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

Canada Soy Protein Market to be worth $1.0 billion by 2027

The soy protein market of Canada shares around 19% of the North American soy protein industry. Similar to the U.S., Canada also possesses highly advanced processing capabilities. Soy protein producers in the country enjoy numerous concessions as the Government is inclined towards environment protection and highly supportive of the agribusiness companies. Keeping in view these benefits for the companies and a growing demand for plant-based protein products across various industry segments, the soy protein market in the country is projected to capture the value of $1,084.9 million by 2027, growing at a CAGR of 6.4% during the forecast period 2022 to 2027.

The population in Canada is highly interested in consuming products that are good for health. Such high health consciousness is mainly because of rising awareness about the ill effects of meat consumption and its derivative products. Thus, the demand for meat alternatives and analogs has recorded significant growth in the past few years. The rising demand for meat-free hot dogs, sausages, burgers, and chicken-free nuggets has increased the use of soy protein in these products to compensate for the protein value. Soy protein application across the food industry has a market share of 37%, the revenue of which is projected to attain the value of $407.5 million by 2027, growing at a CAGR of 6.1% from 2022 to 2027.

The consumption of beverages rich in protein, minerals, and vitamins is very high in the country. Since health experts recommend protein for weight management, the demand for protein-rich drinks is very high among the population committed to reducing weight. In addition, the demand for dietary supplement-based products is also growing among young people, as their interest to hit the gym and fitness clubs has grown significantly. As a result, the revenue of application of soy protein across both beverage and dietary supplements is projected to capture the value of $193.7 million and $319.1 million, respectively, from 2022 to 2027.

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