The
majority of the global soy protein market in 2015 was taken up by key
global players, such as Archer Daniels Midland Company, CHS, Inc.,
Cargill, Inc., E.I. du Pont de Nemours and Company, and Willmar
International. At the time, these players had taken up a share of
over 66.2% of the global soy protein market, pointing to a largely
consolidated competitive landscape.
By
revenue, the global soy protein market was valued at US$4.80 bn in
2015, and is expected to reach US$7.78 bn by the end of 2024, after
displaying at a CAGR of 5.5% within a forecast period from 2016 to
2024. Protein hydrosulfates are expected to increase in demand at a
CAGR of 6.7% within the same forecast period. In terms of volume,
this market is expected to reach 2,209.3 kilo tons by the end of
2024.
Functionality
and Health Benefits Stay Consistent Mantras for Soy Protein Vendors
“The
single leading driver of the global soy protein market at the moment
is the growing number of people being attracted towards it by the
terms functionality and health benefits. Soy proteins appeal to a
very large consumer base, including those that are trying to maintain
a low fat diet as well as the growing number of vegans. Even the FDA
supports the moderate consumption of soy proteins, as in an earlier
publication they pointed to the chances of reducing the risk of
coronary heart disease by consuming 25 grams of it per day,” states
a TMR analyst.
Additionally,
soy protein is also a core part of the growing movement of functional
foods. With a greater number of the urban population finding it
difficult to cook food and maintain a balanced diet, the introduction
of functional foods has been very positively received. They are
easier to consume and can help an individual maintain a balanced
diet. The global
soy protein market is involved in the production of several
functional foods, such as meat and dairy alternatives, and energy
bars. The growth rate of the global soy protein market is also being
supplemented by the growing scope of functionality of soy protein
products that are increasing their overall application within the
food and beverages industry.
High
Disparity between Supply and Demand Noted among Soy Protein Vendors
One
of the key problems that the manufacturers and vendors in the global
soy protein market are facing at the moment is a severe shortage in
demand. Soybean, the quintessential raw material required for the
various products released from the global soy protein market, is
itself a commodity food product. Its price is also subject to
volatility as there is already a high demand for soybeans in the
market. This pressurizes manufacturers in the global soy protein
market to compete with a separate section of consumers to gain more
raw material, thereby hindering the overall rate at which the global
soy protein market can grow. The market is also being stifled by the
low usage of soy protein products outside the food industry.
“Players
in the global soy protein market can look forward to the plethora of
opportunities coming up from the Asia Pacific and Latin America
regions. Asia Pacific especially is expected to be a great venue of
investment for global players as well as new entrants. At the same
time, the larger players in the market are consolidating their shares
through positive agreements and mergers, further increasing the rate
at which the overall market may grow,” adds the analyst.
The
information presented in this review is based on a Transparency
Market Research report, titled, “Soy Protein Market - Global
Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 -
2024.”
