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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.
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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.
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