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.
Diana is a London-based writer dedicated to bringing you the latest updates in ethical consumerism and plant-based nutrition. She is a recent media graduate with extensive journalistic experience, and writes in hopes of changing the narrative. You can follow Diana on Instagram and Twitter @dianalupica
Disclaimer: The opinions expressed in this article are prepared in the author's capacity and do not necessarily reflect the views and opinions of Plant Based News itself.
Since you're here...
Plant Based News is a FREE service that receives millions of views each week on Youtube, Facebook, Instagram, Twitter, our weekly newsletter and this website. This takes a lot of our personal time, money and hard work. But we do it because we KNOW it makes a difference. If those following our reporting helped by contributing, we could do even more. Please consider supporting us so we can create further awareness about animal rights, environmentalism, ethical consumerism and the plant-based lifestyle. Not a false narrative - but information that empowers people to make better choices.