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

Spain Soy Protein Market to be worth $500 million by 2027

The soy protein market of Spain possesses around 11% of the European soy protein market. Spanish consumers are increasingly demanding products that are free of meat. In addition, the number of the population adopting vegan and vegetarian diets in the country is also rapidly rising. Thus, the plant-based protein market is continuously growing. Of all the plant-based protein, the market revenue of soy protein is highest and holds the value of $351.5 million in 2021. Due to the growing demand for soy protein across various industry segments ranging from food, cosmetic and personal care, the Spain soy protein market is projected to attain the value of $501.9 million by 2027, growing at a CAGR of 6.1% during the forecast period.

One of the important drivers for the growing demand for soy protein in the food industry is increasing awareness about health-related issues. The consumption of meat and its derivative products is very high in Spain. Such high consumption has led to a rising prevalence of diseases associated with fats. Another primary driver is the growing anti-livestock industry narrative. Additionally, consumers in Spain are becoming aware of the ill effects of processed foods, leading to increased demand for clean labeled products. The application of soy protein across the food industry shares the highest market share of 37% of all applications and is estimated to grow at a CAGR of 6.2% from 2022 to 2027.

The fastest-growing application of soy protein is in the dietary supplements industry. The dietary supplement industry is one of the fastest-growing industries in Spain and is driving the growth in the soy protein industry. The whey protein-based supplement products enjoy a bigger retail shelf space than soy protein-based products and thus pose a threat to the soy protein market. However, growing lactose sensitiveness and gluten intolerance have led to more consumers switching to soy protein-based supplements products.

In Spain, though the industry of food processing is developed and possesses extensive know-how, there is no global player in the soy protein industry from Spain. However, the global trend of consuming plant-based products and research for novel application of soy protein across various industries will result in continuous growth of the soy protein market in the country.

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