Market Trends of Canada Soy Protein Industry
Rise in health consciousness across the country
- The increase in health consciousness acts as one of the major factors driving the growth of the Canadian soy protein market. The rise in demand for plant protein products owing to their functional efficiency and cost competitiveness and utilization in a wide variety of processed foods, especially in the ready-to-eat product category, accelerates the market growth.
- The increased demand for use in food & beverage and animal feed applications and the rise in demand for efficient and cost-effective meat alternatives across supplements further influence the market. Additionally, a surge in food spending, media influence on consumer awareness, adoption of healthy lifestyles, high use in a range of food, and increase in demand for protein-rich diet positively affect the soy protein market.
- As per the Canadian Community Health Survey, there is a continuous increase in the obesity rate in Canada. In 2020, the rate was 28.2%, which was observed to increase in 2021 to 29.2%. Thus, consumers are opting for healthy lifestyles and choosing plant-based protein in the country. Moreover, the market growth of soy protein is attributed to the high nutritional value of soy, the increase in awareness about the benefits of proteins, the rise in demand for a protein-rich diet, and health and wellness trends.
- Along with this, soy is a cheaper source of protein as compared to other sources, and hence, it drives the market for soy protein. Also, soy protein is the preferred alternative to meat and dairy proteins, which further fuels the market growth.
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Animal Feed is the largest End User
- Soy protein, largely in the form of concentrates, is widely used in the diets of animals, birds, and fish. Its main characteristics, such as easy digestibility, improved shelf life, and protein enrichment, are driving its application in the food and beverage segment. Moreover, agriculture and aquaculture produce are identified as one of the leading markets for soy protein, as the use of soy protein in animal feed marginally surpasses its usage in food and beverages.
- Agriculture and aquaculture industries are investing a huge amount in soy proteins. The yield of aquaculture produce is maximized, and livestock farmers also appreciate the health benefits that are offered by the addition of soy protein in animal feed.
- Moreover, animal feed is another application sector that has been witnessing growth and is aiding the soy protein market. With companies undertaking multiple research and development undertakings, the market is being further propelled forward.
- For instance, Nordic Soya, a Finnish business, creates soy protein-based aqua as well as animal feed. Soy protein isolate is used in the formulation of these feed products. The rising innovation by the key manufacturers in the animal feed market is also providing an impetus for its growth. The diversification of products comprised of plant-based proteins like soy proteins is expected to drive the Canadian soy protein market in the coming years.
