SOY AND MILK PROTEIN INGREDIENTS MARKET ANALYSIS

The global soy and milk protein ingredients market is estimated to account for US$ 33.52 Bn in terms of value and 4.3% in terms of volume by the end of 2022.

Drivers

• Health consciousness among people

Growing consumer awareness regarding the proteinaceous diet is propelling the market growth of soy and milk proteins ingredient. Rising prevalence of disorders associated with the deficiency of protein in the body coupled with the growing health-conscious consumer shifting consumer preferences towards protein-rich food is projected to foster the market growth.

• Consumer spending more money

Growth in the food and beverage industry due to increased government and consumer spending is expected to drive the market for soy and milk proteins. For instance, in March 2020, Sun Nutra Food an nutritional company announced the availability of soy protein isolate for the food and beverage industry.

Market Restraints

Lack of clarity regarding ingredients and labeling in government regulation leads to various complications for producers. This restricts the manufacturers to enter the protein ingredient market, thereby hampering the market growth of soy and milk proteins ingredient.

Excessive consumption of protein ingredients leads to various side effects such as constipation, nausea, and skin allergy is expected to restrict the adoption of protein ingredients. This is expected to hamper the market growth of soy and milk proteins ingredient.

Market Opportunities

The increasing use of protein-based components in beverages, such as sports drinks, is likely to provide significant market opportunities in the near future. For instance, in February 2020, Ascent Protein, an manufacture  launched Recovery Water, a water-based beverage that has high-quality protein with electrolytes to help athletes optimally recover post-workout. It is prepared by using Ascent's proprietary native whey protein formulation process, it combines both form and function to deliver muscle recovery and hydration.

Growing production of grains supported by favorable government policies is expected labeling on products. To provide lucrative market opportunities in the near future. For instance, in June 2021, Archer Daniel Midlands took over Soja Protein, a leading developer of non-GMO soy ingredients, by serving a larger customer base through this acquisition, the business hoped to increase its geographic presence and market penetration.

Market Trends

Increasing consumption of protein-based ready-to-eat snacks among consumers is a key trend in the market. This is attributed to the changing lifestyle of the consumer and increasing disposable income. For instance, in March 2021, BASF an manufacture announced the launch of Plantapon Soy, a soy-protein-based surfactant. Both vegan formulations and natural cosmetics can benefit greatly from the product. The company hopes to meet the rising demand for natural cosmetics among environmentally conscious consumers by launching the product.

Partnership and agreement among manufacturers for expanding business presence is a key trend in the market.

Market segment

Figure 1.  Global Soy and Milk Protein Ingredients Market By Region, in 2022

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Europe region dominated the global soy and milk protein ingredients market in 2022, accounting for a 46.3% share in terms of value, followed by North America and Asia Pacific.

Figure 2.  Global Soy and Milk Protein Market, By Soy Protein Types, in 2022

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Soy protein concentrates dominated the global soy and milk protein ingredients market in 2022, accounting for 34% share in terms of value, followed by soy protein isolates, soy protein hydrolysates, others

Global Soy and Milk Protein Ingredients Market - Impact of Coronavirus (COVID-19) Pandemic

Coronavirus is expected to have a significant impact on the food & beverage sector. Food & beverage companies increased consumption as consumers globally are panic buying essential commodities including food items. On the other hand, the coronavirus is expected to alter the dietary patterns of consumers. Animal protein consumption is expected to decline even post the pandemic situation. Moreover, the sales of plant-based meat alternatives have increased by about 200%.  Thereby, hindering the growth of the animal protein ingredients market over the forecast period.

Few Recent Developments

• In November 2022, Cargill, Incorporated signed a contract to expand its North American agricultural supply chain business by acquiring Owensboro Grain Company (US). As a result of the acquisition, Cargill will be able to offer new soy products, such as protein meal and husk pellets for animal feeds.

In November 2022, International Flavors & Fragrances Inc. released Supro Tex, a plant protein ingredient based on soy. The ingredient contains 80% protein, giving it a protein profile similar to that of animal meat. It is the most recent component of IFF's Reimagine-Protein. The program started two years ago. The launch will assist IFF in growing its product line of soy protein ingredients.

Definition- Protein ingredients are essential for cell functioning that promote the repairing and healing of the human body. Proteins such as amino acids are essential for repairing and healing the body where the human body is incapable of producing amino acids. Hence such proteins become of utmost importance to consume via diet. Protein can be extracted through plant or animal sources - this is called soy and milk protein.