SOY PROTEIN MARKET ANALYSIS

Soy Protein MarketSize and Trends

The soy protein market is projected to reach US$ 12.34 Bilion by the end of 2030, at a CAGR of 7.34% over the forecast period (2022-2030), attributing to increasing awareness regarding the importance of protein intake in daily life. Soy protein-based cosmetics consisting of hydrolyzed soy proteins are safe for use in the case of body, hand, face, and neck products, hair care products, skin care products, mascara, and others. A few soy protein-based cosmetics include Biotique’s Bio Soya Protein Fresh Nourishing Shampoo, Genesis soy protein shampoo, and others.

Soy Protein Market: Growth Drivers

Demand for a cheaper protein source

Increased crop cultivation in developing regions such as South America and Asia Pacific, in addition to the already widespread cultivation across the globe, has increased the availability of soy proteins. Raw materials are, therefore, easy to obtain from contract farmers or oilseed crushers offering soy meal. The low processing costs associated with soy protein ingredients are suitable for the operational demands of manufacturers and thereby allow the processors to spend effectively on product development. As a result of these trends, soy proteins are cheaper when compared to other protein sources such as meat, dairy, and whey proteins. Additionally, the prices of conventional dairy products have increased in the recent past, and soy protein, one of the major plant sources of protein, is one of the best alternatives in terms of price

More people are seeking meat substitutes and growing trends in health and wellness

Soy protein, the most generally known alternative to animal protein, has been successfully used in the manufacture of meat replacements due to its superior gelation capabilities and propensity to create fibrous structures. Especially when taken as an alternative to red and processed meat, soy is a nutrient-dense source of protein that can be eaten several times a week, preferably more often. The rising popularity of sports and increasing number of sports institutions coupled with the rapid increase in health and fitness centers are expected to surge the demand for soy protein and aid industry growth. Therefore, food outlets and various manufacturers are introducing soy protein products into the market. The rising demand for food products with longer shelf life coupled with the changing lifestyle trends is expected to drive the market revenue growth. Plant-based products and proteins have a long shelf-life and can be easily packed.

Soy Protein Market: Market Restraints

Ban on soy products of GM(Genetically modified) origin

The cultivation of genetically modified crops is forbidden in developed regions like Europe, where some member states of the European Union have passed laws prohibiting it. Germany, France, Northern Ireland, and Scotland are among the important nations. The conventional soybean market in the area has been impacted, and future expansion is predicted to be hampered by this. It is also anticipated to have an impact on the export of soybeans from developing nations like Argentina, where GM-based soybean crops are the norm.