Leading companies in global soy protein concentrate market are employing novel strategies such as M&A and new product innovations, in a bid to expand their product portfolio and application offerings. In its new research report, Transparency Market Research has listed key players actively contributing to growth of the soy protein concentrate market, which include CHS Inc., Euroduna Food Ingredients, Gremount International Company Limited, Food Chem International Corporation, Nutra Food Ingredients LLC, Nordic Soy Oy, Batory Foods, Wirmal International, Cargill Inc., and Archer Daniels Midland.
Global Soy Protein Concentrate Market to Register a Steady Expansion through 2026
The global soy protein concentrate market is projected to ride on a steady CAGR over the forecast period (2017-2026). Sales of soy protein concentrate across the globe are poised to exceed US$ 4,000 Mn in revenues by 2026-end.
Technological advancements in the food industry have resulted into the development of various soy products such as isolates and concentrates. In addition, demand for low-cost source such as plants is increasing, which in turn has led the food formulators to emphasize more on developing food products, such as soy protein concentrates, that deliver enhanced nutrients essential for human body. Shifting consumer demand for high protein and nutrients food products is likely to play a fundamental role in adoption of efficient and better sources such as soy protein concentrate among manufacturers. Key factors driving the market expansion include changing food consumption patterns of consumers, rise in vegan population, soaring meat prices, and prohibition of animal sources for manufacturing processed food products by various governments worldwide. A major factor hindering adoption of soy protein concentrate is preference for better taste among consumers.
Nutrients to Remain Largest Function of Soy Protein Concentrate
Nutrients are anticipated to remain the largest function of soy protein concentrate, with sales estimated to exceed US$ 2,200 Mn by 2026-end. However, sales of soy protein concentrate for nutrients will continue to register a relatively lower CAGR in the market than other function segments, except texturants. Texturants will remain the least lucrative function of soy protein concentrate. Emulsifier and fat & water absorption are also expected to be lucrative functions of soy protein concentrate. Sales of soy protein concentrate for its function as fat & water absorption are projected to represent the fastest expansion through 2026.
Dry form of soy protein concentrate will continue to account for a relatively larger revenue share of the market than that of liquid form. However, sales of liquid soy protein concentrate are projected to register a comparatively higher CAGR in the market through 2026.
Animal Feed & Meat Process to Retain their Position as Largest Applications of Soy Protein Concentrate
Animal feed and meat processing are expected to retain their position of being the largest applications of soy protein concentrate, in terms of revenues. However, sales of soy protein concentrate for application in meat processing will reflect a comparatively higher CAGR than that in animal feed through 2026. Application of soy protein concentrate in bakery & confectionery will register a moderate expansion, and will account for a relatively lower revenue share of the market during the forecast period.
In terms of revenues, Asia-Pacific excluding Japan (APEJ) and Europe will continue to be the most lucrative market for soy protein concentrate. North America is also expected to account for a major portion of the market’s revenue share, and will exhibit second fastest expansion in the market through 2026. The market in APEJ is projected to register the fastest expansion through 2026. Revenues from the market in Latin America, Japan and Middle East & Africa will remain sluggish, and are collectively projected to account for just more than 10% throughout the forecast period.
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