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

Colombia Soy Protein Market to be worth $137 million by 2027

Columbia is also among the largest economies in the South American region. Since the last few decades, the country has suffered from various problems related to terrorism, drugs smuggling, violence, and political instability. All these adversities have primarily impacted the country's economy and thereby the already weak manufacturing sector. However, since the last 2 to 3 years, the country's growth has been marginally high with increasing political stability. The soy protein market in Colombia currently accounts for 8% of the soy protein market in South America. The demand for vegan and vegetarian products in daily diet is ever increasing due to rising health concerns among the Columbians. Along with this, the country's young and middle-aged population are increasingly consuming supplement products. These trends in the country project the revenue of the soy protein market to grow at a CAGR of 6.0% from 2022 to 2027, to attain the value of $137 million by 2027.

Major constraint of the soy protein market in the country is the high popularity of whey protein-based supplement products. The demand for whey protein products among the population regularly attending the fitness studios is growing due to high recommendations from the gym trainers and fitness instructors. However, with the rising trend of veganism, the demand for plant-based protein sources such as soy, rice, wheat, and pea has grown rapidly. Currently, the application of the soy protein market across the dietary supplement industry captures around 26% of the market share. Columbia, being an emerging economy, global soy protein manufacturers are planning to invest in the country that would boost the growth of the soy protein market.

The young population and middle-aged people in the country are adopting vegan and vegetarian trends. Moreover, the awareness about sensitiveness towards lactose and gluten has been growing in the country. These factors have resulted in the growing market application of soy protein across the food and beverage industry. In the last few years, the meat and dairy alternatives market has recorded a significant rise. In addition, vegetarian food manufacturers are driving aggressive campaigns to promote soy protein-based products, which has raised awareness about soy protein-based food alternatives. Beverages containing soy protein ingredients, such as protein-based juices, flavored drinks, shakes, and smoothies, are entering the market rapidly. Given these attributes in the food, beverage, and supplement industries, the soy protein market in the country is estimated to grow rapidly in the coming years.

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