Market Insights
The plant-based protein consumption market is led by soy and the global soy protein ingredients market is expected to reach USD 11.4 billion by 2023 with a CAGR of 7.8%. The North American soy protein market is projected to reach USD 4.12 billion by 2023, at a CAGR of 6.9% during the forecast period. Soy is readily available and research is being undertaken to broaden its scope of usage and support its health benefits.
Market Dynamics
The FDA approved the soy protein health claim on lowering coronary heart disease and thereafter, numerous scientific studies have continued to support the soy protein health claim. As a result, consumers are increasingly opting for soy-rich diets. Numerous functional properties make soy an excellent ingredient in various food products, apart from its use as a fortification substance. As a result, the food industry is witnessing increasing demand for soy year after year. Soy protein is widely used as a meat alternative in the United States and thus, demand for animal protein substitutes is driving the North American soy protein ingredients market.
Market Segmentation
The North American soy protein market is segmented by application into bakery, confectionery, meat substitute, functional food, dairy substitute, infant food, and others. Soy can be found in a variety of items such as baked goods, cereal, crackers, canned soups, vegetable broth, salad dressings, imitation bacon bits, energy bars, reduced-fat peanut butter, pasta, deli and vegetarian meat alternatives. It is also an ingredient in some vitamin E supplements, prescription drugs, and cosmetics. Soy infant formula, soy milk, soy lattes, soy nut butter, and soy veggie burgers form popular consumer choices. This widespread prevalence makes avoidance challenging for those who are allergic to soy. Soy allergy is one of most common food allergies in children in the United States.
Regional Analysis
In North America, the US dominated the soy protein ingredients market in 2017, followed by Canada. However, it is expected that Mexico will have the highest CAGR during the forecast period. The consumption of health foods and the food & beverage segment in developing countries is expected to grow at a high CAGR.
Key developments
Major players - ARCHER DANIELS MIDLAND COMPANY, CARGILL INCORPORATED, CHS INC., DUPONT NUTRITION & HEALTH, KERRY GROUP PLC, SOJA PROTEIN, WILMAR INTERNATIONAL LIMITED, among others.
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The plant-based protein consumption market is led by soy and the global soy protein ingredients market is expected to reach USD 11.4 billion by 2023 with a CAGR of 7.8%. The North American soy protein market is projected to reach USD 4.12 billion by 2023, at a CAGR of 6.9% during the forecast period. Soy is readily available and research is being undertaken to broaden its scope of usage and support its health benefits.
Market Dynamics
The FDA approved the soy protein health claim on lowering coronary heart disease and thereafter, numerous scientific studies have continued to support the soy protein health claim. As a result, consumers are increasingly opting for soy-rich diets. Numerous functional properties make soy an excellent ingredient in various food products, apart from its use as a fortification substance. As a result, the food industry is witnessing increasing demand for soy year after year. Soy protein is widely used as a meat alternative in the United States and thus, demand for animal protein substitutes is driving the North American soy protein ingredients market.
Market Segmentation
The North American soy protein market is segmented by application into bakery, confectionery, meat substitute, functional food, dairy substitute, infant food, and others. Soy can be found in a variety of items such as baked goods, cereal, crackers, canned soups, vegetable broth, salad dressings, imitation bacon bits, energy bars, reduced-fat peanut butter, pasta, deli and vegetarian meat alternatives. It is also an ingredient in some vitamin E supplements, prescription drugs, and cosmetics. Soy infant formula, soy milk, soy lattes, soy nut butter, and soy veggie burgers form popular consumer choices. This widespread prevalence makes avoidance challenging for those who are allergic to soy. Soy allergy is one of most common food allergies in children in the United States.
Regional Analysis
In North America, the US dominated the soy protein ingredients market in 2017, followed by Canada. However, it is expected that Mexico will have the highest CAGR during the forecast period. The consumption of health foods and the food & beverage segment in developing countries is expected to grow at a high CAGR.
Key developments
- February 2018 - Archer Daniels Midland agreed to form a soybean joint venture in Egypt with fellow US agricultural merchant Cargill to take advantage of strong demand for edible oil and livestock feed.
- August 2017- DuPont finalized a USD 150 billion merger with The Dow Chemical Co. to form DowDuPont, a conglomerate with diverse consumer offerings. DowDuPont will have holdings in agriculture, materials science, and specialty products.
Major players - ARCHER DANIELS MIDLAND COMPANY, CARGILL INCORPORATED, CHS INC., DUPONT NUTRITION & HEALTH, KERRY GROUP PLC, SOJA PROTEIN, WILMAR INTERNATIONAL LIMITED, among others.
Reasons to Purchase this Report
- Analyzing outlook of the market with the recent trends and Porters five forces analysis
- Market dynamics, which essentially consider the factors, which are impelling the present market scenario, along with growth opportunities of the market in the years to come
- Market segmentation analysis, including qualitative & quantitative research incorporating the impact of economic & non-economic aspects
- Regional and Country level analysis integrating the demand and supply forces that are influencing the growth of the market
- Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- 3-month analyst support, along with the Market Estimate sheet (in excel)
Customization of the Report
This report can be customized to meet your requirements.
This product will be delivered within 2 business days.
Table of Contents
1. Introduction
3. Market Dynamics
4. Market Segmentation
5. Competitive Landscape
6. Company Profiles
7. Appendix
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Archer Daniels Midland Company
- Cargill Incorporated
- CHS Inc.
- Dupont Nutrition & Health
- Kerry Group PLC
- Soja Protein
- Wilmar International Limited
Methodology
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