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

Mexico Soy Protein Market forecasted to grow at the CAGR of 7.1% during the period 2022-2027

Mexico is one of the leading developing countries in the North American region. U.S., Mexico, and Canada have a trade agreement that highly benefits all stakeholders. Mexico being spatially close to the U.S., enjoys benefits in terms of know-how and trends in the industry. Mexico has a soy protein market share of around 15% of the North America soy protein market. Major drivers for soy protein demand in the country include increasing health consciousness, a trend of veganism, and rising income level among the middle-class population. The revenue of the soy protein industry in the country is projected to capture the value of $920.6 million by 2027, growing at a CAGR of 7.1% from 2022 to 2027.

The trend of veganism and vegetarianism in the country has been increasing due to the high influence of the consumer behavior of the U.S. and Canada and growing awareness about the negative effects of meat consumption on health and the environment. In terms of the application of soy protein, the food industry has the largest share of 34%. In recent years, the consumption of meat alternatives has been growing in the country, as the increasing population is becoming aware of health-related problems posed by meat consumption. In addition, the number of people sensitive to lactose and gluten is also growing in the country. Such a population increasingly prefers to consume plant-based products. Due to all these growth drivers, the application of soy protein in the food industry is forecasted to grow at a CAGR of 7.3% from 2022 to 2027.

The dietary supplements industry has seen major growth compared to the other industries in terms of soy protein application. Youngsters in the country are highly interested in leading a healthy lifestyle and growing strong muscles. These populations are also influenced by bodybuilders and strictly follow the recommendations from the gym coaches and fitness instructors. Moreover, the beverages that contain high protein, such as protein drinks, protein juices, shakes, and smoothies, are in high demand. Thus, the beverage industry presents a huge opportunity for the soy protein market.

The animal feed industry of the country is highly developed due to the industrialization of livestock industry and high awareness among the livestock and animal keepers about animal diet. Recommendations of importance of soy protein in animal feed and aggressive marketing campaigns of soy protein-based animal feed products by the major players in the industry, will aid the soy protein application in the animal feed industry.

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