Persistence Market Research (PMR) recently published a study on the soy protein market, which finds that the revenues of the soy protein market surpassed US$ 5.05 billion in 2018. The PMR study predicts that the soy protein market will envisage healthy growth at a 5% value CAGR to reach nearly US$ 7.8 billion by the end of 2027. The PMR study remains bullish on the positive growth prospects of the market as demand for soy protein as a plant-based, nutritional food supplement has increased significantly in the past few years.
“Soy protein is a plant-based, high-quality protein, which is often linked to reduced risks of various lifestyle diseases including obesity and cardiovascular diseases. As the world is shifting away from carbohydrates to accelerate weight loss, the soy protein market is undergoing positive changes with an increased demand as a functional ingredient with sustainable, economical, and health-boosting benefits. Soy protein market players are introducing various flavors and formats of soy protein, which makes it one of the most versatile type of plant-based proteins,” says the PMR study.
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Based on thorough research, the PMR study provides valuable and actionable insights associated with the future prospects of the soy protein market during the period 2019-2027. Some of the insights featured in the study are,
- The incidence of obesity has increased worldwide, awakening consumers about the negative impacts of unhealthy dietary habits. With a mounting number of consumers altering their food preferences, demand for soy proteins is expected to increase in the coming future.
- Consumer inclination towards natural food ingredients with health-benefitting properties is triggering food manufacturers to adopt functional food ingredients, such as soy proteins. This is expected to remain one of the leading drivers for the soy protein market.
- As soy proteins can elicit an allergic reaction among consumers with various food allergies, this will remain a major restraining factor for the growth of the soy protein market in the upcoming years.
- Increasing availability of cost-effective and more nutritious alternatives to soy protein, such as pea proteins, milk proteins, and other animal-based proteins, can have a negative impact on growth of the soy protein market.
- Veganism is becoming mainstream as a large percentage of consumers are spurning animal products, mainly to avoid animal cruelty and mitigate negative impacts of the meat industry on the environment. With an increasing number of consumers are embracing plant-based products, demand for soy proteins is expected to increase in the upcoming years.
Soy Protein Concentrates Demand will Surpass that for Soy Protein Isolates to Gobble a Larger Market Share
The PMR study finds that, by the end of 2018, soy protein concentrates accounted for more than half the revenue share of the soy protein market. Soy proteins in the form of concentrates are more cost-effective and offer more nutritional benefits than soy proteins in the isolates form. The PMR study projects that the demand for soy protein concentrates will maintain its predominance in the market by a nearly 54.3% revenue share in the soy protein market, surpassing US$ 4.2 billion by the end of the forecast period.
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Leading manufacturers in the soy protein market are boosting adoption of advanced technologies in the manufacturing of soy protein to offer more nutrition at competitive prices. Market players are closely monitoring the dynamic nutritional needs of consumers, especially the millennial population, to plan their upcoming business strategies in order to maintain a competitive edge in the soy protein market.
Furthermore, the emerging ‘clean label’ movement will continue to have a significant impact on growth prospects of the soy protein market, as consumers are becoming label-conscious while following healthier dietary routines. This is encouraging manufacturers in the soy protein market to maintain trust and transparency about various factors vis-à-vis manufacturing of soy proteins.