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

India Soy Protein Market forecasted to grow at the CAGR of 8.0% during 2022-2027

Currently, India is one of the fastest-growing countries in the Asia-Pacific region. The country's government is highly supportive to the local companies to boost the manufacturing sector and improve the rate of employment in the country. Furthermore, to boost the pace of industrialization and infrastructure development, the Government favors foreign investment, making India an attractive destination for foreign companies.

India's protein market has recorded a significant rise in market revenue. The soy protein industry of India currently shares around 12% of the Asia-Pacific soy protein market share. Though the percentage share of soy protein in India is relatively low compared to China, it is projected that by the next decade, the gap will be reduced. An increase in the quality of lifestyle of middle- and lower-income families, the high rate of urbanization, and increasing health awareness would be major drivers for the growth of the soy protein market in the country.

The market revenue of soy protein in the country is projected to grow at a CAGR of 8% from 2022 to 2027 to capture the value of $478.7 million by 2027. The application of soy protein across the food industry shares the highest market share. In the last few years, consuming protein-rich food in daily diets has increased in India. Growing soy protein-based food manufacturers in the country consider this an opportunity and plan to expand the soy protein products range. The country's beverage industry has changed significantly since last decade with rising consumers asking for the juices, flavored water, and carbonated water containing healthy and natural ingredients. Such a trend has led to the ever-growing application of soy protein across the beverage industry.

The country's dietary supplement industry has recorded a rapid rise in terms of market revenue. Youngsters in the country and the middle-aged population are highly interested in supplementary products to grow strong muscles and an attractive body. These trends in the supplement industry have led to the growing application of soy protein across the dietary supplement industry. As a result, the application of soy protein in the dietary supplement industry is forecasted to grow at the fastest CAGR of 8.8% by 2027.

The know-how for food processing is very low. Hence, there are not many local key soy proteins players in India. Also, the policy and regulation with respect to the soy protein application across various industry segments have not been strictly defined, which hinders the market growth. However, all these issues are estimated to get resolved in coming years and will aid in the rapid market expansion.

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