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 changingtheir 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 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.