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Nov 29, 2023
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The global soy protein concentrate market is experiencing robust growth, currently valued at US$ 4.2 billion in 2023. Projections indicate a substantial increase, with the market expected to reach US$ 5.8 billion by 2030. This represents a remarkable Compound Annual Growth Rate (CAGR) of 4.2% during the forecast period.
The soy protein concentrate market's upward trajectory is attributed to several factors, including increasing consumer awareness of the health benefits associated with soy-based products. As more individuals embrace plant-based diets and seek alternatives to traditional protein sources, soy protein concentrate has emerged as a prominent player in the global market.
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Key drivers contributing to this growth include the rising demand for plant-based protein products, advancements in processing technologies, and a growing focus on sustainable and environmentally friendly food choices. The versatility of soy protein concentrate in various applications, such as food and beverage, animal feed, and dietary supplements, further fuels its market expansion.
A few of the factors propelling the market's growth are the possible health benefits of soy protein concentrate, rising demand from the animal feed industry, growing use of soy protein concentrate in food applications, and an increase in the number of product launches.
In light of the growing popularity of high-protein diets, food and beverage companies are creating delicious, yet wholesome, baked goods and confections to cater to a wide range of consumers who are encouraging the use of soy protein concentrate.
Key Takeaways:
The global soy protein concentrate market is currently valued at US$ 4.2 billion in 2023, and is projected to reach US$ 5.8 billion by 2030, exhibiting a CAGR of 4.2% during the forecast period.
The rising demand for plant-based protein sources, growing awareness of the health benefits of soy protein, and increasing applications in the food and beverage industry are driving the growth of the market.
Asia Pacific is expected to be the fastest-growing region in the market, owing to the increasing disposable incomes and rising demand for healthy food options in the region.
North America is currently the largest market for soy protein concentrate, but it is expected to be overtaken by Asia Pacific by 2030.
Regional Outlook:
North America: The North American soy protein concentrate market is expected to reach a value of US$ 4.2 billion by 2030. The region is currently the largest market for soy protein concentrate, but it is expected to be overtaken by Asia Pacific by 2030.
Europe: The European soy protein concentrate market is expected to reach a value of US$ 3.5 billion by 2030. The region is a mature market for soy protein concentrate, but it is still expected to grow steadily in the coming years.
Asia Pacific: The Asia Pacific soy protein concentrate market is expected to reach a value of US$ 5.8 billion by 2030. The region is expected to be the fastest-growing market for soy protein concentrate, owing to the increasing disposable incomes and rising demand for healthy food options in the region.
Rest of the World (RoW): The RoW soy protein concentrate market is expected to reach a value of US$ 2.3 billion by 2030. The region is expected to grow at a CAGR of 6.5% from 2023 to 2030.
Key Players:
Archer Daniels Midland Company
Bunge Limited
Cargill, Incorporated
DuPont de Nemours, Inc.
Fuji Oil Holdings Co., Ltd.
Wilmar International Limited
Segmentation:
The soy protein concentrate market is segmented by type, application, and region.
By type, the market is segmented into:
Soy protein concentrate (SPC)
Soy protein isolate (SPI)
By application, the market is segmented into:
Food and beverage
Animal feed
Pharmaceuticals
Others
By region, the market is segmented into:
North America
Europe
Asia Pacific
RoW
