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Organic Soy Protein Market was valued at USD 273.7 million in 2022 and is expected to grow at a 15.9% CAGR from 2023 to 2029. Organic soy protein is a plant-based protein that is used as a substitute for animal protein in an individual’s diet. Soybean is a legume with very little saturated fat and zero cholesterol. the increasing prevalence of lifestyle diseases is expected to increase the demand for healthy food options over the forecast years. In addition, the increasing concern about the fitness of individuals and rising awareness of health benefits associated with plant-based protein is expected to drive the growth of organic soy protein over the forecast period. Furthermore, the increasing preference for vegan food among consumers, and the growing preference for organic and non-GMO food products are anticipated to boost the growth of the organic soy protein market over the forecast years.
However, factors such as the high cost of organic soy protein products, limited awareness among consumers about the benefits of organic soy protein, and availability of alternative plant-based protein sources are expected to hold back and hinder the growth of the organic soy protein market over the forecast period. Moreover, the increasing research and development of innovative new organic soy protein formulations along with the increasing number of mergers, and acquisitions, among the market players, and a growing number of product launches by the market players are anticipated to open up tremendous opportunities to manufacturers and market players in the growth of organic soy protein market over the forecast period. For instance, in February 2021, Bunge expanded its soy protein manufacturing plants by purchasing two soy processing plants.
In April 2021, Fuji Oil Holdings Inc. plans to contribute to a sustainable society by using its processing technologies for plant-based food materials by investing in UNOVUS NCAP II Fund, a major fund specializing in food technology.
Fastest Growing Market
The organic soy protein market is expected to grow over the forecasted period due to the increasing demand for plant-based protein sources due to rising concern about animal welfare, environmental sustainability, and health. Organic soy protein is a popular alternative to animal-based protein such as whey and casein, as it is a complete protein which contains all essential amino acids and its free from cholesterol and lactose. In addition, the growing trend of veganism is expected to drive the demand for plant-based food as it needs an alternative protein resulting in increasing in use of organic soy protein in the food and beverages industries. Thus, drive the growth of organic soy protein market.
The organic soy protein market was valued at USD 273.7 million in 2022 and is expected to grow at a 15.9% CAGR from 2023 to 2029.
Increasing demand for plant-based proteins and organic products is expected to drive the growth for organic soy proteins market over the forecast period.
The leading players in the global Organic Soy Protein market are Cargill Incorporated., Kerry Group plc, Wilmar International Ltd., The Nisshin OilliO Group Ltd., Ruchi Soya Industries Ltd., Ag Processing Inc., Devan soy Inc., American Soy Products, Smithfield Foods, Inc., Impossible Foods Inc., Batory Foods, Kellogg NA Co., Doves Farm Foods Ltd.
Increasing research and development activities along with the growing number of product launches are expected to provide opportunities to the market players in the growth of organic soy protein market over the forecast period.