is greater focus on sustainability and certifications and offering improved transparency and traceability of ingredients used.
These are some of the key factors fuelling the demand for the soy protein isolate.
The rising number of health issues associated with obesity has encouraged both government land various international organizations to promote consumption and production of soy protein isolate.
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Segmental Analysis of Global Soy Protein Concentrate Market:
Based on Type
Soy Protein Concentrates
Soy Protein Isolates
The soy protein concentrate segment dominated the market in 2020, and is expected to gain maximum market share in the coming years.
Based on Application
Bakery and Confectionary
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 fuelling the demand for soy protein ingredients across the globe.
Based on Region
North America led in terms of market share in 2020, and is expected to retain its dominance during the forecast period.
- 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
- Wilmar International Limited
Key trends: Growth Determinants and Challenges
The Soy protein demand is rising in parallel with the growing population. The high protein trend is gaining traction and will continue to evoke interest in the upcoming years.
According to the Food and Agriculture Organization (FAO), in 2050, the global food demand, particularly for protein, will be twice the demand in 2013.
Moreover, the consumers have become more aware about protein benefits in supporting active lifestyle. Protein rich diet has been proven to alleviate several health concerns.
As a result, consumers have increasingly started incorporating a certain amount of protein into their daily diets. This is ultimately leading to the significant increase in the soy protein production and consumption, worldwide.
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.
Key Takeaways from the report:
- Deep-insights on regional analysis of Global Soy Protein Concentrate market.
- Growth determinants and challenges of global soy protein concentrate market.
- The soy protein concentrate 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%.
Major questions answered in the report:
- What are the top companies contributing in the growth of Global soy protein concentrate market?
- Which regional segments holds the largest share in the global soy protein concentrate market?
- What are the major growth factors and challenges in the global soy protein concentrate market?
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