Italy Soy Protein Market Size

Italy Soy Protein Market Analysis

The Italy soy protein market was valued at USD 150 million for the current year and is projected to register a CAGR of 3.12% over the next five years.

• The incorporation of soy protein into food and beverages to enhance the nutritional profile of the product is one of the primary market drivers in the market. Additionally, soy protein is used in various products such as bakery and confectionery and dairy alternative products to maintain product texture, and it also acts as a binder in various food products, resulting in increasing the demand for soy protein concentrate (SPC) across the market. The presence of high fiber contents has resulted in increased use of soy protein in manufacturing food products for people following a rigorous diet and exercise schedule.
• Further, an increase in the number of people visiting gyms has resulted in increased demand for organic and nutrient-rich supplementary food products. The presence of plant-based protein has resulted in increased use of Soy Protein Concentrate by the Nutraceutical industry. Moreover, in July 2022, according to ProConBritannica, Inc. organization, about 72% of the Italian population was lactose intolerant, leading to high demand for plant-based proteins.
• Moreover, soy protein concentrate is an ideal meat substitute and is gaining higher traction among vegan and flexitarian consumers. This phenomenon augmented the growth of the product, which helps food manufacturers provide a meat-like nutrition profile to their portfolio of faux meat or vegan meat products such as nuggets, burger patties, sausages, and crumbles.
• Additionally, the increasing e-commerce market drives the soy protein market as consumers are more aware of the health benefits associated with it due to increased internet penetration and increased advertisement strategies through social media influencers, etc.
• For instance, according to Osservatori Digital Innovation and Corriere Comunicazioni, the value of purchases in the e-commerce B2C food and grocery sector in Italy increased significantly to EUR 4.8 billion (USD 5.616 billion) in 2022 when compared to EUR 4.0 billion (USD 4.68 billion) in 2021. However, the increasing market for alternative plant protein sources such as hemp protein, oat protein, and pea protein can hinder the market growth of soy protein concentrates.