Soy Protein Ingredients Market is set to exceed USD 12.5 billion by 2030, as per a new research report announced by Global Market Insights Inc. Rapid surge in demand for plant-based certified food and drinks driven by increasing vegan population is among the leading factors bolstering soy protein ingredients demand.
Based on an online survey conducted by the Alliance for Science, as of January 2022, 1 in 10 or 10% of Americans above 18 years considered themselves vegetarian or vegan. The major factors driving this dietary shift include rising animal welfare concerns, cultural beliefs, personal health precautions, and growing emphasis on minimizing environmental impact. With the increasing number of people transitioning toward a healthy lifestyle, the demand for plant-based protein ingredients is anticipated to grow substantially, augmenting the soy protein ingredients market size over the coming 8 years.
Technological advancements to boost the demand for soy concentrates
Speaking of the product landscape, Soy concentrate segment is projected to garner revenues worth more than USD 6.5 billion by 2030. Soy protein concentrates offer a nutritionally balanced, high-quality protein at relatively low prices, which, alone or in combination with other protein sources, can be utilized by manufacturers in several fabricated food items such as baked foods, breakfast cereals, and meat products. The introduction of novel technologies and physical and chemical processes that help remove undesirable soy flavors and colors while efficiently modifying the functionality of soy proteins will aid segment growth.
Sustainable development goals to increase the adoption of GMO soy protein ingredients
GMO nature segment of the soy protein ingredients market exceeded USD 3.5 billion in 2021 and is projected to account for an appreciable market share by 2030. The segment growth is attributed to the mounting demand for high-quality, pesticide-free protein ingredients with lower environmental impact. Genetically modified soy crops help reduce pesticide use and significantly improve crop yields. The increasing utilization of plant-based protein ingredients in several foods and drinks due to their economic, environmental, and health benefits will foster the adoption of GMO soy protein ingredients through 2030.
Browse key industry insights spread across 200 pages with 302 market data tables and 24 figures & charts from the report “Soy Protein Ingredients Market Size By Product (Soy Isolate, Soy Concentrate, Soy Flour), Nature (GMO, Non-GMO), Application (Bakery & Confectionery, Meat Extenders & Alternatives, Functional Food, Infant Food, Dairy Replacer, Animal Feed [Poultry, Swine, Cattle, Aquaculture, Pet Food]), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030”, in detail along with the table of contents:
Integration of healthy food supplements to drive product demand across bakery and confectionary applications
With regard to application, soy protein ingredients industry is anticipated to drive revenues of more than USD 1 billion from bakery and confectionery applications. Soy proteins can bind high amounts of water which help improve the overall texture and consistency of baked products. The proliferating demand to integrate functional and healthy ingredients in confectionary and bakery products to enhance their nutritional value and increase protein content will boost the demand for soy protein ingredients between 2022 and 2030.
Strict regulatory norms to bolster product demand across Europe
Europe soy protein ingredients market is predicted to exhibit around 9.5% CAGR through 2030. The regional growth is credited to the rapid surge in the production of several infant formulations in the region. Government and authorities in Europe have implemented a stringent regulatory framework and have been strongly emphasizing maintaining appropriate nutritional content in food and beverages, which is likely to accelerate business demand across Europe.
Strategic investments to stimulate the competitive outlook
Competitive landscape of the soy protein ingredients market comprises players such as Cargill, Incorporated., DuPont de Nemours, Inc., ADM, CHS Inc., Wilmar International, US Nisshin Shokai, International Flavors & Fragrances, Inc., Now Foods, Sotexpro, and Wilmar International among others. These companies have been making hefty investments to increase their production capacity and meet the burgeoning demand for alternative protein ingredients.For instance, in April 2022, ADM, a leading food processing company, unveiled its plan to invest a sum of over USD 300 million in its soy protein plant and a new innovation center in Decatur, Illinois. The strategy aims to enhance ADM's soy protein production in the foreseeable future.