Soy Protein Market is Estimated to Witness High Growth Owing to Opportunity of Rising Health-Conscious Population

Soy protein is a complete protein obtained from soybeans. It contains all the essential amino acids required by the human body. Soy protein helps in building muscles and maintaining the overall functions of the body. It acts as an alternative to meat and dairy proteins. Soy protein is available in various forms such as soy protein concentrates, soy protein isolates, and textured soy protein which are used in various food applications. It is used as a main ingredient in nutritional drinks and supplements to provide protein support to vegans, vegetarians, and fitness enthusiasts. There is an increasing preference among people for plant-based proteins due to health and environmental concerns about animal-based products.

The global Soy Protein Market is estimated to be valued at US$ 8.66 Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The rising health-conscious population across the globe is estimated to propel the demand for soy protein over the forecast period. People are becoming more aware of the benefits of protein-rich diets and are shifting towards soy and other plant-based proteins. Consumers are also inclined towards vegan and vegetarian diets due to ethical and sustainability reasons. This growing trend of healthy diets and flexitarianism is expected to boost the adoption of soy protein in various applications like bakery & confectionery, meat alternatives, beverages, and other processed foods. The rising product penetration owing to the increasing number of health-conscious consumers offers immense growth opportunities for the soy protein market.

Porter's Analysis

Threat of new entrants: Low economies of scale in production and strong competitive rivalry create high barriers for new players to enter the soy protein market.

Bargaining power of buyers: Large buyers like big food processing companies have significant bargaining power to negotiate lower costs from established soy protein suppliers.

Bargaining power of suppliers: The soy protein market is dominated by few multinational manufacturers, giving them stronger negotiating power over buyers for higher prices.

Threat of new substitutes: Alternative plant-based proteins from peas, lentils pose potential substitution threat to soy protein depending on market pricing and buyer preferences.

Competitive rivalry: Strong competition exists among global leaders for market share and to benefit from consolidated production plants in different regions.

SWOT Analysis

Strength: Soy protein offers essential proteins and lower cost relative to meat consumption. It is widely used in nutritional foods and beverages.

Weakness: Soy allergies limit its application scope. Dependence on imported soybeans makes regional producers vulnerable to trade barriers and price fluctuations.

Opportunity: Growing health and environmental conscious consumer base augers demand for soy-based vegan alternatives to meat and dairy.

Threats: Pandemic disruptions and trade conflicts impact supply chains and prices of raw materials needed for soy protein production.

Key Takeaways

The Global Soy Protein Market Demand is expected to witness high growth supported by increasing health awareness and demand for plant-based foods. The global Soy Protein Market is estimated to be valued at US$ 8.66 Mn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2024 to 2031.

The Asia Pacific region currently dominates the global market due to largest production and consumption of soy protein in China, India, Japan and other Asian countries. Key players operating in the soy protein market are Anmol Chemicals, Bartek Ingredients Inc., Changmao Biochemm, ESIM Chemicals, Fuso Chemical Co. Ltd, Merck KGaA, Polynt.

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