Soy and milk protein ingredients market

Soy And Milk Protein Ingredients Market, By Soy Protein Types (Soy Protein Isolates, Soy Protein Concentrates, Soy Protein Hydrolysates, Others), By Milk Protein Types ( Milk Protein Concentrates, Casein/Caseinates, Whey Protein Concentrates, Whey Protein Isolates, Whey Protein Hydrolysates.), By Application (Food & Beverage, Infant Formulations,Personal Care, Cosmetics, Animal Feed), By Region (North America, Latin America, Europe, Middle East & Africa, and Asia Pacific)

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Jul 2023
CMI4038
120 Pages
Excel & Pdf
Food Ingredients

Summary

The global soy and milk protein ingredients market is estimated to account for US$ 33.52 Bn in terms of value and 4.3% in terms of volume by the end of 2022.

Drivers

Health consciousness among people

Growing consumer awareness regarding the proteinaceous diet is propelling the market growth of soy and milk proteins ingredient. Rising prevalence of disorders associated with the deficiency of protein in the body coupled with the growing health-conscious consumer shifting consumer preferences towards protein-rich food is projected to foster the market growth.

Consumer spending more money

Growth in the food and beverage industry due to increased government and consumer spending is expected to drive the market for soy and milk proteins. For instance, in March 2020, Sun Nutra Food an nutritional company announced the availability of soy protein isolate for the food and beverage industry.

Market Restraints

Lack of clarity regarding ingredients and labeling in government regulation leads to various complications for producers. This restricts the manufacturers to enter the protein ingredient market, thereby hampering the market growth of soy and milk proteins ingredient.

Excessive consumption of protein ingredients leads to various side effects such as constipation, nausea, and skin allergy is expected to restrict the adoption of protein ingredients. This is expected to hamper the market growth of soy and milk proteins ingredient.

Soy And Milk Protein Ingredients Market Report Coverage

Report Coverage	Details
Base Year:	2022	Market Size in 2022:	US$ 33.52 Bn
Historical Data for:	2018 to 2021	Forecast Period:	2023 to 2030
Forecast Period 2023 to 2030 CAGR:	4.3%	2030 Value Projection:	US$ 46.84 Bn
Geographies covered:	North America: U.S. and Canada Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Middle East: GCC Countries, Israel, and Rest of Middle East Africa: South Africa, North Africa, and Central Africa
Segments covered:	By Soy Protein Types: Soy Protein Isolates, Soy Protein Concentrates, Soy Protein Hydrolysates, Others By Milk Protein Types: Milk Protein Concentrates, Casein/Caseinates, Whey Protein Concentrates, Whey Protein Isolates, Whey Protein Hydrolysates. By Application: Food & Beverage, Infant Formulations,Personal Care, Cosmetics, Animal Feed
Companies covered:	Archer Daniels Midland Company (ADM), Scoular Company, Cargill Inc., Dupont-Solae, Linyi Shansong Biologicals Products Cp. Ltd., Solbar Ltd.
Growth Drivers:	Growing consumer awareness regarding the proteinaceous diet is propelling the market growth of the soy and milk proteins ingredient Growth in the food and beverage industry due to increasing government initiatives
Restraints & Challenges:	The volatile price of raw materials due to a gap in supply and demand for grain is expected to hamper the market growth

Market Opportunities

The increasing use of protein-based components in beverages, such as sports drinks, is likely to provide significant market opportunities in the near future. For instance, in February 2020, Ascent Protein, an manufacture launched Recovery Water, a water-based beverage that has high-quality protein with electrolytes to help athletes optimally recover post-workout. It is prepared by using Ascent's proprietary native whey protein formulation process, it combines both form and function to deliver muscle recovery and hydration.

Growing production of grains supported by favorable government policies is expected labeling on products. To provide lucrative market opportunities in the near future. For instance, in June 2021, Archer Daniel Midlands took over Soja Protein, a leading developer of non-GMO soy ingredients, by serving a larger customer base through this acquisition, the business hoped to increase its geographic presence and market penetration.

Market Trends

Increasing consumption of protein-based ready-to-eat snacks among consumers is a key trend in the market. This is attributed to the changing lifestyle of the consumer and increasing disposable income. For instance, in March 2021, BASF an manufacture announced the launch of Plantapon Soy, a soy-protein-based surfactant. Both vegan formulations and natural cosmetics can benefit greatly from the product. The company hopes to meet the rising demand for natural cosmetics among environmentally conscious consumers by launching the product.

Partnership and agreement among manufacturers for expanding business presence is a key trend in the market.

Market segment

Figure 1. Global Soy and Milk Protein Ingredients Market By Region, in 2022

Europe region dominated the global soy and milk protein ingredients market in 2022, accounting for a 46.3% share in terms of value, followed by North America and Asia Pacific.

Figure 2. Global Soy and Milk Protein Market, By Soy Protein Types, in 2022

Soy protein concentrates dominated the global soy and milk protein ingredients market in 2022, accounting for 34% share in terms of value, followed by soy protein isolates, soy protein hydrolysates, others

Global Soy and Milk Protein Ingredients Market - Impact of Coronavirus (COVID-19) Pandemic

Coronavirus is expected to have a significant impact on the food & beverage sector. Food & beverage companies increased consumption as consumers globally are panic buying essential commodities including food items. On the other hand, the coronavirus is expected to alter the dietary patterns of consumers. Animal protein consumption is expected to decline even post the pandemic situation. Moreover, the sales of plant-based meat alternatives have increased by about 200%. Thereby, hindering the growth of the animal protein ingredients market over the forecast period.

Few Recent Developments

In November 2022, Cargill, Incorporated signed a contract to expand its North American agricultural supply chain business by acquiring Owensboro Grain Company (US). As a result of the acquisition, Cargill will be able to offer new soy products, such as protein meal and husk pellets for animal feeds.

In November 2022, International Flavors & Fragrances Inc. released Supro Tex, a plant protein ingredient based on soy. The ingredient contains 80% protein, giving it a protein profile similar to that of animal meat. It is the most recent component of IFF's Reimagine-Protein. The program started two years ago. The launch will assist IFF in growing its product line of soy protein ingredients.

Definition- Protein ingredients are essential for cell functioning that promote the repairing and healing of the human body. Proteins such as amino acids are essential for repairing and healing the body where the human body is incapable of producing amino acids. Hence such proteins become of utmost importance to consume via diet. Protein can be extracted through plant or animal sources - this is called soy and milk protein.

Table of Content

Table of Contents

Segmentation

Detailed Segmentation:

Global Soy And Milk Protein Ingredients Market, By Protein Types:
- Soy Protein Isolates
- Soy Protein Concentrates
- Soy Protein Hydrolysates
- Others
Global Soy And Milk Protein Ingredients Market, By Milk Protein Types:
- Milk Protein Concentrates & Isolates
- Casein/Caseinates
- Whey Protein Concentrates
- Whey Protein Isolates
- Whey Protein Hydrolysates
Global Soy And Milk Protein Ingredients Market, By Applications:
- Food and Beverages
- Infant Formulations
- Personal Care and Cosmetics
- Animal Feed
Global Soy And Milk Protein Ingredients Market, By Region:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa

- Frequently Asked Questions -

What will the market size be in 2030 and at what rate will it grow?

The market for the soy and milk protein ingredients is estimated to surpass US$ 33.52 billion by 2022, exhibiting a CAGR of 4.3% between 2023 and 2030.

What are the major growth driving factors for the market during the forecast period?

Growth in the food and beverage industry Health consciousness among people is projected to foster the market growth of soy and milk proteins ingredient.

What is the Compound Annual Growth Rate (CAGR) of the market during the forecast period (2023-2030)?

The soy and milk protein ingredients market is expected to exhibit a CAGR of 4.3% during the forecast period (2023-2030).

Who are the prominent players in the market?

Major players operating in the market include Archer Daniels Midland Company (ADM), Scoular Company, Cargill Inc., Dupont-Solae, Linyi Shansong Biologicals Products Cp. Ltd., and Solbar Ltd