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

North America Soy Protein Market to be worth $5.9 billion by 2027

Soy protein ingredients lead the plant-based protein consumption in North America. Major contenders in the soy protein market in the region are the U.S, Canada, and Mexico. The soy protein market revenue in North America was worth $4,028.1 million in 2021. Major drivers for the growth of the soy protein market in the region are the expanding population base adopting vegetarian products in their daily diets, growing demand for supplement products among adults, and the surging population attending fitness studios and gym sessions to reduce weight to lead a healthy lifestyle. In terms of the application of soy protein, the food industry has the highest share, followed by dietary supplements, beverages, and animal feed.

Leading players in the industry include Archer Daniels Midland. Cargill Inc, Wilmar International, DowDuPont Inc, The Scoular Company, Devansoy Inc. Cha Inc., Farbest Brands, and Now Foods. The companies in U.S. possess advanced processing technology. With a growing demand for plant protein products, these companies aim to capture most of the market share by implementing strategies such as mergers, acquisitions, investments, and product launches. Some of the companies are even planning to penetrate the emerging market of the Asian and South American region, mainly because the region holds high prospects and opportunities for expansion.

However, some of the major restraints that the soy protein industry in the North American region faces is a serious concern among the consumers about the allergen present in soy protein and growing demand for other plant protein sources such as rice, pea, and wheat proteins. These restraints lead to people getting interested in other protein types that are highly beneficial for their health. However, an increase in research by companies in collaboration with leading research institutes and universities is estimated to further expand the applications of soy protein across different industries such as pharmaceutical, chemical, cosmetics, and personal care. Hence, the ongoing research in the soy protein industry would boost its growth during the forecast period.

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 and countries
• 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