The global soy protein market is expected to reach nearly $6 billion by 2022, amidst growing interest in plant-based diets, according to a new report.
The report, conducted by research firm Meticulous Research, has identified the global soy market's compound annual growth rate [CAGR] at 6.6 percent during the forecast period of 2017 to 2022.
Researchers have also cited the key market drivers as being: 'increasing inclination towards vegan diets', increasing consumer focus on meat alternatives, and changing food consumption pattern.
The research report has identified North America as the largest player in the soy market, followed by Europe and Asia.
It reads: "The Asian market, especially China and India are expected to witness a boost in demand for soy protein, and are poised to register fastest growth over the next five-six years, as a result of their economic development, increasing health consciousness... and availability of large base of vegan population."
The research follows a previous report that predicted the global market for plant-based protein will reach $16.3 by the end of 2025.