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

Saudi Arabia Soy Protein Market to be worth $78 million by 2027

Saudi Arabia is one of the strongest economies in the world. The country's economic growth has grown rapidly in the last two decades. The country's GDP is highly dependent on the oil and refinery sector. However, due to increasing concerns about the future reliability on oil, the Government of Saudi Arabia is pushing various initiatives and framing policies that can attract foreign investors from other sectors. This would not only drive industrialization in the country but will also help to improve the rate of employment and infrastructure development. The protein industry in the country has been growing slowly and steadily since the last decade. With growing awareness about soy protein among the population, the market revenue of soy protein in the country is estimated to grow at a CAGR of 7.1% during the forecast period to capture the value of $78.2 million by 2027.

The application of soy protein across the food industry is the highest, with a market share of 38%. The food industry in Saudi Arabia is majorly dependent on meat and its derivative products. However, due to the increase in the use of social media, the population is becoming increasingly aware of the health disadvantages of meat products. Thus, the demand for alternative meat products such as meat-free sausages, chicken-free nuggets, and other items has increased. The beverage industry has a relatively low market share in the application of soy protein. Nevertheless, the demand for nutritional ingredients containing drinks, juices, and other products is rising due to the increasing influence of trends in western countries. Thus, soy protein application across the beverage industry is estimated to grow at a CAGR of 6.8% from 2022 to 2027.

Dietary supplement industry is one of the fastest growing industries in the country. The demand for supplement products among the young population is high to maintain fit body. The recommendations from fitness trainers also drive the growth of protein-rich drinks. Soy protein helps in the recovery of muscles after intense workout sessions, this has resulted in the application of soy protein across the dietary supplement industry to reach the value of $19.4 million growing at a CAGR of 7.9% 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
• 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