Market Trends of united states soy protein Industry
Plant protein consumption growth fuels opportunities for key players in the ingredients sector
- The per capita consumption rate of plant proteins is increasing at a considerable rate in the United States, supported by investments and innovations, resulting in a consumption rate of 40.28 grams per day, primarily due to a rising number of consumers turning vegan to promote animal welfare. This is because factory farming, where animals are maltreated, is a norm in the United States. Most Americans eat less meat and animal products, but they do not eliminate their consumption entirely. They also tend to be more flexitarian than vegan or vegetarian. Nearly 12% of consumers in the country prefer a plant-based diet, whereas 7% of consumers follow a flexitarian diet. Although consumers of all generations in the United States are interested in plant-based meals, individuals in their 20s and 30s are the keenest to adopt plant-based diets.
- There is a constant rise in the per capita consumption of pea protein due to its wide applications in different food products, like meat, poultry, and bakery products. Around 41% of consumers are interested in plant-based food derived from pea protein. The usage of pea protein is mainly observed in sports nutrition and meat alternatives. A typical serving of pea protein powder is 30 grams, with 25 grams of protein. Athletes usually use one serving per day but may take as many as three servings per day.
- 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. Similarly, the consumption of soy-based food and beverages favorably increased by 12.9% during 2014-2019, and it is likely to remain consistent throughout the forecast period.
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United States produces about about one-third of the global soy production
- 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 U.S. soy protein ingredients market are the changes in food consumption patterns and food requirements and an inclination toward vegetarian products for protein sources.
- In the United States, the application of soy protein in meat additives has been playing a major role in increasing the sales of soy protein ingredients over the past few years. Customers who favor plant-based protein products over animal-based protein products are drawn to soy protein's use in infant formula and animal feed. The US Department of Agriculture (USDA) stated that soy protein reduces the risk of heart diseases, thus increasing the demand for other vegan proteins.
- 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.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Baby food to witness steady growth post pandemic
- Innovation holds key to maintain steady growth rate
- Consumers' preferences shift to premium condiments and sauces, away from packaged soups
- Dairy alternatives to witness significant growth rate
- Great opportunities for meat alternative products
- Key players focusing more on healthy ingredients post COVID-19
- Rising us feed exports and feed prices are expected to impact production
- The growth of the bakery industry is led by large commercial players
- Sustainable and innovative packaging trends to influence breakfast cereals market
- 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
- United States cosmetic industry to drive by synergy of innovation and social media influence
