Prominent players in the non-GMO soy protein market are upscaling their production capacities to cater to the growing demand in the production of supplements & nutraceuticals, animal feed, and meat substitutes
ROCKVILLE, MD / ACCESSWIRE / September 3, 2020 / The Non-GMO Soy Protein market is set to progress on a positive growth trajectory, at a steady CAGR of 4% in terms of value through the period of forecasting between 2020 and 2030. The market was valued at over US$ 2.3 Bn in 2020 and will continue to bestow remunerative opportunities to market players through the assessment period. The outbreak of COID-19 has negatively impacted the growth of non-GMO proteins market, and the downtrend is expected to prevail through 2020.
"The demand for non-GMO soy protein is majorly driven by shifting consumer preference from conventional, animal-based protein to clean label, plant-based protein. Furthermore, growing awareness regarding the benefits of clean-label and sustainable foods is transmuting into sales of the non-GMO soy protein", says the Fact.MR report.
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Non-GMO Soy Protein Market - Key Takeaways
- Based on product type, protein concentrates are forecasted to account for 1/3rd of the total market value owing to higher preference in F&B applications.
- On the basis of grade, the food-grade non-GMO soy protein segment, which held nearly 80% of market value in 2020, is anticipated to rise 1.4X in value during the forecast period backed by growing demand in meat substitute applications.
- Among end-use segments, supplements and nutraceuticals segments are poised to grow 1.5X in size during the assessment period.
- North America currently holds over 1/3rd of overall market value and will prevail as the leading regional market on the back of rising health consciousness among consumers.
- Asia Pacific is gradually metamorphosing into a prominent region, forefronted by China and India ascribed to growing demand for healthy alternatives.
Non-GMO Soy Protein Market - Driving Factors
- The primary growth attribute to the market is the paradigm shift in consumer eating habits with a growing demand for healthy food and ingredients in the food industry.
- As consumers move away from artificial and processed products, the non-GMO soy protein has emerged as an ideal alternative to conventional animal-based protein and will gain traction in the forthcoming years.
- Macroeconomic factors such as favorable trade agreements between nations and increasing investments in clean-label food are also positively impacting market growth.
Non-GMO Soy Protein Market - Constraints
- The complexity and time-consuming nature of the production are limiting market players from reaping the benefits of large-scale production.
Anticipated Market Impact by Coronavirus Outbreak
Akin to the majority of products, the sales of non-GMO soy protein has witnessed a steep decline in the first quarter and 2020 due to the outbreak of COVID-10. With the downtrend expected to prevail through the third quarter, the immediate future of the market looks bleak. However, a quick revamp is anticipated at the dawn of 2021 as supply chains realign.
Explore the global Non-GMO Soy Protein market with 92 figures, 112 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/report/4838/nongmo-soy-protein-market
Competition Landscape
The major players operating in the Non-GMO Soy Protein market include Archer Midland Daniels Company, Cargill Inc., NOW Foods, Farbest Brands, E.I. Du Pont De Nemours and Company, Wilmar International Limited, Kerry Inc., A. Costantino & C. spa, Pingdingshan Tianjing Plant Albumen Co., Ltd., Linyi Shansong Biological Products Co., Ltd., SHANDONG YUXIN BIO-TECH CO., LTD., and CROWN SOYA PROTEIN GROUP. In the wake of COVID-19, manufacturers are now resorting to collaborations to sail through the pandemic. On these lines, Farbest Brands invested in getting a non-GMO label for multiple products.
More on the Report
The FACT.MR's market research report provides in-depth insights on the Non-GMO Soy Protein market. The market is scrutinized on the basis of product (soy protein concentrate, soy protein isolate and other products), grade (food grade and feed grade) and applications (bakery and confectionery, meat substitutes, supplements & nutraceuticals, animal feed, and others) across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East and Africa).
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SOURCE: FactMR