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

Asia-Pacific Soy Protein Market to be worth $3.8 billion by 2027

The soy protein industry in the APAC region is one of the rapidly growing industries. Presently, the market share of soy protein in the region holds around 21% of the global soy protein market. The economy of most of the countries in the region is growing at a rapid pace. The income stability is bringing in a nutrition transition characterized by a shift from a high-carbohydrate diet towards a protein-rich diet. This factor is a high advantage to the growth of the soy protein industry. The demand for soy protein is rapidly growing in countries such as China, India, Vietnam, Indonesia, and Thailand. The Governments of these countries are highly supportive of foreign companies, resulting in an increase in know-how and technology transfer in terms of processing and manufacturing of protein from soybean.

The Asia-Pacific soy protein revenue was $2,490.6 million in 2021. Growing demand for plant-based protein in the region would aid the soy protein market to grow at the value of $3,839.3 million by 2027, registering a CAGR of 7.5% from 2022 to 2027. China holds the highest market share of the Asia-Pacific soy protein market and is one of the most attractive markets due to the abundant availability of raw materials and large consumer base. India also provides a growth opportunity being one of the fastest developing countries. Major growth drivers in both of these major countries include rising income levels at the middle class and lower class, surging rate of urbanization, adoption of quality lifestyle, and increase in trend of veganism and vegetarianism. Though the protein processing industry in India is not as developed as that of China, growing support from the Government to the manufacturing sector would increase the number of emerging players entering the market in coming years.

The consumption of meat in Japan, Australia, and South Korea is declining due to rising health concerns such as obesity associated with its consumption. Moreover, the concerns regarding industrial animal farming have resulted in the growing demand for plant-based protein products. These factors have resulted in the growing demand for soy protein across various industry segments, especially dietary supplements. In addition, these countries possess advanced technological capabilities in terms of protein processing; hence the key players in the countries have a great opportunity to expand in the Asian region to expand their operations.

The soy protein market of others countries such as Taiwan, Vietnam, Indonesia, among others, is expanding steadily. However, some constraints hinder the growth of the soy protein market in these regions. The market of substitute protein sources such as whey protein, rice protein, pea protein, wheat protein, and rice protein are continuously growing, which could hinder the soy protein market. In addition, soy protein is considered an allergen protein, thus the demand for soy protein gets constrained. The soy protein market in the APAC region is growing strongly and is highly attractive for soy protein producers. In the coming years, the competitiveness in the industry will intensify with an increase in the number of emerging players entering the market.

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 in key countries
• Detailed analysis of major producers covering financial investments & strategies adopted
• Competitive landscape of the industry