Non-GMO Soy Protein Market
Non-GMO Soy Protein Market By Product (Concentrate, Isolate), By Grade (Food & Feed Grade), By Application (Bakery and Confectionary, Meat substitutes, Supplements & Neutraceuticals, Animal Feed), By Region - Global Mraket Forecast 2020-2030
Non-GMO Soy Protein Market Insights: Clean Label Trend to Push Revenue Growth
The non-GMO soy protein market is estimated to be valued at US$ 2.3Bn in 2020 and expand at a CAGR of nearly 4% during the forecast period (2020-2030). Multiple micro level trends like the rise of vegan culture, increased adoption of keto diets, replacement of traditional meals by snacks, and clean label have been influencing the non-GMO soy protein market growth.
As consumers’ quest for the source of food and their ingredients increases, the food industry has been undergoing a metamorphosis. Additionally, manufacturers are rapidly changing their offerings in response to consumer demand for healthier products.
The demand for non-GMO protein, in particular, is moving on an upward spiral, as it encompasses overarching trends such as clean label, plant-based protein, better-for-you options, healthful eating, and sustainability. Moreover, aversion of consumers to artificial products is emerging as a key growth lever of the non-GMO soy protein market.
Food Grade Non-GMO Soy Protein Remains the Bestselling Category
Food grade non-GMO soy protein accounts for nearly 80% of the total market value, and is expected to show consistent growth during forecast period. Increasing consumer demand for direct protein consumption as well as varietal application in meat substitutes has been driving the sales of food grade non-GMO soy protein.
Subsequently, companies have been consistently increasing their production to sustain the rapidly growing demand. Furthermore, with emerging trend of high protein consumption and shift from animal-based protein to its plant-based counterparts,demand for food grade non-GMO soy protein is expected to show substantial increase during the forecast period.
Regional Insights:North America Attains Maturity,APAC to Present Lucrative Opportunities
North America is a mature market for non-GMO soy protein, contributing one-third share to the total revenue. Plant-based food products, which were earlier reserved for niche consumers and limited shelf, are going mainstream in the region. This, in turn, is significantly accelerating the growth of North America’s non-GMO soy protein market.
In recent years, demand for non-GMO protein has been witnessing a substantial increase in Asia Pacific. India and China are emerging as the largest contributors to the global non-GMO soy protein market. While some discrepancies have dampened the demand during recent years, increasing acquisition of quality certification labels by manufacturers and raw material suppliers is expected to supplement the trade in the region.
Competitive Landscape: Market Leaders Continue Production DuringCOVID-19 Crisis
The non-GMO soy protein market is fragmented with top companies accounting for nearly 30% share of the global market. Companies operating in the non-GMO soy protein market have been striving to maintain their sales. For instance, Farbest Brands have embraced collaboration to augment their growth during the COVID-19 crisis.
In 2020, Farbest brands also invested in getting non-GMO label for multiple products. Companies like Archer Midland Daniels Company have been investing in growth opportunities and banking on their brand presence and reach during the COVID-19 crisis.
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COVID-19 Impact Analysis
As with many markets, the non-GMO soy protein market has also faced the impact of the Covid-19 crisis. Demand for non-GMO soy protein witnessed a sharp slowdown from February to April as compared to the previous year. Such decline in demand in 2020 can be understood under three scenarios: positive, pessimistic, and probabilistic.
Under the optimistic scenario, the global non-GMO soy protein market is expected to face a downtrend in the first andsecond quarter of 2020 due to the strong impact of the Covid-19, and recover in the third quarter. Under the probabilistic scenario, the market is expected to remain under doldrumstill the third quarter, affecting the demand for non-GMO soy protein.
Under the pessimistic scenario, demand is not anticipated to rise until the first quarter of 2021, as consumers continue to turn to conventional foods that offer comfort and familiarity.
The non-GMO soy protein market revenue is expected to face a slight decline in 2020, and show an uptick during the recovery period. Increasing investments and penetration in Asia Pacific is expected create long term returns.
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Global Non-GMO Soy Protein Market: Scope of the Report:
The recent global non-GMO soy proteinmarket report by Fact.MR offers a 10-year forecast from 2020 to 2030. The report elaborates on the key drivers, restraints, opportunities and threats to the expansion of the global non-GMO soy proteinmarket. A detailed segmental analysis, based on product, grade, and application, has been provided in the report.
Regional analysis in terms of supply chain, business execution, and market value provides an in-depth perspective about the future scope of the global non-GMO soy proteinmarket. In addition, a separate section on market structure has also been provided. The section provides a detailed analysis of key market players and the strategies for expansion in the non-GMO soy proteinmarket.
Non-GMO Soy Protein Market: Segmentation
The FactMR’s study has done the segmentation of the non-GMO soy protein market on the basis of product, grade, application, and region.
- Food Grade
- Feed Grade
- Bakery and Confectionary
- Meat substitutes
- Supplements & Neutraceuticals
- Animal Feed
- North America
- Latin America
- East Asia
- South Asia & Oceania
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