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

Russia Soy Protein Market to be worth $720 million by 2027

Russia is one of the most attractive markets in the European region. It is also one of the fastest-growing economies in Europe. Currently, Russia shares around 14% of the soy protein market in Europe. With the growing economic stability and purchasing power of middle-class and lower-class consumers, the demand for high-quality and clean protein products is growing rapidly. The soy protein market in the country recorded a revenue of $471.5 million in 2021. Most Russians are committed to adopting the vegan and vegetarian lifestyle with increased awareness about the health advantages of plant-based diets. Along with this, the diet pattern in the country is shifting to protein-rich food with growing income. These factors project the market revenue of soy protein to grow at a CAGR of 7.4% during the forecast period 2022 to 2027, to attain the value of $721.4 million by 2027.

The demand for dietary supplement products is ever-growing in Russia. The application of soy protein in dietary supplements is the fastest-growing among all the applications of soy protein. The soy protein application in dietary supplements is projected to grow at a CAGR of 8.1% during the forecast period. Russians are increasingly indulging in health and fitness activities due to serious concern regarding newly arising health problems linked to modern lifestyle. The population suffering from obesity is growing continuously. Since protein helps in weight reduction, soy protein is widely used for manufacturing various supplement products such as protein bars, protein juices, shakes, smoothies, etc.

The food industry accounts for the highest market share of 37% of all soy protein applications. Over these years, the demand for healthy ingredients and protein-rich food products across various segments, including bakery, confectionery, and snacks, is ever-growing. Thus, soy protein application across the food industry is estimated to grow at a CAGR of 7.5% during the forecast period.

The economic condition in Russia is improving steadily. Hence the opportunity for local producers to capture the country’s soy protein market share is very high. Moreover, for the past few years, the Government has supported foreign investments in this industry, which indicates that the competition is estimated to intensify 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