Soy Protein Market Revenue Growth Driven by Rising Trend of Veganism and Increasing Focus on Nutritional Foods

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Soy protein research has increased over the recent past among multiple health disciplines and with growing awareness regarding health benefits of soy, major companies are developing additional foodstuffs to meet the rising global demand for soy products. This is expected to boost use of soy protein in foods and beverages and the trend is expected to continue going ahead. However, concerns regarding food allergies, intolerance to soy products among certain individuals, and lack of awareness regarding daily nutritional requirement are expected to negatively impact adoption of soy-based products and hamper market growth to a certain extent over the forecast period.

COVID-19 Impact Analysis

• Social distancing and restrictions severely disrupted businesses and operations
• Lockdowns caused disruptions in transportation and logistics
• impacted manufacturing activities and mining operations globally
• Took a toll on economy of various countries
• Caused sudden and drastic downturn in economic activity
• Disrupted agriculture, fisheries, dairy, and other sectors
• Caused loss of employment and financial crisis
• Supply impacts were further compounded owing to reduced disposable income
• Emergence of variants continue to cause concerns and impact normal routines

Soy Protein Isolates to Support Revenue Growth:

Soy protein isolates segment is expected to account for largest revenue share over the forecast period, attributable to increasing use of soy protein isolates in vegetarian and vegan diets, and availability of cost-effective soy protein isolates, among others.

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Ready to Drink Segment to Register Rapid CAGR:

Ready to drink segment is expected to register a rapid revenue CAGR during the forecast period, attributable to increasing demand for convenience and ready-to-eat foods due to busy lifestyles, availability of wide range of cost-effective soy-based food products, and rising disposable income among consumers globally.