The global soy protein market is expected to exhibit rapid growth over the forecast period due to the growing demand for soy protein in sports and fitness nutrition and the growing volume of the vegan demographic, according to the latest research report from Market Research Future (MRFR).
The global soy protein market is mainly driven by the growing awareness about the high nutritive index of soy protein. Soy protein is one of the few vegetarian sources of protein that can compete with meats with regard to the range of proteins present and overall nutritive quotient, which has driven the demand for soy protein over the last few decades. The growing demand for effective plant-based proteins is likely to be a major driver for the global soy protein market over the forecast period.
Sports nutrition is likely to remain a leading application segment for the global soy protein market over the forecast period due to the growing demand for soy protein products in the healthcare nutrition industry. The wide applicability of soy protein, the relative ease of acquiring it, and its compliance with various religious and ethical dietary laws has led to a growing demand from the global soy protein market. The increasing number of people focusing on athletic development and relying on plant-based nutrition to achieve their fitness goals is likely to be a major driver for the global soy protein market over the forecast period.
The rising prevalence of the vegan demographic has also driven the global soy protein market and is likely to remain a leading driver for the market over the forecast period. Soy protein provides the perfect compromise for vegans, as its texture can be made to resemble conventional meat products, while maintaining fidelity with a plant-based diet regimen. The growing prevalence of veganism among the millennial population is likely to be a key driver for the global soy protein market over the forecast period.
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Leading players in the global soy protein market include Archer Daniels Midland Co., Solae, Solbar, Gushen Biological Technology Group Co. Ltd., Cargill, Dupont, and Ingredion.
The increasing populist demand for meatless burgers has become a major trend in the fast food industry in the U.S. in recent years. The growing number of vegans has driven the demand for vegetarian alternatives to popular meat burgers, with soy protein being among the most favored alternatives to meat due to its favorable properties. In April 2019, Burger King and Del Taco made announcements regarding the addition of “meatless” meat burgers to their menus. This follows on the heels of White Castle introducing the Impossible Slider in 2018 and Carl’s Jr. offering plant-based patties in January 2019. Such moves could prove to be crucial for the global soy protein market, as fast food chains have among the highest volumes of consumption with regard to food products and could emerge as a major sales avenue for the global soy protein market over the forecast period.
The soy protein market has been segmented on the basis of type into soy protein isolates, soy protein concentrates, soy protein flours, and others. Soy protein isolates hold a major market share due to their widespread use in food applications.
The soy protein market has been segmented on the basis of form into powder, bars, ready to drink, capsules and tablets, and others. The powder form of soy protein holds the dominant market share due to its ease of consumption and handling.
The soy protein market has been segmented on the basis of application into functional foods, sports nutrition, meat additives, confectionery and other food products, pharmaceuticals, and others. The sports nutrition segment is likely to exhibit the highest growth rate over the forecast period due to the growing number of fitness enthusiasts switching to vegan/other plant-based diets.
The soy protein market has been segmented on the basis of distribution channel into supermarket/hypermarkets, convenience stores, E-commerce, and others. Super/hypermarkets hold the largest share in the global soy protein market, whereas the E-commerce segment is expected to witness the highest growth rate over the forecast period.
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The global soy protein market is segmented by region into the Americas, Europe, Asia Pacific, and rest of the world. The Americas segment holds the dominant share in the global soy protein market due to the growing production of soy in South America and the growing demand for soy products in North American economies such as the U.S. Europe also holds a significant share in the global soy protein market, whereas Asia Pacific is expected to exhibit the fastest growth over the forecast period.
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