The soy and milk protein ingredients market is estimated to be valued at US$ 34.96 Bn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Soy and milk protein ingredients are nutritional proteins sourced from soybeans and milk. They are used in various food and beverage products as they provide important protein content, nutritional value, and texture enhancement. Soy protein ingredients like soy protein concentrates and isolates improve the protein content of foods without drastically changing their taste or texture. Similarly, milk protein ingredients such as casein and whey proteins are useful in bakery, confectionery, nutritional foods and beverages.
Market key trends:
One of the major trends driving the growth of soy and milk protein ingredients market is the growing vegan and flexitarian population. According to research, over 70% of Americans are reducing their meat consumption and are looking for more plant-based protein options. Soy and milk proteins are ideal alternatives to meat proteins as they are highly nutritious and help mimic the texture of real meat. Another factor is the rising demand for gluten-free and non-GMO ingredients. Soy and milk proteins are naturally gluten-free and provide various health benefits. This is boosting their adoption in nutrition bars, snack foods, cereals etc. Their ability to form gels, absorb water and increase viscosity is also facilitating usage in smoothies, protein drinks and other beverages.
Porter's Analysis
Threat of new entrants: The soy and milk protein ingredients market is consolidated leaving no scope for many new players to enter the market. Existing players have established supply chains and distribution networks.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes. However, certain functional properties of soy and milk proteins make them unique.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes for soy and milk. However, major suppliers have strong market positions.
Threat of new substitutes: Substitutes like pea and rice proteins pose a threat. However, soy and milk proteins are preferred for their functionality and nutritional profile.
Competitive rivalry: Competition is high among major players.
SWOT Analysis
Strength: Wide applications in food and beverages, convenience foods due to nutrition, functionality and affordable prices.
Weakness: Concerns regarding allergies associated with soy and lactose intolerance. Complex production processes.
Opportunity: Growing health consciousness, demand for plant-based proteins and clean label products. Expanding Asian markets especially China and India.
Threats: Price volatility of raw materials. Stringent regulations pertaining to labelling and claims.
Key Takeaways
The global soy and milk protein ingredients market is expected to witness high growth, exhibiting CAGR of 4.3% over the forecast period, due to increasing health consciousness among consumers. Soy protein has high protein content and various health benefits making it popular. Milk proteins offer functional properties like emulsification, thickening and adhesion.
Regional analysis Asia Pacific dominates the global market with a share of over 35%, led by China and India. The region is anticipated to be the fastest growing market for soy and milk protein ingredients driven rising disposable incomes, westernization of diets and growing health awareness. There is increased demand especially for soy proteins in the region.
Key players operating in the soy and milk protein ingredients market are Archer Daniels Midland Company (ADM), Scoular Company, Cargill Inc., Dupont-Solae, Linyi Shansong Biologicals Products Cp. Ltd., Solbar Ltd. The key players are focused on new product launches, capacity expansion and strategic partnerships to strengthen their market presence.
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