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Soy Protein Ingredients Market Industry Analysis | Types, Advantages, and Forecast

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Soy is highly rich in protein content. The oilseed offers a spectrum of benefits to human and animal health. It helps in maintaining protein profile for healthy body functions, weight management, muscle management, and heart health. As consumer awareness regarding health is on a rise globally, particularly post COVID-19 pandemic, especially in regions such as North America and Europe, the demand for protein rich foods is high. Red meat is also very rich in protein content and is consumed widely. However, its associations with heart diseases, and other limitations which are making room for meat alternatives. Soy has thus come up as a popular meat alternative, as it relatively matches the meat’s protein content. Manufacturers in the industry are trying their best to innovate soy-based textured protein to impart meat like texture to these foods. The global soy protein ingredients market is estimated to be valued at USD 7.7 Billion in 2022. It is projected to reach USD 10.8 Billion by 2027, recording a CAGR of 7.0% during the forecast period.

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Moreover, with high prevalence of lactose intolerance lately, consumers are also in search of dairy alternatives. Soy protein ingredients are thus very popular in dairy-alternatives industries that are catering to this growing demand. The rise in sensitization among the population, especially youth about environmental concerns and animal cruelty, is promoting veganism and vegetarianism. As a result, leading manufacturers such as ADM (US), and Wilmar International Ltd (Singapore), offer soy protein ingredients with varying protein content to meat and dairy alternatives industries.

With governments such as in the US, promoting the cultivation of soy, not just for human consumption but also for animal feed, oil, fuel, pharmaceuticals and plastics, the applications of soy protein ingredients have no bounds, fueling their demand globally. Soybean meal in particular, is highly used for animal feed for cattle, swine, and poultry. With the rise in pet ownership and rising significance of nutrition among owners, pet food and animal feed manufacturers are focused on incorporating highly nutritive protein i=rich ingredients such as soy.

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The Asia Pacific region is estimated to be the fastest growing market for soy protein ingredients due to exponentially rising demand with respect to growing population, awareness, and incomes. It also has a huge share in the feed soy protein ingredients market, evident with China being the largest consumer and producer of meat in the world. North America is estimated to be the dominant market in 2022, with respect to its huge global share, owing to high awareness, soybean production, and consumer shit towards veganism. The presence of leading soy protein ingredients players in the market such as ADM (US), Cargill, Incorporated (US), CHS Inc. (US), International Flavors & Fragrances Inc. (US), and Devansoy (US), is catering to the wide demand in the market. These players are mainly focused on expanding their capacities to cater the growing demand by business strategies such as acquisitions, expansions, and joint ventures.

These players are also targeting geographical locations such as the Asia Pacific and North America, to tap their market potential for soy protein ingredient-based food and feed markets. This, in turn, is creating a paradigm shift in the industry which is expected to boom further in the coming years including the forecast period.

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