According to the report published by Allied Market Research, the global soy protein ingredients market was estimated at $9.59 billion in 2020 and is expected to hit $15.30 billion by 2030, registering a CAGR of 4.4% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Rise in health awareness among consumers, increase in inclination toward plant protein and veganism, and surge in consumption of sports nutrition supplements drive the growth of the global soy protein ingredients market. On the other hand, undefined regulatory guidelines and growing prevalence of diseases in soybean plants restrain the growth to some extent. However, upsurge in demand for organic products and increase in usage of soy protein for pet food animal feeding are anticipated to pave the way for lucrative opportunities in the industry.
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The key market players analyzed in the global soy protein ingredients market include Archer-Daniels-Midland Company, Cargill, Inc., CHS Inc., E. I. Du Pont De Nemours and Company (Dupont Nutrition and Health), AG Processing Inc., Wilmar International Limited, Kerry Group, Plc., Kraft Heinz Company, Doves Farm Foods Ltd., and the Kellogg Company. They have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
Covid-19 scenario-
- Rise in consumer belief that plant-based protein products have medicinal benefits such as improving immunity power, lessening the risk of diabetes, heart attack, and others gave way to increased demand for soy protein, which impacted the global soy protein ingredients market negatively.
- This trend is pretty likely to continue post pandemic as well.
The global soy protein ingredients market is analyzed across type, application, and region. Based on type, the soy protein concentrates segment generated the highest share in 2020, accounting for nearly half of the global market. The soy flours segment, however, would cite the fastest CAGR of 5.8% from 2021 to 2030.
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Based on technology, the bakery and confectionary segment contributed to more than one-third of the total market revenue in 2020, and is projected to lead the trail by 2030. The infant foods segment, on the other hand, would exhibit the fastest CAGR of 6.2% during the forecast period.
Based on region, the market across North America held the major share in 2020, garnering around two-fifths of the global market. The Asia-Pacific region, simultaneously, would manifest the fastest CAGR of 6.8% throughout the forecast period.
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