Market Trends of north america soy protein Industry
Plant protein consumption growth fuels opportunities for key players in the ingredients sector
- The per capita consumption of plant protein in the region registered an increase of 2.42% from 2017 to 2022, supported by both investment and innovation. This increase was mainly due to the rise in the rate of consumers turning vegan or vegetarian in a bid to ensure animal welfare. For instance, the number of Americans following plant-based diets has increased by roughly 9.6 million people, accounting for nearly 3% of the population in the United States in 2020. After the COVID-19 pandemic, plant protein consumption skyrocketed for various reasons, including the fear of processing contamination by the virus in animal-sourced proteins and the hike in consumption of protein combinations, including animal and plant proteins or a combination of distinct plant proteins.
- Most Americans eat less meat, but they do not eliminate their consumption entirely. They also tend to be more flexitarian than vegan or vegetarian. The usage of plant protein is mainly observed in sports nutrition and meat alternatives. Soy and whey proteins are used primarily in the food and beverage, supplement, and sports nutrition industries. In 2021, around 36% of consumers were familiar with soy protein and had consumed the same, whereas 31% of individuals consumed whey protein in the U.S.
- Flexitarian is the second-largest dietary group in Canada. The percentage of consumers becoming flexitarian or vegan offers manufacturers enough opportunities to introduce and innovate more in the plant protein segment. In 2021, the Canadian government announced an investment of more than USD 4.3 million to support Canada鈥檚 pulse and special crop farmers to meet the growing consumer demand for sustainable, high-quality plant-based protein.
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United States produces more than 90% of all soybeans in the North America
- United States and Canada are the largest producers of soybean in North America. The United States produces about one-third of the total soybean in the world, followed closely by Brazil and Argentina. In 2021, the country produced 119.88 million MT of soybean accounting 31% shares of the global soybean production. Soy is a global merchandise commodity produced in both temperate and tropical regions. It also serves as a key source of protein and vegetable oils. The major driving factors for the US soy protein ingredients market are the changes in food consumption patterns and food requirements and an inclination toward vegetarian products for protein sources.
- Apart from domestic consumption, United States exports soybean to different countries with total export value was USD 27.94 billion in 2023. China, Europe, Mexico, Japan, and Indonesia were identified as the major export markets in 2023, for soybean produced in the country. In order to meet the demand in domestic and export markets, Farmers pursue innovation in soybean production by using regenerative agriculture and biotechnology farming鈥攆arming with scientific tools and discoveries. To support these aims, the United Soybean Board works with farmers to establish best practices that allow soy farmers to be more efficient with their inputs and work toward producing a better bean.
- Soybeans are the third-largest field crop in Canada. Predominantly, soybean has become an important cash crop in cities like Quebec and Manitoba, Maritimes, southeast Saskatchewan, and southern Alberta. Presently, Canada is the producer of 200 registered soybean varieties. Among those registered varieties, 80% of soybeans are herbicide-tolerant.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Organic baby food to drive the market in the future
- Fortified beverage to witness a rise in sales during forecast period
- Hike in single-serve packets鈥� demand may augment production
- Dairy alternatives to witness significant growth rate
- Great opportunities for meat alternative products
- Key players focusing more on healthy ingredients post COVID-19
- Steady demand from united sates to support market
- Large commercial players lead the growth of the bakery industry
- Consumer shift toward low-carb diets poses a threat to the market growth
- Key players to focus fortification and nutritional enrichment
- Emphasizing awareness and innovation; driving force behind elderly nutrition market growth
- E-commence will emerge as one of the most preferred channels
- Sport/performance nutrition to witness significant growth during forecast period
- Cosmetic industry to drive by synergy of innovation and social media influence
