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

South Africa Soy Protein Market to be worth $540 million by 2027

South Africa is one of the major economies in the African region. The country’s economy is relatively mature compared to other African countries. Hence, the country's GDP is the highest amongst the countries in Africa. The soy protein industry in the country has a market share of almost 70%, which is the highest among all the countries in Africa. The demand for protein in the country has been growing steadily mainly because of the increase in health consciousness and the growing vegetarian population. The soy protein market revenue in the country stands at $364.9 million in 2020. With a rapidly rising demand for soy protein, the market revenue is expected to capture the value of $540.5 million by 2027, growing at a CAGR of 6.8% during the forecast period from 2022 to 2027.

The application of soy protein across the food industry is the highest and has a market share of 35%. This is because the awareness about health-related issues such as obesity has been growing rapidly, as protein consumption is highly beneficial for weight reduction. Hence, the demand for meat alternatives such as soy protein-based sausages, chicken-free nuggets, hot dogs, and other products has increased in the past few years. The application of soy protein across the dietary supplement industry is also growing rapidly in the country and is estimated to grow at a CAGR of 7.7% from 2022 to 2027. The high growth rate of soy protein in this industry is because of the increase in demand for protein-based supplement products among the population attending gyms and fitness clubs.

Other major applications of soy protein include the beverage industry and animal feed industry. Major developments have taken place in the beverage industry in the last few years. The demand for healthy beverages such as enhanced waters, energy, or relaxation drinks has been growing rapidly, which provides soy protein manufacturers a growth opportunity. South Africa’s industry is highly developed in infrastructure and highly skilled employees. Thus, the foreign-based soy protein producers seek to enter into the African market by setting up their base in South Africa.

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