by The global 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 commonly used in various food and beverage products to improve their nutritional profile. Soy protein ingredients provide numerous health benefits such as maintaining blood pressure levels, reducing cholesterol levels, aiding in weight management and muscle building. Milk protein ingredients contain essential amino acids and aids in maintaining health bones and muscles. The increasing demand for plant-based and dairy-free products among health-conscious consumers has boosted the demand for soy and milk protein ingredients in recent years. Products such as soy milk, imitation cheese, yogurt alternatives etc. requires soy and milk protein ingredients for their formulation.
Market key trends:
One of the key trends in the soy and milk protein ingredients market is the rising demand for customized and clean-label ingredients. Manufacturers are focusing on developing soy and milk protein ingredients customized for specific applications and customer requirements. There is also a growing preference for simple and recognizable ingredients without artificial preservatives and flavors among consumers. This has prompted ingredient suppliers to offer clean-label protein ingredients produced from non-GMO sources. Another important trend is the development of highly functional protein ingredients with unique nutritional and textural properties. For example, high-protein yogurt alternatives developed using modified soy and milk protein ingredients.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in soy and milk protein ingredients market is moderate. High capital requirements and established distribution channels pose a barrier to entry for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate. The presence of many established players provides buyers with alternative sourcing options. However, specialized product offerings increase switching costs.
Bargaining power of suppliers: Supply of raw materials like soybeans and milk is consolidated among few suppliers globally. This gives them moderate bargaining power over players in the soy and milk protein ingredients market.
Threat of new substitutes: Threat from substitutes is low. Plant-based protein alternatives like pea and rice do not provide the same nutritional profile as soy and milk proteins.
Competitive rivalry: The global soy and milk protein ingredients market is fragmented with the presence of several international and regional players. Price competition is high.
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 demand for plant-based proteins.
Regional analysis
North America dominates the global soy and milk protein ingredients market. Advancements in extraction & processing technologies along with high demand from functional food & beverage industry drive the North American market. Asia Pacific is expected to be the fastest growing market for soy and milk protein ingredients owing to rising health awareness & lifestyle changes in nations like China and India.
Key players
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. ADM and Cargill are the largest players globally.
