Latin America Soy Protein Ingredients Market was worth USD 711 million in 2021 and is estimated to be growing at a CAGR of 7.9%, to reach USD 1.03 billion by 2027
Soy protein is obtained from soybeans after the extraction of oil. Soy Protein is used for the fortification of many food products and as an alternative to dairy protein. It is extensively used as a meat extender and as a quality substitute for meat. This legume is one of the few plant proteins that contains all eight essential amino acids.High functional properties of the soy protein ingredient coupled with eco-friendly and natural health benefits are driving the demand of soy protein during the forecast period. Moreover, it is more cost-effective than animal protein and reflects the same protein content. This is expected to enhance the adoption of soy protein across various end-use industries resulting in increasing the shelf life of processed food, so it is also considered as the most sustainable protein ingredient. This in turn boosts the market. However, the allergic nature of soy protein ingredients is restraining its growth during the forecast period. Moreover, the negative impact of genetically modified (GM) soy coupled with the availability of various alternatives such as milk proteins, pea proteins, and other animal proteins are also effecting the growth of soy protein ingredients in the forecast period.
The market for Soy Protein Ingredients is broadly categorized into
type
application
By type
Soy protein isolates
Soy protein concentrates
soy flours
By application
Bakery and confectionery
meat alternatives
functional foods
dairy replacement
infant foods
Argentina
Brazil
Mexico
rest of Latin America. Moreover in Latin America, Brazil is expected to be the major contributor in terms of revenue followed by Mexico.
Keyplayers
Archer Daniels Midland (ADM) Company
Dean Foods Company
Armor Proteins
Gelita Group
Bunge Alimentos SA
Kerry Ingredients Inc.
Burcon NutraScience
Cargill Health & Food Technologies
E. I. du Pont de Nemours and Company
Kellogg Company
Doves Farm Foods
Kraft Foods Group Inc.
Manildra Group
MGP Ingredients
Omega Protein Corporation,
George Weston Foods
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