Market Trends of north america soy protein Industry
Plant protein consumption growth fuels opportunities for key players in the ingredients sector
- The per capita consumption of plant protein increased from 135.3 grams in 2016 to 147.67 grams in 2021 within the North American region, supported by both investment and innovation. This increase was mainly due to the rise in the rate of consumers turning vegan or vegetarian in a bid to ensure animal welfare. For instance, the number of Americans following plant-based diets has increased by roughly 9.6 million people, accounting for nearly 3% of the population in the United States. After the COVID-19 pandemic, plant protein consumption skyrocketed for various reasons, including the fear of processing contamination by the virus in animal-sourced proteins and the hike in consumption of protein combinations, including animal and plant proteins or a combination of distinct plant proteins.
- Dalhousie University Agri-Food Analytics Lab states that flexitarian is the second-largest dietary group in Canada. The percentage of consumers becoming flexitarian or vegan offers manufacturers enough opportunities to introduce and innovate more in the plant protein segment. In 2021, the Canadian government announced an investment of more than USD 4.3 million to support Canada’s pulse and special crop farmers to meet the growing consumer demand for sustainable, high-quality plant-based protein.
- The rising vegan population mainly drives the market. The per capita consumption of pea protein is the highest, owing to its wide application in distinct food products like meat, poultry, and bakery. Pea protein consumption is mainly observed through sports nutrition and meal replacement applications, at levels ranging from 5 to 15 grams per serving at one or two servings per day, with a maximum of 30 grams per person per day.
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United States produces more than 90% of all soybeans in the North America
- Soybean has emerged as a significant source of both animal and human protein. Around 85% of soybean cultivation is used for animal feed, and the remaining 15% is used for human consumption. The United States produced 4.4 billion bushels of soybeans in 2021, a considerable rise of about 200 million bushels over the previous year. In Canada, soybean production fell by 1.4% to 6.3 million tonnes in 2021. Due to dry conditions throughout the growing season, decreased yields in Manitoba significantly contributed to the lower national production. Advancements in the processing and production of soybean, like the inclusion of plant breeding, led to the development of new early-maturing soybean varieties that can be used for soy protein production.
- Ontario is the leading producer of soybeans in Canada, accounting for roughly 6.27 MMT, followed by Quebec and the Maritimes, with 4.08 MMT and 1.10 MMT, respectively. Globally, the country is becoming an important soybean supplier, making soybean an important force in the Canadian economy. In Canada, 200 registered soybean varieties are resistant to particular abiotic conditions, pathogens, and pests. Additionally, 80% of all soybeans grown in Canada are herbicide tolerant.
- Apart from serving the premium markets, like edamame, tofu, soy sauce, and miso, soybeans produced in the region also fulfill the commodity demand for making soy protein from vegetable oil, animal feed, and a growing range of industrial products. The US plant-based food market's sales value of tofu and tempeh amounted to USD 175 million, i.e., 41% of the segment in 2020. Thus, due to an anticipated increase in demand from the feed industry and an expected rise in population in the region, domestic production is expected to increase in the forecast period.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Organic baby food to drive the market in the future
- Fortified beverage to witness a rise in sales during forecast period
- Hike in single-serve packets’ demand may augment production
- Dairy alternatives to witness significant growth rate
- Great opportunities for meat alternative products
- Key players focusing more on healthy ingredients post COVID-19
- Steady demand from united sates to support market
- Large commercial players lead the growth of the bakery industry
- Consumer shift toward low-carb diets poses a threat to the market growth
- Key players to focus fortification and nutritional enrichment
- Emphasizing awareness and innovation; driving force behind elderly nutrition market growth
- E-commence will emerge as one of the most preferred channels
- Sport/performance nutrition to witness significant growth during forecast period
- Cosmetic industry to drive by synergy of innovation and social media influence
