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