Players
in the global soy protein market are foreseen to get the plenty of
chances to grow in future, especially from Latin America and from
Asia Pacific regions. Out of these, Asia Pacific region is
particularly anticipated to emerge as a leading market in terms of
opportunities in forthcoming years, along with the entry of new
players. Within the forecast period, the major players are indulging
into mergers and acquisition strategies, which is a key factor
stimulating the growth of soy protein market. Archer Daniels Midland
Company, CHS, Inc., E.I. du Pont de Nemours and Company, Willmar
International, and Cargill, Inc. are among the leading players
operating in global soy protein market. These players collectively
account for 66.2% of the overall market share, in past year.
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According
to a recent report published by Transparency Market Research (TMR),
the global soy protein market is prognosticated to expand at a steady
CAGR of 5.5% within the forecast period from 2016 to 2024. Based on
revenue, in 2015, the global soy protein market was valued around
worth of US$4.80 bn. This value is likely to reach around US$7.78 bn
before 2024-end.
Based
on the application, the soy protein market is categorized into bakery
and confectionary, functional foods, and other similar types of
applications, for example, fruit drinks, dietary supplements, soups &
sauces, animal feed, sports drinks, vegetable broths, and personal
care. Geographically, in 2015, the global market dominated by North
America region, trailed by Asia Pacific and Europe. This is credited
to the rise in awareness about soy product consumption, and increase
in disposable income among the people in the regions.
One
of the major factors, at present, contributing in the growth of
global
soy protein market is the significant rise and growth of
functional food sector. In past few years there has been a notable
inclination of people towards the consumption of functional food
products as a substitute diet, in case when they miss out of having a
balanced diet in their daily lives, due to hectic schedule.
Functional foods are not just very beneficial from health and
nutrition point of view, but are also manufactured a way that they
can be consumed easily.
Various
types of functional foods are produced such that they are easy to
digest, which makes them an obvious choice apart from baby food. The
common types of functional foods are meat alternatives, dairy, and
infant formulas that are in demand at present. Some more types of
functional foods that are in demand, are convenience beverage
powders, energy bars, breakfast cereals, and frozen desserts.
However, high cost of these products is a factor that is generally
foreseen to hamper the global market of soy protein.
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