Market Overview
Soy protein is a soybean protein that has been separated. It is made from soybeans that have been dehulled and defatted. Soy flour, focuses, and disconnects are three types of high protein items made from dehulled and defatted soybeans. Most of the soy protein is used in a variety of foods, including meat substitutes, infant formula, frozen desserts, salad dressing, and many others. The availability of soy protein in various forms and packaging has changed the dynamics of the soy protein market in recent years.
Market Trends
Over the forecast period, the growing demand for protein products is expected to be the major driving factor for the global soy protein market. Isolated protein products are in high demand all over the world, thanks to the rise of the health-conscious demographic. Protein bars and protein powders have become increasingly popular as consumers in developed countries have become more aware of the importance of post-workout nutrition and the overall role of proteins in building a stronger body. Over the forecast period, the growing fitness movement in developed countries is expected to be a major driver for the global soy protein market. With increased awareness of soy protein ingredients as a competitive source of protein in animal feed, demand for soy protein ingredients in animal feed applications is expected to increase.
The increasing availability of soy protein bars is expected to be a major driver for the global soy protein market over the forecast period. While most people think of protein powder as a food for athletes, protein bars have grown in popularity among the general public because they can be consumed right away and contain fewer carbs than regular snack bars. Over the forecast period, this is likely to be a major driver for the global soy protein market, as it allows market players to connect with new customers who aren't fitness enthusiasts.
Segmental Analysis
Soy protein isolates, soy protein concentrates, soy protein flours, and others are among the different types of soy protein available. Soy protein isolates have a large market share because they are commonly used in food.
Powder, bars, ready-to-drink, capsules & tablets, and other forms of soy protein have been segmented in the market. The powdered form of soy protein commands the lion's share of the market.
Functional foods, sports nutrition, meat additives, confectionery & other food products, pharmaceuticals, and other applications have been segmented in the soy protein market. During the forecast period, the use of soy protein in sports nutrition will grow at a faster rate.
The market for soy protein has been divided into distribution channels, which include supermarkets/hypermarkets, convenience stores, E-commerce, and others. The supermarket/hypermarket segment has the largest market share, while the e-commerce segment is expected to grow at a faster rate.
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Regional Analysis
The Global Soy Protein Market is segmented into America, Europe, Asia Pacific, and rest of the world (ROW).
The United States has the largest market share, followed by Asia Pacific. The dominance of America in the global soy protein market is largely due to increased soy production in South America. Brazil, the United States, Argentina, and Canada are the top exporters of soy protein. The rising popularity of exercise and fitness in these countries is expected to be a major driver for the soy protein market in this region over the forecast period, as the rise in obesity in the United States has resulted in a greater awareness of the importance of exercising and staying fit in general. Over the forecast period, rising demand for soy protein products as a functional food is also expected to be a major driver for the soy protein market in the region.
The soy market in Europe is being boosted by rising demand for soy protein for various applications, primarily as a functional food. Consumers over the age of 15 make up the majority of the vegan population in Europe. The health benefits associated with vegan diets are credited with this trend. Vegan diets are thought to result in lower cholesterol and blood pressure levels, a lower body mass index, and a lower risk of heart disease. As a result of this trend, demand for plant-based protein sources as an alternative to animal or fish products is expected to rise.
The Asia Pacific region will grow faster than the rest of the world, owing to rising demand for high-quality soy protein, particularly from developing countries like China and India. One of the major factors driving the growth of the soy protein ingredients market in this region is the high consumption of soy-based products.
Competitive Analysis
The key players profiled in the Global Soy Protein Market are Archer-Daniels-Midland Co. (U.S.), Ingredion (U.S.), Solae (U.S.), Dupont (U.S.), Solbar (Israel), Cargill (U.S.) and Gushen Biological Technology Group Co., Ltd (China)
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