North America Soy Protein Ingredients Market - Growth, Trends, and Forecast (2018-2023)
The plant-based protein consumption market is led by soy and the global soy protein ingredients market is expected to reach USD 11.4 billion by 2023 with a CAGR of 7.8%. The North American soy protein market is projected to reach USD 4.12 billion by 2023, at a CAGR of 6.9% during the forecast period. Soy is readily available and research is being undertaken to broaden its scope of usage and support its health benefits.
The FDA approved the soy protein health claim on lowering coronary heart disease and thereafter, numerous scientific studies have continued to support the soy protein health claim. As a result, consumers are increasingly opting for soy-rich diets. Numerous functional properties make soy an excellent ingredient in various food products, apart from its use as a fortification substance. As a result, the food industry is witnessing increasing demand for soy year after year. Soy protein is widely used as a meat alternative in the United States and thus, demand for animal protein substitutes is driving the North American soy protein ingredients market.
The North American soy protein market is segmented by application into bakery, confectionery, meat substitute, functional food, dairy substitute, infant food, and others. Soy can be found in a variety of items such as baked goods, cereal, crackers, canned soups, vegetable broth, salad dressings, imitation bacon bits, energy bars, reduced-fat peanut butter, pasta, deli and vegetarian meat alternatives. It is also an ingredient in some vitamin E supplements, prescription drugs, and cosmetics. Soy infant formula, soy milk, soy lattes, soy nut butter, and soy veggie burgers form popular consumer choices. This widespread prevalence makes avoidance challenging for those who are allergic to soy. Soy allergy is one of most common food allergies in children in the United States.
In North America, the US dominated the soy protein ingredients market in 2017, followed by Canada. However, it is expected that Mexico will have the highest CAGR during the forecast period. The consumption of health foods and the food & beverage segment in developing countries is expected to grow at a high CAGR.