Soy Protein Market Revenue Growth Driven by Rising Trend of Veganism and Increasing Focus on Nutritional Foods: Reports and Data

Rising awareness regarding health benefits of soy protein and R&D initiatives to assess its impact on various health outcomes, and expanding veganism trend are some key factors driving market growth

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Dec 07, 2021, 09:00 ET

NEW YORK, Dec. 7, 2021 /PRNewswire/ -- Reports and Data has published its latest report titled "Soy Protein Market By Product Type (Soy Protein Concentrates, Soy Protein Isolates, Textured Soy Protein, Soy Flour, Grits, and Chunks), By Form (Powder, Ready to Drink, Bars, Capsules & Tablets, Others), By Application, By Distribution Channel, And By Region Forecast to 2028."

According to the latest report, global soy protein market size was USD 10.68 billion in 2020 and is expected to reach USD 18.35 billion in 2028 and register a CAGR of 7.0% during the forecast period, 2021-2028.

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Drivers, Restraints, and Opportunities

Soy protein is a rich source of lean, cholesterol-free, and lactose-free protein and offers numerous health benefits to consumers. Soy protein is isolated from soybeans and is widely used to replace animal proteins in human consumer diets. Soy protein is low in fat and devoid of saturated fats and cholesterol, which makes it an ideal protein source for boosting the density of foods. Increasing focus on lean protein sources and nutritionally dense foods and advancements in nutrition science and exercise physiology are some key factors boosting demand for soy protein and soy foods, and are expected to continue to contribute to market revenue growth over the forecast period. Soy protein is the only vegetable protein that is a complete protein and essentially fits within the current recommendations of nutrition experts.

Soy provides a comprehensive source of dietary protein that contains all essential amino acids and soy protein delivers many health benefits such as prevention of chronic diseases and treatment of menopausal symptoms. Soy protein products are used in foods for fat binding and absorption. Soy proteins promote fat binding and decrease cook loss and maintain the dimensional stability in the cooked products. Addition of soy protein and soy protein products in bakery foods such as pancakes and doughnuts can prevent excessive oil absorption during frying. Isolated soy protein supports healthy growth and development and recent studies indicate it can contribute to muscle development in athletes and compromised individuals. In addition, soy protein containing foods have been approved to be labeled as protective against cardiovascular diseases by the U.S. FDA. Soy protein reduces serum concentrations of total cholesterol, Low-Density Lipoprotein (LDL) – sometimes called 'bad' cholesterol – and triglycerides. Soy proteins also contribute to efficient control of hyperglycemia and body weight, which can be beneficial for non-diabetic and diabetic persons in controlling obesity and blood sugar levels.

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Soy protein research has increased over the recent past among multiple health disciplines and with growing awareness regarding health benefits of soy, major companies are developing additional foodstuffs to meet the rising global demand for soy products. This is expected to boost use of soy protein in foods and beverages and the trend is expected to continue going ahead. However, concerns regarding food allergies, intolerance to soy products among certain individuals, and lack of awareness regarding daily nutritional requirement are expected to negatively impact adoption of soy-based products and hamper market growth to a certain extent over the forecast period.

COVID-19 Impact Analysis

Social distancing and restrictions severely disrupted businesses and operations
Lockdowns caused disruptions in transportation and logistics
impacted manufacturing activities and mining operations globally
Took a toll on economy of various countries
Caused sudden and drastic downturn in economic activity
Disrupted agriculture, fisheries, dairy, and other sectors
Caused loss of employment and financial crisis
Supply impacts were further compounded owing to reduced disposable income
Emergence of variants continue to cause concerns and impact normal routines

Soy Protein Isolates to Support Revenue Growth:

Soy protein isolates segment is expected to account for largest revenue share over the forecast period, attributable to increasing use of soy protein isolates in vegetarian and vegan diets, and availability of cost-effective soy protein isolates, among others.

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Ready to Drink Segment to Register Rapid CAGR:

Ready to drink segment is expected to register a rapid revenue CAGR during the forecast period, attributable to increasing demand for convenience and ready-to-eat foods due to busy lifestyles, availability of wide range of cost-effective soy-based food products, and rising disposable income among consumers globally.

North America to Lead in Terms of Revenue Share:

North America is expected to account for a significantly large revenue share over the forecast period, attributed to increasing awareness regarding health benefits of soy protein, increasing investment to accelerate soy protein research to introduce new varieties of soy-protein enriched products, and rising trend of veganism and shift to healthier lifestyle practices and diets.

Asia Pacific to Register Robust Revenue Growth Rate:

Asia Pacific market is expected to register robust revenue CAGR over the forecast period, attributable to rising consumption of soy protein in major countries in the region, increasing trend of vegetarian diet due to rising focus on consuming cholesterol-free and low-fat foods, and availability of various soy-based products.

Europe market revenue to expand steadily:

Europe is expected to register significantly steady revenue growth rate over the forecast period, attributable to increasing vegan population due to rising awareness regarding health benefits of soy proteins, rising prevalence of chronic diseases such as Cardiovascular Disease (CVD) and obesity, increasing number of initiatives encouraging consumption of soy protein products, and presence of major companies in countries in the region.

Major Companies in the Market Include:

Wilmar International
CHS Inc.
The Archer Daniels Midland Company
Crown Soya Protein Group
DowDuPont Inc.
Linyi Shansong Biological Products Co. Ltd.
Cargill Corporation
Shandong Yuxin Bio-Tech Co. Ltd.
Sonic Biochem
Hung Yang Foods Co. Ltd.

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Market Segmentation:

For the purpose of this report, Reports & Data has segmented the global soy protein market on the basis of product type, form, application, distribution channel, and region:

Product Type Outlook (Revenue, USD Billion; 2018 – 2028)

Soy Protein Concentrates
Soy Protein Isolates
Textured Soy Protein
Soy Flour, Grits, and Chunks

Form Outlook (Revenue, USD Billion; 2018 – 2028)

Powder
Ready to Drink
Bars
Capsules & Tablets
Others

Application Outlook (Revenue, USD Billion; 2018 – 2028)

Bakery & Confectionery
Meat Alternatives
Functional Foods
Dairy Replacers
Infant Foods
Others

Distribution Channel Outlook (Revenue, USD Billion; 2018 – 2028)

Specialty Store
Convenience Store
E-Commerce/Online Sale Channel
Supermarket/Hypermarket

Regional Outlook (Revenue, USD Billion; 2018 – 2028)

North America

U.S
Canada
Mexico

Europe

Germany
U.K.
France
Italy
Spain
Sweden
BENELUX
Rest of Europe

Asia Pacific

China
India
Japan
South Korea
Rest of Asia Pacific

Latin America

Brazil
Rest of Latin America

Middle East and Africa

Saudi Arabia
U.A.E.
South Africa
Rest of Middle East & Africa

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Some points on how the report benefits stakeholders:

The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.

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