The
global soy protein market features a highly consolidated and
competitive landscape with the top five players accounting for a
combined share of over 66.2% in 2015, finds Transparency Market
Research (TMR). These companies are Archer Daniels Midland Company,
Cargill, Inc., CHS Inc., Willmar International, and DuPont. The top
companies are making substantial investments in research and
development activities to develop innovative products and
formulations that adequately meet customers’ requirements in order
to consolidate their shares, observes TMR.
Leading
players are also entering into new partnership agreements to expand
their reach across major geographical regions. They are venturing
into untapped markets of various developing economies by adopting the
strategy of mergers and acquisitions.
In
terms of revenue, the global
soy protein market
stood at US$4.80 bn in 2015, and is forecast to reach a valuation of
US$7.78 bn by the end of 2024. The market is anticipated to rise at a
CAGR of 5.5% during 2016–2024.
Myriad
Uses of Soy Protein Isolates to Bolster Demand
On
the basis of geography, the major regions for the growth of soy
protein market are Europe, North America, Asia Pacific, the Middle
East & Africa (MEA), and Latin America. Of these, currently,
North America leads the global market. However, in the coming years,
Asia Pacific will rise at a higher CAGR of 6.8%. The impressive
growth in this regional market is attributed to the soaring awareness
of the numerous benefits of consuming soy protein products and the
trend of veganism gaining traction across the region.
Based
on product, the global soy protein market is segmented into protein
isolates, protein concentrates, and protein hydrolysates. Of these,
the soy protein isolates segment is anticipated to grow at the
maximum CAGR along the forecast period and is expected to surge to
2,209.3 kilo tons, in terms of volume, by the end of 2024. The
substantial demand is driven by its extensive use in milk beverages
and as protein enrichment ingredient in a variety of products.
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Enormous
Health Benefits of Soy Protein to Fuel its Demand as Functional Food
The
demand for various soy protein products is driven by numerous health
benefits of soy protein. Prominent food regulatory agencies, such as
the U.S. FDA, have upheld the fact that soy protein when consumed in
moderate amount decrease the risk of cardiovascular diseases. In
addition, the growing number of people adopting a vegan diet prefer
soy protein as a viable substitute for animal protein. Furthermore,
the increasing popularity of functional foods across a large part of
population, especially in urban areas, has spurred the demand for soy
protein products. In addition, soy protein is extensively used in
making a variety of functional foods, such as meat, dairy
alternatives, and energy bars. The soaring application of soy protein
in the food and beverages industry is also expected to propel the
market in the coming years. However, the marked difference between
the supply and demand volumes of soy protein has hindered the growth
of the market to some extent. In addition, the volatility in the
availability of raw materials and the limited use of soy protein in
the F&B industry have negatively impacted manufactures and
vendors. Nevertheless, the growing application of soy protein in the
nutraceuticals and functional food segments is expected to open up
exciting opportunities for market players.
The
study presented here is based on a report by Transparency Market
Research (TMR) titled “Soy Protein Market (Product Type - Isolates,
Concentrates, and Hydrolysates; Form - Dry and Liquid; Application -
Functional Foods (Meat alternatives, Dairy alternatives, and Infant
formula) and Bakery and Confectionary; and Function - Nutrients,
Emulsifier, Fat and Water Absorption, and Texturants) - Global
Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 -
2024.”
The
global soy protein market is segmented based on:
Product
Type
- Soy Protein Isolates
- Soy Protein Concentrates
- Soy Protein Hydrolysates
Form
- Soy Protein Dry
- Soy Protein Liquid
Application
- Functional foods
- Meat alternatives
- Dairy alternatives
- Infant formula
- Others
- Bakery & confectionery
- Others
Function
- Nutrients
- Emulsifier
- Fat & Water Absorption
- Texturants
- Others
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