Isoflavones Market Analysis

Isoflavones Market Analysis

The isoflavones market share from nutraceutical applications segment surpassed USD 7 billion in 2022, attributed to the increasing consumer inclination toward health and wellness. Nutraceutical supplements have gained substantial momentum over the past few years as they offer a myriad of health benefits. They have proven to help prevent and treat illnesses associated with neurodegeneration, heart, and diseases caused due to oxidative stress. Nutraceuticals also have a promising impact on lifestyle disorders such as hypertension, cancer, and diabetes. Furthermore, several governments are launching innovative efforts to boost rural access to affordable nutraceuticals. For instance, in March 2022, the Indian government announced the provision of nutraceuticals across 8,000 government-operated medical retail stores to provide medications at 50% to 90% lower prices compared to branded medicines.
 

The soy isoflavones market will reach USD 26 billion by 2032. The emergence of new trends, such as vegan diets have propelled the consumer inclination toward the consumption of soy-based and plant protein ingredients. The growing awareness regarding the adverse impact of meat consumption has encouraged people to switch to plant-based proteins. Several manufacturers are thus ramping up efforts to boost the production of soy protein ingredients to address the growing consumer demand. For instance, in August 2022, Archer Daniels Midland (ADM) partnered with Benson Hill, a food tech company, to accelerate its ultra-high protein (UHP) soy portfolio while meeting the growing demand for plant-based protein in North America.
 

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North America isoflavones market size is anticipated to record 4.8% CAGR through 2032. The region is expected to emerge as a lucrative hub for isoflavone producers with rapidly changing consumer preferences, the rising popularity of veganism, and the growing demand for plant-based proteins. Countries such as the U.S., and Canada have witnessed dramatic shift in consumer preference for plant-based dairy products from conventional dairy. Regional consumers are switching to dairy-free alternatives such as soy milk due to the rising prevalence of dairy allergies. Hence, this thriving demand has spurred soy production across the continent, offering lucrative scope for industry expansion. For instance, as per the Crop Production report released by the National Agricultural Statistics Service (NASS) of the USDA in August 2022, soybean growers set a 2% growth in production from 2021, estimated at 4.53 billion bushels.