The global soy protein ingredients market is driven by a growing inclination toward vegan diets, the functional efficiency, the cost competitiveness offered by such plant protein products, and their increasing utilization in a wide variety of processed foods, especially in the ready-to-eat product category. Soy protein isolates and concentrates are the most eminent forms of soy protein and contain 90% and 70% protein content, respectively. The high functional property of soy protein and its natural health benefit are boosting its market growth. There is an increase in the adoption of soy protein across several end-user industries, owing to its high sustainability
Also, the major drivers for this market are raising health concern, the increasing demand for organic products, high nutritional value of soy protein, and rising awareness among consumers about the side effects of consuming unhealthy foods.
The future of the organic soy protein market looks promising with opportunities in the functional foods, infant formula, bakery and confectionery, meat alternatives, and dairy alternatives industries. The global Soy Protein Ingredients market was valued at USD 8694.4 million in 2020 and is expected to reach USD 11870 million by the end of 2027, growing at a CAGR of 4.1% during 2021-2027.
There is increasing demand for plant-based protein as consumers are shifting from animal-based proteins toward plant-based food sources. Major reasons for this shift is consumers’ concerns regarding gaining weight, various food safety reasons, and animal cruelty. Consumers nowadays are opting for protein alternatives in the hope of losing weight, as plant-based proteins are associated with weight loss properties.
Soy protein has lower fat and calorie content as compared to animal proteins, and is rich in essential nutrients and fiber as well. These factors are drawing health-conscious customers toward plant-based proteins.
Which Factors are Restraining the Sales Potential of Soy Protein?
Major factor that is responsible for hindering market growth is the presence of other substitutes in this space. Plant-based proteins are rapidly gaining popularity across the world and manufacturers are opting for different plant-based proteins such as pea protein, wheat protein, rice protein, pulses, canola, flax, and chia protein when soy cannot be used.
For instance, pea protein, wheat protein, and rice protein are frequently used instead of soy protein, especially due to consumers having negative implications about soy products. This reduces the use of soy protein in the food and beverage industry and other industries as well.
High price associated with soy also makes way for other plant-based proteins in the market, which give almost similar benefits at a comparatively low cost. Thus, other cheaper plant-based alternatives pose as a threat to the growth of this market.
Post time: Jan-11-2022