Soy protein is a highly nutritious food ingredient obtained from soybean. It helps maintain muscle mass and bone mineral density. Soy protein is used extensively in meat alternatives, bakery products, beverages, and other food items due to its characteristics like emulsifying, water-binding and gel-forming properties. The shift towards healthier diets and rising demand for plant-based foods has propelled the use of soy protein in various food applications. The global soy protein market is estimated to be valued at US$ 7.51 Bn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing use of soy protein in food & beverages is one of the major trends driving the market. Food manufacturers are incorporating soy protein in diverse products to cater to the surging demand for plant-based, healthy options. For instance, soy protein is widely used in mock meats like burgers, sausages to imitate textual and nutritional properties of animal meat. It is also gaining popularity as a sports nutrition ingredient in protein powders and bars due to high protein content. Rising investments by players in new product development and production expansion will further stimulate the soy protein market in the coming years.
Segment Analysis
The global Soy Protein market is dominated by soy protein concentrate sub segment. Soy protein concentrate accounts for over 55% of market share owing to its nutritional profile and high quality protein content. It has over 65-70% protein content which makes it a preferred choice for various food and beverage applications.
Key Takeaways
The Global Soy Protein Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 7.51 Billion by 2024.
Regional analysis: North America accounts for the largest share in the global Soy Protein market currently. The U.S. is the dominating country in North America owing to increasing health consciousness and high demand for plant-based protein products. However, Asia Pacific is projected to witness the fastest growth during the forecast period. Rapid urbanization, rising incomes and growing health awareness are driving the demand for Soy Protein in various countries of Asia Pacific such as China, India and South Korea.
Key players operating in the Soy Protein market are Anmol Chemicals, Bartek Ingredients Inc., Changmao Biochemm, ESIM Chemicals, Fuso Chemical Co. Ltd, Merck KGaA, Polynt, Thirumalai Chemicals Ltd, UPC Group, Yongsan Chemicals Inc., and XST Biological Co. Ltd. Major players are focusing on capacity expansion and new product launches to strengthen their position in the global market. They are also investing in research & development to develop innovative soy protein ingredients for various applications in food and beverages industry.
For More Insights, Read: https://www.newswirestats.com/soy-protein-market-trends-growth-and-regional-outlook-2023-2030/
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