Global Soy Protein Market: Growing Health Concerns to Impel Demand, notes TMR

The global soy protein market is a highly consolidated one. Major players in the market include CHS, Inc., Cargill, Inc., E.I. du Pont de Nemours and Company, Archer Daniels Midland Company, and Willmar International, and have collectively accounted for a market share of over 66.0% in 2015. Other players operating in the market are Devansoy Inc., Burcon NutraScience Corporation, FUJI OIL CO., Ltd., CHS Inc., Shandong Yuwang Ecological Food Industry Co., Ltd., Gushen Group, SINOGLORY China, Scoular Company, Shandong Wonderful Industrial Group, Crown Soya Protein Group, and Bunge Alimentos SA.

The established players are expanding their business by venturing into untapped territories of developing economies and taking the route of mergers and acquisitions to be in the game. A case in point would be Cargill Incorporated. In 2016, the company collaborated with global non-GMO supply chain leaders to expand the non-GMO ingredient availability. It is also promoting its products as health and wellness supplements, which is an upcoming market among health conscious consumers.

According to the TMR report, the global soy protein market is expected to rise from the initial value of US$4.80 bn in 2015 to US$7.78 bn by the end of 2024, and is projected to progress at a CAGR of 5.5% within the forecast period of 2016 to 2024.

Increased Disposable Income Makes Asia Pacific a Lucrative Market

Based on product, the soy protein isolates segment is expected to lead in the forecast period due to its high protein content of almost 90% among the various types of soy protein ingredients. They are extensively used in milk beverages as a premium ingredient as they are highly dispersible. Bland taste, low fat content, oligosaccharides, and fiber are the additional benefits of using soy protein isolates. It is also used for protein enrichment in weaning foods, dairy replacements, meat systems, functional foods, and infant foods, which are in turn propelling this market segment.

Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Out of the mentioned regions, North America is leading the market; however, during the forecast period this region will face stiff competition from Asia Pacific. Increase in the number of people with higher disposable income and rising awareness of soy protein benefits are set to drive the market growth in Asia Pacific. In addition, manufacturers are banking on the growing trend of veganism, which is expected to boost the demand for soy proteins.

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Soy Protein as a Functional Food to Supplement Demand Growth

Functionality and abundant health benefits are the primary drivers for the high demand for soy proteins. They are also known to aid in the maintenance of a low fat diet. Additionally, soy protein has been well received as a functional food, as many find it difficult to cook food and maintain a balanced diet. They are easier to consume and can help an individual maintain a balanced diet. Soy protein is also used in the production of a variety of functional foods such as meat and dairy alternatives, and energy bars. Functionality is another plus point driving the market, as it can find application in the food and beverage industry.

The major hindrance for the market growth is the problems faced by manufacturers and vendors due to acute shortage in demand. The essential raw material required for the various products released from the global soy protein market is soybean, which in itself a commodity food product, and its price is subjected to volatility owing to high demand for soybeans in the market. This price fluctuations in turn pressurizes manufacturers in the global soy protein market to compete with a separate section of consumers to gain more raw material, thereby abstaining the market to develop. In addition, the low usage of soy protein products outside the food industry is further exacerbating the growing problem of soy protein market.

This review is based on the findings of a TMR report titled ‘Soy Protein Market (Product Type - Isolates, Concentrates, and Hydrolysates; Form - Dry and Liquid; Application - Functional Foods, Bakery and Confectionary and Others; and Function - Nutrients, Emulsifier, Fat & Water Absorption, and Texturants) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.’

Global Soy Protein Market: by Product Type

• Soy Protein Isolates
• Soy Protein Concentrates
• Soy Protein Hydrolysates

Global Soy Protein Market: by Form Type

• Dry Soy Protein
• Liquid Soy Protein

Global Soy Protein Market: by Application Type

• Functional foods

1. Meat alternatives
2. Dairy alternatives
3. Infant formula
4. Others

• Bakery & confectionery
• Others

Global Soy Protein Market: by Function Type

• Nutrient
• Emulsifier
• Fat & Water Absorption
• Texturants
• Others