Archer
Daniels Midland Company, Cargill Inc., CHS Inc., E.I Du Pont de
Nemours and Company, and Willmar International have been the top five
in the global soy protein market in 2015, with a large combined share
of more than 62% of the overall market value. Transparency Market
Research (TMR) observes that the leading players are focusing on
geographical expansion and business development through acquisitions
and partnerships.
“Key
players are allocating sizeable funds to research and development
activities to develop and innovate products that are in line with
customer requirements and strengthen their foothold in this
consolidated arena,” says TMR’s lead analyst.
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North
America to Lead Revenue Generation through 2024
The
opportunity in the global soy proteins market was pegged at US$4.80
bn in 2015 and is estimated to rise to US$7.78 bn by 2024, expanding
at a CAGR of 5.5% from 2016 to 2024. On the basis of applications,
functional foods will continue to dominate the market until 2024,
accounting for 66.6% of the overall market revenue. The increasing
uptake of functional foods and rising shift towards healthier
lifestyles are resulting in an upswing in the consumption of soy
protein enriched functional foods. Bakery and confectionary is likely
to exhibit a CAGR of 5.8% during the forecast period.
North
America will be the leading regional segment throughout the forecast
period, commanding 48.6% of the overall market value by 2024. High
health awareness and increasing demand for nutritional foods are
supplementing the growth of the region. Asia Pacific will progress at
a 6.8% CAGR during the same period owing to the growing inclination
towards healthier lifestyles and rising awareness regarding the
benefits of soy proteins are propelling the growth of the region.
Increasing
Awareness about Benefits of Soy Proteins to Intensify Consumption
Soy
protein-based food products have substantial elements of proteins
and low-fat content, which make them suitable for consumption for all
age groups. “Rising health consciousness among people along with
the increasing cases of protein deficiency is causing a sweeping
shift in diets towards protein-rich food products,” says a TMR
analyst. Therefore, the growing awareness regarding the health
benefits of soy proteins coupled with the changing food habits is
working in favor of the growth of the market.
Moreover,
soy meal is being increasingly acknowledged as a reliable substitute
to fish meal for animals, especially in the poultry sector. As a
result, the applications of soy proteins in the animal feed sector
are increasing, thereby driving the market. Furthermore, with the
technological advancements in protein extraction techniques, the
market is likely to tread along a healthy growth track over the
forecast horizon.
Volatile
Prices of Raw Materials to Take its Toll on Soy Proteins Market
Soybean
being a commodity food product is subject to volatility in price. The
price volatility is creating an inconvenience for manufacturers as
they strive to maintain the price of the final product as well as
their profit margin. In addition, it is adversely affecting the
overall revenue generation of the market. Moreover, as a large number
of protein extracts are being researched upon, their vital usage is
not yet known. Hence, the lack of clarity regarding their usage in
the non-food sector is limiting players from entering the market for
protein ingredients, which in turn is hampering the growth of the
global soy protein market.
The
above data is collated from a research report released by TMR, titled
“Soy Protein Market - Global Industry Analysis, Size, Share,
Growth, Trends and Forecast 2016 - 2024.”
The
global soy protein market has been segmented into:
Global
Soy Protein Market, by Product
- Soy Protein Isolates
- Soy Protein Concentrates
- Soy Protein Hydrolysates
Global
Soy Protein Market, by Form
- Dry Soy Protein
- Liquid Soy Protein
Global
Soy Protein Market, by Application
Functional
foods
- Meat alternatives
- Dairy alternatives
- Infant formula
- Others
Bakery
& confectionery
Others
Global
Soy Protein Market, by Function
- Nutrient
- Emulsifier
- Fat & Water Absorption
- Texturants
- Others
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