WORLD – Revenue generated by the global soy protein isolate market is estimated to be approximately US$2.6 bn in 2019 and projected to increase at a CAGR of about 5% to reach US$3.8bn by 2027.
According to the latest Future Market Insights (FMI) market forecast report on the global soy protein isolate market, the sector is expected to benefit from accelerating consumer demand for plant-based products.
The report notes that most consumers in the United States have become health conscious and are alert about preventive health care due to which soy protein isolate is witnessing high adoption.
Similarly, strong marketing and promotional activities are focusing on highlighting the health benefits of soy protein isolate – providing a strong market opportunity for soy protein isolate products.
In addition, increasing demand for fortified foods is also propelling the growth of the soy protein isolate market, the report highlights.
Protein fortification is the upgradation of normal food products with protein constituents, basically providing food products a ‘high-protein’ level.
Customer preferences for these food products are an outcome of various aspects such as, increasing incidence of obesity and lifestyle-related diseases.
Soy protein isolate offers textured proteins for the fortification of protein. When hydrated they have meat-like texture or fibrous texture with substantial moisture retention making them adequate for meat and other vegetarian uses.
Food with high protein content is responsible for good health of consumers. Hence, the soy protein isolate is gaining popularity among the population, which is driving the market growth.
Another trend that the FMI report notes to complement the market growth is high e-commerce penetration.
Rapid digitalization has led to high e-Commerce penetration in countries in APEJ, resulting into increasing sales of a wide range of products, and soy protein isolate is no exception.
In APEJ, China remains in the vanguard of the soy protein isolate market. Plant proteins have long shelf-life and can be easily packed as required, which is anticipated to appeal to high consumer base for soy protein isolate.
According to the report, these factors are expected to drive the growth of the soy protein isolate market over the forecast period.
Moreover, the rapidly growing vegan population is also expected to play critical role in the growth as customers are becoming more sympathetic and sensitive to animals, and are aware of the conditions and environment in which they are raised.
Animal welfare is one of the main reasons for customers choosing plant-based ingredients such as soy protein isolate.
Customers are looking for much safer protein products, because of increasing food safety concerns associated with the use of different types of antibiotics and hormones in food products, the reports notes.
Similarly, several consumers are suffering from foodborne intolerances and allergies, which has led consumer inclination towards plant-based substitutes such as soy protein isolate, factors that is likely to catalyse growth in the market.
Increased focus on organic foods is also expected to contribute to the growth as a result of increasing emergence of new trends for food in developed as well as developing countries.
According to the report, organic soy protein isolate is expected to benefit from the new trends in food and beverages industry.
The report which includes global industry analysis and opportunity assessment for 2019-2027 notes that manufacturers are focusing on increasing the production of organic soy protein isolate to retain and gain new segment of customers.
Key players operating in the soy protein isolate market include Dupont De Numerous Company, CHS Inc., ADM, the Scoular Company, Batory Foods, Fuji Oil Holdings Inc., Crown Soya Protein Group and Osage Food Products.