South Korea Soy Protein Market- Size, Trends, Competitive Analysis and Forecasts (2022-2027)

South Korea Soy Protein Market to be worth $272 million by 2027

South Korea is one of the most developed nations in the APAC region. The country has a high potential to drive technological advancements in processing and manufacturing. The increasing health consciousness and trend of leading a quality lifestyle mainly drive the protein market. The South Korean soy protein industry shares around 7% of the Asia-Pacific soy protein market. With a growing demand for soy protein across various segments of the industry, the market revenue of soy protein in the country is estimated to cross $272.7 million by 2027, registering at a CAGR of 7.5% during the forecast period 2022 to 2027.

Major driver for the soy protein market in the country is the rising population moving towards consumption of plant-based food products. The application of soy protein across the food industry shares the highest market share of 38%. The demand for meat substitutes in the country is growing rapidly due to increased concerns related to the environment and animal welfare. Manufacturers are seeing this as an opportunity and are developing innovative plant-based products. In addition, the beverage industry has changed drastically in the last few years. The demand for healthy beverages such as drinks, juices, smoothies, shakes, etc., is rising. These products require high protein content to make them useful for weight management activities. Given these trends in the food and beverage industry, soy protein application is estimated to grow at a healthy pace in the country.

South Koreans are also highly interested in consuming supplement products to lead a healthy and fit lifestyle. The youngsters in the country are becoming more and more aware of the benefits of protein products due to the recommendations from health experts and gym instructors. Thus, the application of soy protein across the dietary supplements industry is growing at a rapid CAGR of 8.2%, the highest among all the applications of soy protein across various industries.

There are issues related to the allergen content in soy protein. In addition, the availability of substitute protein sources hinders the demand for soy protein in the country. However, the policy and regulation related to soy protein in the country are highly elaborate, which aids the manufacturers in the country for exports. The number of soy protein manufacturers in the country is low at present, but it is estimated that in the coming years, due to rising demand, the number of manufacturers will increase, which will intensify the market competition.

Key Deliverables

• Market trends since 2018 and five year forecasts of market growth
• Detailed analysis of the micro and macro elements influencing demand trends
• Identifying opportunity spaces across segments
• Supply & demand side trend and analysis
• Price trend analysis, investment prospects, and competition pattern
• Insights on the growth potential of the market
• Detailed analysis of major producers covering financial investments & strategies adopted
• Competitive landscape of the industry