by The global Soy And Milk Protein Ingredients Market is estimated to be valued at US$ 34.96 Bn or Mn 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 provide advantageous nutritional and functional characteristics to various food products. These ingredients enhance overall protein content as well as texture and flavor of end products. Their demand is growing in consumer foods, sports nutrition and clinical nutrition.
Market key trends:
One of the major trends driving the growth of soy and milk protein ingredients market is increasing preference for plant-based foods and beverages. Rising health consciousness among consumers and growing awareness about benefits of plant-based diets have fueled the demand for plant-based alternatives of meat and dairy products. Plant-based food companies are incorporating soy and milk protein ingredients to offer various substitutes such as meatless burgers, sausages, dairy-free cheese etc. This is positively impacting the market growth.
Market Key Trends:
The soy and milk protein ingredients market has been witnessing high demand from the food and beverage industry. One of the key trends driving the market is the rising health consciousness among consumers. There has been a growing preference for plant-based and protein-rich foods in recent years due to various associated health benefits such as weight management and muscle gain. This is increasing the uptake of soy and milk protein products in various foods and beverages.
SWOT Analysis
Strengths: Soy and milk protein ingredients provide various nutritional and functional benefits. They help enhance the protein content and texture of foods.
Weaknesses: Soy allergies can be a concern for certain consumers. The market also faces challenges from alternative proteins.
Opportunities: Growing veganism and flexitarianism trends provide opportunities for plant-based protein products. The market is also expanding in emerging regions.
Threats: Stringent regulations around labeling and standards pose threats. Price volatility of raw materials also affects the industry.
Key Takeaways
The global soy and milk protein ingredients market is expected to witness high growth, exhibiting CAGR of 4.3% over the forecast period of 2023 to 2030, due to increasing health consciousness among consumers. The market size for 2023 is estimated at US$ 34.96 Bn.
Regional analysis: North America dominates the global market currently due to high consumption of protein products. However, Asia Pacific is expected to grow at the fastest pace during the forecast period with expanding soy and milk protein demand in countries like China and India.
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., Solbar Ltd. These players focus on new product launches and capacity expansions to strengthen their market position.
