The Latin America Organic Soy Protein Market has been estimated at USD 50 Million in 2022 and is projected to reach USD 120 Million by 2028, at a CAGR of 19.20% during the forecast period from 2023 to 2028.
Organic Soy Protein is commonly used in protein and energy bars, breakfast cereals, various processed meats and meat alternatives for improvement in taste and texture, and also in a number of muscle gain supplements in the fitness industry. They are mostly gluten and cholesterol free.
The market is mainly driven due to increasing adoption of soy, with increasing awareness about the benefits of Soy products. Further, with soy products being cheaper than the other products, people are shifting to Soy, which is increasing the demand and contributing to the market growth. But, high costs involved in raw material production can turn out to be a constraint for market growth.
The Latin America market for Organic Soy Protein is segmented by Type and by Application. By Type, the market is further segmented as Concentrates, Isolates, and Flour. By Application, the market is further segmented as functional foods, infant formula, dairy alternatives, meat alternatives, bakery & confectionery, and other applications. Soy protein concentrates accounted for the largest market share, by type, due to their wide usage as functional or nutritional ingredients in a wide variety of food products. Functional foods segment accounts a maximum share in the market by application, by application. Increase in functional food consumption by people is driving the demand, which is leading the soy functional foods to contribute maximum to the market. The dairy alternatives application of organic soy protein is expected to grow due to increasing demand for soymilk from lactose-intolerant consumers.
Geographically the Latin America Organic Soy Protein Market is segmented into Brazil, Mexico, Argentina, Chile and Rest of Latin America. Brazil contributes the largest share. With an increase in R & D and increase in soy production in the recent times, many companies have shown interest in setting up manufacturing units in these regions of Latin America.
Key Players in the Market:
Major Key Players in the Latin America Organic Soy Protein Market are
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