The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Soy and milk protein ingredients are widely used in processed food products such as dairy alternatives, baked goods, packaged snacks, cereal bars, protein drinks and nutrition supplements. Dairy alternatives made using soy and milk protein ingredients have witnessed significant growth in demand owing to rising lactose intolerance and vegan population.
Market Dynamics:
The soy and milk protein ingredients market is expected to witness significant growth over the forecast period owing to increasing demand for plant-based proteins. Rising health consciousness among consumers and awareness regarding benefits of protein-rich diet is supporting the adoption of soy and milk proteins. According to a survey, over 70 million Americans follow a high-protein diet to maintain or increase muscle mass. The demand is also being driven by growing vegan population who prefer plant-based alternatives in place of dairy products. However, allergies associated with soy proteins are a major challenge for market players. Manufacturers are focusing on developing allergen-free milk protein ingredients to cater to this demand.
SWOT Analysis
Strength: Soy and Milk Protein Ingredients have high nutritional value and possess various health benefits which make them ideal for various food and beverage applications. They can be used as an alternative to meat proteins which further increases their demand. Manufacturers offer customized product formulations as per customer requirements.
Weakness: Fluctuations in the prices of raw materials required for production of soy and milk protein ingredients affects the overall production cost. Certain soy and milk protein products cause allergies in people with sensitivity.
Opportunity: Rising health consciousness among people is fueling the demand for plant-based and dairy-free products. Growing vegan population worldwide presents an opportunity for soy and milk protein ingredients manufacturers.
Threats: Stringent regulations regarding use of genetically modified soybeans hampers soy protein production. Competition from alternative plant-based proteins like pea and whey protein.
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, due to increasing health consciousness among consumers. Soy and milk proteins act as alternatives to meat proteins that further drives the market growth.
Regional analysis
North America dominates the global soy and milk protein ingredients market and is expected to maintain its dominance over the forecast period. This is attributed to increasing consumption of plant-based foods and beverages in the region. Asia Pacific exhibits the fastest growth owing to growing health awareness and rising disposable income in emerging countries of the region.
Key players
Key players operating in the Soy And Milk Protein Ingredients market are Archer Daniels Midland Company (ADM), Cargill Inc., Dupont-Solae, Linyi Shansong Biologicals Products Cp. Ltd., Solbar Ltd. The major players focus on new product launches, mergers, acquisitions and expansions in order to increase their market share. For instance, ADM launched Ultra-filtered soy protein concentrate to expand its product portfolio in 2019.
