The Business Research Company’s Soy Protein Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026
LONDON, GREATER LONDON, UK, March 2, 2022 /EINPresswire.com/ — Technological advancement is shaping the soy protein market. Companies in the soy protein market are working on new technology to improve the oil, protein, and sustainability profiles of soybeans, and increase the nutritious content of soy protein products. Players in the soy protein market are trying to capture a more customer base by improving the quality of soy protein products. For instance, in April 2021, ZeaKal, a US-based company engaged in developing technologies to promote higher levels of healthier oils across several crops, introduced a PhotoSeed technology to improve the oil, protein, and sustainability profile of soybeans. PhotoSeed technology improves the soy protein levels as it captures better carbon and overall nutritional composition.
In July 2021, Archer Daniels Midland (ADM), a US-based food processing company acquired Sojaprotein for an undisclosed amount. Sojaprotein is a Serbian-based agribusiness company that produces soy-based products. The acquisition will allow ADM to expand its alternative protein portfolio, which already includes a soy protein complex in Campo Grande, a pea protein plant in Enderlin, a joint venture with PlantPlus Foods, Mato Grosso do Sul, North Dakota.
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The global soy protein market size is expected to grow from $7.47 billion in 2021 to $8.24 billion in 2022 at a compound annual growth rate (CAGR) of 10.3%. The growth in the soy protein market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The soy protein market share is expected to reach $11.14 billion in 2026 at a CAGR of 7.8%.
The increasing vegan population is contributing to the growth of the global soy protein market. A vegan diet excludes animal products such as fish, dairy, meat, and eggs. Vegan and flexitarian diets are becoming more popular as the plant-based business has developed and people becoming more conscious of the distress surrounding meat production. With a surge in the vegan population, there is an increase in demand for soy protein as people seek to add soy protein to their diet to maintain protein balance. For instance, according to Plant Based News, there were 600,000 vegans in the United Kingdom in 2019, however, there was a 40% growth in the vegan population in 2020, bringing the total to 1.5 million persons. Therefore, the rise in the vegan population is expected to propel the growth of the soy protein market in the coming years.
Major players covered in the global soy protein market are Wilmar International CHS Inc., The Archer Daniels Midland Company, Crown Soya Protein Group, DuPont Nutrition & Biosciences, Linyi Shansong Biological Products Co. Ltd., Cargill Corporation, Shandong Yuxin Bio-Tech Co. Ltd. Ltd., Sonic Biochem, Hung Yang Foods Co. Ltd., BASF SE, Fuji Oil Company Ltd, A. Costantino & CSPA, Solbar Ningbo Protein Technology Co. Ltd., Nordic Soya Oy, ETChem, Qingdao Foodrich Soya-Tech Co. Ltd and Burcon NutraScience Corporation.
TBRC’s global soy protein market report is segmented by product type into soy protein concentrates, soy protein isolates, textured soy protein, soy flour, grits, and chunks, by nature into organic soy protein, conventional soy protein, by form into powder, ready- to-drink, bars, capsules and tablets, others, by application into bakery and confectionery, meat alternatives, functional foods, dairy replacers, infant foods, others, by distribution channel into specialty store, convenience store, e-commerce or online sale channel , supermarket or hypermarket.
Soy Protein Global Market Report 2022– By Product Type (Soy Protein Concentrates, Soy Protein Isolates, Textured Soy Protein, Soy Flour, Grits, And Chunks), By Nature (Organic Soy Protein, Conventional Soy Protein), By Form (Powder, Ready to Drink, Bars, Capsules And Tablets), By Application (Bakery And Confectionery, Meat Alternatives, Functional Foods, Dairy Replacers, Infant Foods), By Distribution Channel (Specialty Store, Convenience Store, E-Commerce Or Online Sale Channel, Supermarket Or Hypermarket) – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides a soy protein market overview, forecast soy protein market size and growth for the whole market, soy protein market Segments, geographies, soy protein market trends, soy protein market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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