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Soy Protein Global Market Report 2023
Major players in the soy protein market are Wilmar International CHS Inc., The Archer Daniels Midland Company, Crown Soya Protein Group, DuPont Nutrition & Biosciences, Linyi Shansong Biological Products Co.
New York, March 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Soy Protein Global Market Report 2023" - https://www.reportlinker.com/p06244977/?utm_source=GNW
Ltd., Cargill Corporation, Shandong Yuxin Bio-Tech Co. Ltd., Sonic Biochem, Hung Yang Foods Co. Ltd., BASF SE, Fuji Oil Company Ltd., A. Costantino & C. S.P.A, Solbar Ningbo Protein Technology Co. Ltd., Nordic Soya Oy, ETChem, Qingdao Foodrich Soya-Tech Co. Ltd and Burcon NutraScience Corporation.
The global soy protein market grew from $8.31 billion in 2022 to $9.15 billion in 2023 at a compound annual growth rate (CAGR) of 10.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The soy protein market is expected to grow to $12.49 billion in 2027 at a CAGR of 8.1%.
The soy protein market consists of sales of textured soy protein, soy protein isolates, soy protein concentrates, and other soy protein products.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Soy protein is a protein that is isolated from the soybean.Soy protein is a high-protein source that can help to lose weight, increase energy, and build muscle.
Soy protein has been utilized as an ingredient in a range of cuisines, including vegetarian foods, salad dressings, soups, and meat substitutes, due to its functional characteristics. Emulsification and texturizing are two of its functional features.
North America was the largest region in the Soy Protein market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the soy protein market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of products in soy protein are soy protein isolates, soy protein concentrates, textured soy protein and soy flour, grits, and chunks.Soy protein isolate is the most useful form of soy protein and is primarily used to enhance texture and eating quality in meat ingredients.
Soy protein isolate contains approximately 90% protein.The different forms of soy protein include powder, ready-to-drink, bars, capsules, tablets, and others and are found in various natures such as organic soy protein and conventional soy protein.
The different applications include bakery and confectionery, meat alternatives, functional foods, dairy replacers, infant foods, and others and are distributed through several channels such as specialty stores, convenience stores, e-commerce or online sale channel, and supermarket or hypermarket.
The increasing vegan population is contributing to the growth of the soy protein market.A vegan diet excludes animal products such as fish, dairy, meat, and eggs.
Vegan and flexitarian diets are becoming more popular as the plant-based business has developed and people becoming more conscious of the difficulties surrounding meat production.With a surge in the vegan population, there is an increase in demand for soy protein as people seek to add soy protein to their diet to maintain a protein balance.
For instance, according to Good Food Institute, a US-based non-profit organization to promote plant-based and cell-based alternatives to animal products, sales of plant-based foods increased three times more quickly than those of non-plant-based meals as compared to its previous years in the year 2021 in the US. Therefore, the rise in the vegan population is expected to propel the growth of the soy protein market in the coming years.
Technological advancement is shaping the soy protein market.Companies in the soy protein industry are working on new technology to improve the oil, protein, and sustainability profiles of soybeans, and increase the nutritious content of soy protein products.
Players in the market are trying to capture a more customer base by improving the quality of soy protein products.For instance, in April 2021, ZeaKal, a US-based company engaged in developing technologies to promote higher levels of healthier oils across several crops, introduced a PhotoSeed technology to improve the oil, protein, and sustainability profile of soybeans.
PhotoSeed technology improves the soy protein levels as it captures better carbon and overall nutritional composition.
In July 2021, Archer Daniels Midland (ADM), a US-based food processing company acquired Sojaprotein for an undisclosed amount.The acquisition will allow ADM to expand its alternative protein portfolio, which already includes a soy protein complex in Campo Grande, a pea protein plant in Enderlin, and a joint venture with PlantPlus Foods, Mato Grosso do Sul, North Dakota.
Sojaprotein is a Serbian-based agribusiness company that produces soy-based products.
The countries covered in the soy protein market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The soy protein market research report is one of a series of new reports that provides soy protein market statistics, including soy protein industry global market size, regional shares, competitors with a soy protein market share, detailed soy protein market segments, market trends and opportunities, and any further data you may need to thrive in the soy protein industry. This soy protein market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06244977/?utm_source=GNW
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