The
growing awareness among common consumers regarding the health
benefits of consuming soy proteins is by far the leading driver in
favor of the global soy protein market. The market is also expected
to continue being augmented by strengthening research and development
efforts towards the introduction of soy protein foods with greater
functionality and the incorporation of newer blends suitable for
various applications. One such growth in use of soy proteins is its
application in animal feed. The global soy protein market is,
however, currently restrained by the overall disparity between supply
and demand. With a greater focus given to the distribution of
soybean, the global soy protein market is suffering from a reduction
in total raw material supplied to it.
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The
global soy protein market is expected to reach US$7.78 bn by the end
of 2024, owing to a combination of factors that have imparted a
favorable CAGR of 5.5% within a forecast period from 2016 to 2024.
This market’s revenue was calculated at US$4.80 bn at the end of
2015.
The
key regions that the global soy protein market can be divided into,
are North America, Europe, Asia Pacific, Middle East and Africa, and
Latin America. Of these, the market was led by North America in 2015,
followed by Europe and then Asia Pacific. While the dominance of
North America in soy protein consumption is expected to continue, it
is growing at a slower rate than the promising Asia Pacific region.
Armed with a growing number of individuals with higher disposable
income, coupled with growing awareness of the benefits of consuming
soy proteins along with a growing trend of veganism, manufacturers of
soy proteins in Asia Pacific are looking towards a positive growth
trend for the coming years.
Additionally,
the demand for soy proteins is also showing a very favorable growth
rate in Latin America, allowing a lot of prominent manufacturers from
Europe and North America to see this region as an establishment for
growth.
One
of the key avenues of expansion for the global soy
protein market at the moment, lies in the booming functional
foods industry. A huge number of consumers are looking towards
functional foods as a compensatory diet for missing out on the chance
to maintain a balanced diet amid a hectic work-oriented life.
Functional foods not only impart a positive dose of nutrition to a
consumer, but are also manufactured to be easy to consume. Several
types of functional foods are also easier to digest, making them a
popular choice as additions to baby food. The common types of
functional foods in demand today, include infant formulas, dairy
alternatives, and meat alternatives. Other types of functional foods
also in high demand, include convenience beverage powders, breakfast
cereals, energy bars, and frozen desserts.
The
leading players currently in operation in the global soy protein
market, include Cargill, Inc., Archer Daniels Midland Company, Ruchi
Soya Industries, Wilmar International, E. I. du Pont de Nemours and
Company, The Scoular Company, Devansoy Inc., FUJI OIL CO., Ltd., CHS
Inc., Gushen Group, Shandong Yuwang Ecological Food Industry Co.,
Ltd., SINOGLORY China, Shandong Wonderful Industrial Group, Crown
Soya Protein Group, Burcon NutraScience Corporation, Bunge Alimentos
SA, Kerry Ingredients Inc., and MGP Ingredients, Inc.
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