Soy Protein Market Focuses on Increasing Nutrition Levels to Capture a Broad Customer Profile
The Business Research Company Global Soy Protein Market Report 2022 – Global Market Size, Trends and Forecast 2022-2026
LONDON, GREATER LONDON, UK, March 2, 2022 /EINPresswire.com/ — Technological advancements are shaping the soy protein market. Companies in the soy protein market are working on new technologies to improve the oil, protein and durability profiles of soybeans and increase the nutrient content of soy protein products. Players in the soy protein market are trying to capture a wider customer base by improving the quality of soy protein products. For example, in April 2021, ZeaKal, a US-based company engaged in developing technologies to promote higher levels of healthier oils in multiple crops, introduced PhotoSeed technology to improve oil profile, protein and sustainability of soy. PhotoSeed technology improves soy protein levels as it better captures carbon and overall nutritional composition.
In July 2021, Archer Daniels Midland (ADM), a US-based food processing company, acquired Sojaprotein for an undisclosed amount. Sojaprotein is a Serbia-based food company that manufactures soy products. 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, a joint venture with PlantPlus Foods, Mato Grosso do Sul, D.A. North.
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The global soy protein market size is expected to grow from USD 7.47 billion in 2021 to USD 8.24 billion in 2022 at a compound annual growth rate (CAGR) of 10.3%. The growth of the soy protein market is primarily driven by companies resuming operations and adapting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities which have resulted in operational challenges. The soy protein market share is expected to reach USD 11.14 billion in 2026 with a CAGR of 7.8%.
The growing vegan population is contributing to the growth of the global 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 trade expands and people become more aware of the difficulties associated with meat production. With an increase in the vegan population, there is an increase in the demand for soy protein as people seek to add soy protein to their diets to maintain protein balance. For example, according to Plant Based News, there were 600,000 vegans in the UK in 2019, however, there has been a 40% growth in the vegan population in 2020, bringing the total to 1.5 million people. Hence, the increase in the vegan population is expected to propel the growth of the soy protein market in the coming years.
Key Players Covered in Global 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. Ltd., Cargill Corporation, Shandong Yuxin Bio -Tech Co. Ltd., Sonic Biochem, Hung Yang Foods Co. Ltd., BASF SE, Fuji Oil Company Ltd, A. Costantino & CSPA, Solbar Ningbo Protein Technology Co. Ltd., Nordic Soya Oy, ETChem, Qingdao Foodrich Soya -Tech Co. Ltd and Burcon NutraScience Corporation.
TBRC’s Global Soy Protein Market report is segmented by Product Type into Soy Protein Concentrates, Soy Protein Isolates, Textured Soy Protein, Soy Meal, Grits & Chunks, by Soy Protein Nature organic, conventional soy protein, in powder form, ready to use. drinks, bars, capsules and tablets, other, by application in bakery and confectionery, meat substitutes, functional foods, dairy substitutes, baby food, other, by distribution channel in specialty stores, convenience stores, e-commerce or sales channel online, supermarket or hypermarket.
Global Soy Protein Market Report 2022 – By Product Type (Soy Protein Concentrates, Soy Protein Isolates, Textured Soy Protein, Soy Flour, Grits & Chunks), By Nature (Organic Soy Protein, conventional soy protein), by form (powder, ready-to-drink, bars, capsules and tablets), by application (bakery and confectionery, meat substitutes, functional foods, milk substitutes, baby foods), by distribution channel ( specialty store, convenience store, e-commerce or online sales channel, supermarket or hypermarket) – Global Market Size, Trends and Forecasts 2022-2026 is part of a series of new reports from The Business Research Company that provides an overview of the Soy Protein Market, Forecasts Soy Protein Market Size and Growth for Overall Market, Soy Protein Market Segments, Geographies, Soy Protein Market Trends Soybeans, Soybeans Protein Market Drivers, Competitor Restraints, Revenues, Profiles and Market Shares.
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