Soy Protein Ingredients Market Overview:
The Soy Protein Ingredients Market is valued at around USD 10.2 billion in 2022 and is expected to reach USD 15.9 billion by 2030, registering a CAGR of 4.5% over the forecast period. Protein ingredients with soy as a source are sold in the global market for soy protein ingredients.
Made from soybeans, soy protein components find extensive use as a source of protein in a range of applications, including baked foods, dairy substitutes, meat substitutes, and nutritional supplements.
Because there is a growing need for soy protein components in infant foods as well as ready-made and packaged food products, the infant foods category has the most market potential in the soy protein ingredients market. Another major factor driving the need for soy protein components worldwide is the surge in demand for effective and affordable meat substitutes among new-borns. Because of the continuous increase in per capita disposable income and the rising demand for soy protein ingredients, there have been significant advancements in the use of soy protein ingredients in infant diets.
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Growth Factors of Soy Protein Ingredients Market:
There are several reasons that are anticipated to propel the global market for soy protein ingredients. The increasing acceptability of soy protein components can be attributed in large part to the increased demand for vegetable protein sources. Furthermore, rather than using peas, wheat, or canola, food and beverage manufacturers can save money by using soy protein components. Furthermore, the production of animal feed has been using more soy protein. Manufacturers of soy protein ingredients will have a great opportunity over the projection period due to the expanding vegan population worldwide. Over the course of the forecast period, strict government regulations are anticipated to pose a significant challenge to the global market for soy protein components.
Compared to animal protein, which is becoming more and more popular with people worldwide, soy protein is more affordable. The increasing number of vegans is driving industry expansion as well. Furthermore, the growing number of people who are lactose intolerant promotes market expansion.
The Soy Protein Ingredients Market – Segmentation:
On the basis of type, the Soy Protein Ingredients Market is bifurcated into:
- Soya protein isolates
- Soy protein concentrates
- Soy flours
- Others
On the basis of application, the market is bifurcated into:
- Bakery and confectionary
- Meat alternatives
- Functional foods
- Dairy replacers
- Infant foods
- Others
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The Regional Analysis of the Soy Protein Ingredients Market
The increased popularity of plant-based meals and beverages, together with the expanding vegan population, are credited with propelling the local business's expansion. North America dominated the global market for soy protein ingredients. These days, the locals are more aware of the environment and the foods they eat. The increasing trend in North America toward a healthier lifestyle and the increased prevalence of numerous chronic illnesses will facilitate the use of soy protein components.
Key participants in the soy protein ingredients market
- Cargill
- Incorporated
- DuPont de Nemours, Inc.
- ADM, CHS Inc.
- Wilmar International
- US Nisshin Shokai
- International Flavours & Fragrances, Inc.
- Now Foods
- Sotexpro
- Wilmar International
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