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The Soy and Milk Protein Ingredients Market size is projected to increase by USD 6,850.31 million and the market size is estimated to grow at a CAGR of 4.89% between 2022 and 2027.
This soy and milk protein ingredients market report extensively covers market segmentation by type (milk protein ingredients and soy protein ingredients), application (food and beverages, infant formulation, personal care and cosmetics, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa). Our report examines historical data from 2017 - 2021, besides analyzing the current market scenario.
Growing demand for sports nutrition products is notably driving the market growth. As a result of an increase in the number of health-and fitness-conscious people, especially men, across the world, the demand for sports nutrition products is increasing globally. Additionally, the trend of joining gyms and fitness and bodybuilding centers encourages people to consume sports nutrition products to increase their immunity and build muscles. Therefore, the rising demand for sports nutrition products increases the demand for protein ingredients as they are the most important ingredient in sports and fitness nutrition products. Whey proteins and soy proteins are the most widely used ingredients in sports nutrition products. In addition, other dairy-based ingredients are gaining popularity in the manufacturing of sports nutrition products due to their high nutritional value and variety of flavors. Thus, the growing demand for sports nutrition products is positively influencing the demand for soy and milk protein ingredients, thereby contributing to the growth of the market in focus during the forecast period.
The Soy and Milk Protein Ingredients Market shows an Accelerated CAGR during the forecast period.
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An increase in promotional and marketing initiatives is an emerging trend shaping the market growth. A recent trend influencing the growth of the global soy and milk protein ingredients market is an increase in the promotional and marketing initiatives undertaken by vendors of these protein ingredients. Many vendors of soy protein ingredients are spending a large amount of money on promotional activities that target both food manufacturers and end consumers. Additionally, vendors of other protein ingredients, especially niche products, are investing in marketing and promotional activities to increase awareness among consumers and build a loyal customer base for their products.
In addition to vendors, even manufacturers of food and other nutritional products have been marketing their products based on health claims, which helps attract health-conscious people to dietary supplements and sports nutrition products. Thus, an increase in marketing and promotional initiatives will have a positive impact on the growth of the market during the forecast period.
Allergen concerns related to soy and milk ingredients are a significant challenge hindering the market growth. Allergen concerns related to soy and milk ingredients are a significant challenge to the growth of the global soy and milk protein ingredients market. These allergen concerns are vital considerations for manufacturers and consumers alike, influencing product formulation, labelling, and purchasing decisions. One of the primary allergen concerns relates to soy proteins. Soy allergies are quite commonly prevalent, particularly in children. Allergic reactions to milk proteins can manifest as skin rashes, gastrointestinal distress, respiratory issues, or severe anaphylaxis. Furthermore, lactose intolerance, though distinct from a milk protein allergy, poses a separate concern as it leads to digestive discomfort when dairy-based products are consumed by people with lactose intolerance.
However, in response to these allergen concerns, the food industry has seen the emergence of a wide range of allergen-free or dairy-free alternatives. Examples include almond milk, coconut milk, and oat milk, which cater to consumers with allergies to both soy and dairy milk or lactose intolerance. These dairy-free milk alternatives provide a nutritionally comparable choice for individuals who need to avoid milk and soy proteins. Thus, allergen concerns related to soy and milk ingredients can pose a major challenge to the growth of the market in focus during the forecast period.
Soy and milk protein ingredients are essential components in the food and beverage industry, contributing to a diverse range of products that cater to the evolving tastes and preferences of consumers. In the realm of dairy alternatives, plant-based protein ingredients are instrumental in creating products like soy milk, almond milk, and oat milk. Moreover, the surge in demand for plant-based diets has led to the development of meat alternatives, where soy protein ingredients shine. The Beyond Burger and Impossible Burger are prime examples of soy-based meat substitutes that have gained immense popularity. A burger patty made from a beef alternative and nuggets using a chicken substitute are available from PlantEver. Such products will provide Chinese consumers with all the nutritional benefits of vegetarian foods along with the pleasure of consuming delicious meat. Thus, the growing demand for nutritional foods is expected to drive the growth of the food and beverages segment of the market in focus during the forecast period.
The market share growth by the milk protein ingredients segment will be significant during the forecast period. Milk protein ingredients are widely used in various food applications due to their excellent nutritional profile and functional properties. One of the primary categories of milk protein ingredients is whey protein. Whey protein is separated from milk during the production of cheese and consists of whey protein concentrate (WPC), whey protein isolate (WPI), and whey protein hydrolysate (WPH).
The milk protein ingredients segment was the largest and was valued at USD 12,841.80 million in 2017.
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Arla Foods is a global dairy cooperative known for its high-quality milk protein ingredients. The company offers a variety of products, including whey protein concentrates, whey protein isolates, and casein, catering to applications in sports nutrition, dairy products, and baked goods. Similarly, Fonterra, based in New Zealand, is one of the world's largest dairy companies. The company provides a range of milk protein ingredients, including whey proteins, casein, and milk protein concentrates. Fonterra's ingredients are used in a wide array of products, from protein supplements to infant formulas. Thus, the growing demand for milk-based protein ingredients, owing to their several benefits, is expected to drive the growth of this segment in the market during the forecast period.
North America is estimated to contribute 34% to the growth of the global market during the forecast period
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America is a prominent and influential region in the global soy and milk protein ingredients market, driven by the expanding vegan population base, increasing awareness about the health benefits of plant-based protein products, and the presence of key vendors in the region. The US and Canada are the major contributors to the soy and milk protein ingredients market in terms of revenue in the region. North America has experienced a significant shift in dietary preferences, with a substantial portion of the population opting for plant-based diets. According to a recent report from the Plant-Based Foods Association (PBFA), despite supply chain disruptions and COVID-19 pandemic-related restrictions, US retail sales of plant-based foods reached USD 7.4 billion in 2021, surpassing total food retail sales and growing at a 6.1% annual rate. The demand for and consumption of plant-based foods is projected to continue to rise, providing soy protein ingredients with considerable market prospects. This shift is driven by concerns about health, animal welfare, and environmental sustainability.
As a result, the demand for plant-based protein sources like soy protein ingredients has surged. Such a trend is evident in the widespread availability and consumption of dairy alternatives, such as soy milk, almond milk, and oat milk, which leverage soy and other plant-based proteins, thereby contributing to the growth of the soy and milk protein ingredients market in the region during the forecast period.
In 2020, the COVID-19 pandemic adversely affected the economies of various countries in North America. However, the initiation of large-scale COVID-19 vaccination drives led to the lifting of lockdown restrictions and the resumption of industrial operations in 2021. Moreover, the pandemic emphasized the value of consuming a nutritious diet, leading to a rise in the demand for food products with protein as a key ingredient. Thus, the pandemic created enormous prospects for the global soy and milk protein ingredients market to expand. Therefore, such factors are expected to drive the growth of the regional soy and milk protein ingredients market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The soy and milk protein ingredients market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The soy and milk protein ingredients market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Soy And Milk Protein Ingredients Market Scope |
|
Report Coverage |
Details |
Page number |
16 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.89% |
Market growth 2023-2027 |
USD 6,850.31 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.55 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 34% |
Key countries |
US, China, Germany, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Ag Processing Inc., Archer Daniels Midland Co., Arla Foods amba, Associated British Foods Plc, Cargill Inc., DANA Dairy Group Ltd., Devansoy Inc., DuPont de Nemours Inc., Fonterra Cooperative Group Ltd., Glanbia plc, International Flavors and Fragrances Inc., Kerry Group Plc, LACTALIS Ingredients, Linyi Shansong Biological Products Co. Ltd., Milk Specialties Global, Royal FrieslandCampina NV, Saputo Inc., Solbar Ningbo Protein Technology Co. Ltd., The Scoular Co., and Wilmar International Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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