Market Trends of soy protein Industry
Growing flexitarian or vegan population is offering opportunities for manufacturers
- The changing dietary preferences of consumers are evident globally, and the low inclination toward meat-based products is visible among consumers. The percentage of consumers becoming flexitarian or vegan is offering manufacturers opportunities to introduce and innovate more in the plant protein segment. Globally, plant-based protein alternatives have become popular, as they are the most sustainable alternatives to animal-based meat, as well as due to environmental issues, ethical reasons, and health-related concerns. Germany emerged to be one of the global leaders in vegan product development and launches, accounting for 15% of the global vegan introductions between July 2017 and June 2018.
- The increasing number of young population that are indulging in sports and athletic activities, along with the shifting trends in functional ingredients fortification in the food and beverage industry due to rising demand for added health benefits in various food products, is anticipated to boost plant-based protein demand. For instance, with 210,000 clubs and over 184 million members worldwide, this is an increase of 1 million members since 2019.
- Plant proteins are healthy for all age groups, and it also helps in keeping the body fit. A project led by Merit Foods, which became a global supplier of ingredients and plant-based food, helps manufacturers reach markets by meeting the growing consumer demand. Canada's Health Ministry revamped its food guide and released it in January 2019. This new guide has three categories, namely vegetables and fruits, whole grains, and plant-based proteins. The rising awareness about protein benefits increased protein consumption. The health benefits, coupled with increasing demand from various consumer groups, are driving the demand.
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Growing soy production to stabilize soy protein prices
- Regardless of fluctuating production trends, soybeans, the fundamental raw material for soy proteins, are mostly produced in Brazil and closely followed by the United States and then Argentina, during the studied period. In 2018, 349 million tonnes of soy were produced worldwide. Brazil produced 118 million tons (34%), whereas the US produced 123 million tons (35%) of the total. They made up 69% of the world's total production. The substantial reduction in soybean output in 2012, one of the most important crops in the United States, was attributable to U.S. growers experiencing historic drought conditions in most of the Midwest over the summer. However, the growth rate favourably increased by 5% in 2020.
- Globally, India is another major producer of soybean. India's soybean output for the harvesting season 2021-22 will be 11.200 million tonnes, which rose from 10.450 million tonnes the previous year. Due to flood-induced crop damage in major growing states, followed by blight disease in the plants, both corporate and government institutions involved in the soybean, soya oil, and oil meal business have expected India's soybean output to stay lower in 2019-2020. Among the states, Madhya Pradesh is the top producer with 55.84 lakh ha followed by Maharashtra (46.01 lakh ha), Rajasthan (10.62 lakh ha), Karnataka (3.82 lakh ha), Gujarat (2.24 lakh ha) and Telangana (1.51 lakh ha).
- In 2021, more than 75% of the soy produced worldwide is fed to animals for the production of meat and dairy products. Vegetable oils, industries, and biofuels make up the majority of the remainder. Only 7% of soy is used specifically to make products for human consumption including tofu, soy milk, edamame beans, and tempeh.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Asia-pacific held major market share
- Healthy trends in beverages impacting market growth
- Hike in the demand for single-serve packets may augment production
- Dairy alternative to witness significant growth
- Meat protein alternatives are revolutionizing the meat segment
- Healthy snacking preference to support market growth
- Growing demand for compound feed
- Growing flexitarian or vegan population is offering opportunities for manufacturers
- Strong hold of the retail sector is supporting market growth
- Growing preference for convenient breakfast options
- Rising at-home consumption and demand for healthy confectionery products
- Growing nutritional concerns for aging populations
- Ready-to-cook and frozen foods witnessed a surge in sales
- Rising health awareness and growing demand from millennials
- Natural ingredients highly driving the segmental sales
