Plant-Based Protein Is Fastest Growing Segment Fueling The Growth Of Soy And Milk Protein Ingredients Market

 

The global Soy And Milk Protein Ingredients Market is estimated to be valued at US$ 34.96 Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Soy and milk protein ingredients include products derived from soy and milk such as soy protein isolates, concentrates, and textured proteins, and milk protein concentrates and isolates. These versatile and cost-effective ingredients are used in various food products like bakery, beverages, snack food, meat alternatives, and other processed foods to enhance their nutritional profile.

Market key trends:

One of the key trends in the soy and milk protein ingredients market is the rising demand for plant-based proteins. Consumers are increasingly preferring vegan and vegetarian diets due to health, ethical, and environmental concerns regarding animal products. This has propelled the demand for plant-based meat and dairy alternatives made from soy and milk proteins. Major food companies are launching various soy and pea-based meat and dairy substitutes to cater to this consumer segment.

For example, ADM introduced soy-based meat product titled "PULled" which delivers plant protein for vegan diets. This demonstrates how the demand for alt-meat is fueling innovations.

Segment Analysis

The soy and milk protein ingredients market is segmented by type, form, application, and region. Based on type, the soy protein ingredients segment dominated the market in 2022 and accounted for more than 50% share. Soy proteins such as soy protein isolates, soy protein concentrates, and textured soy proteins are widely being used in food and beverages owing to their nutritional value and low cost.

Key Takeaways

The global soy and milk protein ingredients market is expected to witness high growth, exhibiting a CAGR of 4.3% over the forecast period, due to increasing demand for plant-based foods and beverages.

Regional analysis:

North America dominated the market with a share of over 35% in 2022 followed by Asia Pacific and Europe. The U.S. and China are the fastest growing markets due to increasing health awareness among consumers and growing vegan population.

Key players:

Key players operating in the soy and milk protein ingredients market are Archer Daniels Midland Company (ADM), Scoular Company, Cargill Inc., Dupont-Solae, Linyi Shansong Biologicals Products Cp. Ltd., and Solbar Ltd. ADM and Cargill together account for over 30% share of the global market due to their vast production facilities and product portfolio.

The global soy and milk protein ingredients market size is expected to reach US$ 34.96 billion by 2023 growing at a CAGR of 4.3% during the forecast period of 2023 to 2030.

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