LONDON, Aug. 10, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Soy Protein Global Market Report 2023, the global soy protein market has experienced impressive growth, expanding from $8.31 billion in 2022 to $9.15 billion in 2023, at a compound annual growth rate (CAGR) of 10.1%. This upward trajectory is poised to continue, with the market projected to reach $12.49 billion by 2027, at a CAGR of 8.1%. A significant driver that is shaping the soy protein market is the surging vegan population.
Rise of Veganism Fuels Market Growth
The growing vegan population is playing a pivotal role in propelling the expansion of the soy protein market. Vegan diets, which exclude animal products like dairy, meat, fish, and eggs, are becoming increasingly popular. This shift is driven by a combination of factors, including heightened awareness of the environmental impact of meat production and a quest for healthier lifestyles. As the demand for plant-based diets rises, the soy protein market is reaping the benefits. Consumers are turning to soy protein to maintain protein balance in their diets, contributing to the market's remarkable growth. In the US, plant-based food sales have surged, with three times faster growth compared to non-plant-based foods in 2021, as reported by the Good Food Institute, a US-based non-profit organization promoting plant-based alternatives.
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Technological Advancements Pave the Way
Technological innovation is redefining the soy protein market. Industry players are investing in advanced technologies to enhance the oil, protein, and sustainability profiles of soybeans, as well as to increase the nutritional content of soy protein products. This pursuit of improved product quality is driven by the objective of capturing a larger customer base. For example, ZeaKal, a US-based company, introduced the PhotoSeed technology to enhance soy protein levels by improving carbon capture and overall nutritional composition. Such technological advancements are poised to revolutionize the industry, providing consumers with higher-quality and more nutritious soy protein products.
Key Players and Market Segmentation
Major players in the soy protein market include Wilmar International, CHS Inc., The Archer Daniels Midland Company, Crown Soya Protein Group, DuPont Nutrition & Biosciences, and many others.
The market is segmented by product type, nature, form, application, and distribution channel. Product types range from soy protein concentrates to textured soy protein, while forms include powder, ready-to-drink, bars, and more. Application segments encompass bakery and confectionery, meat alternatives, functional foods, and various others. The comprehensive segmentation enables businesses to tailor their strategies to meet specific consumer demands.
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Global Outlook
In 2022, North America led the soy protein market, while Asia-Pacific is projected to be the fastest-growing region in the forecast period. The market report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, and the Middle East and Africa.
As the soy protein market continues to evolve, informed insights from TBRC’s comprehensive market report are pivotal for businesses seeking to navigate and capitalize on this dynamic landscape. Our reports equip businesses with the data needed to make strategic decisions, driving success within the thriving soy protein market.
Soy Protein Global Market Report 2023 by The Business Research Company provides insights on the soy protein market size, soy protein market segments, soy protein market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 65000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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