Published: Apr, 2018
The global soy protein concentrate market comprises players which are implementing novel strategies for new product innovation as well as trying to expand their product portfolio and application of rings through mergers and acquisitions, states Transparency Market Research (TMR)in it latest research report. The report also studies the leading players within the global soy protein concentrate market such as Archer Daniels Midland, Gremount International Company Limited, Euroduna Food Ingredients, Nutra Food Ingredients LLC, Food Chem International Corporation, Nordic Soy Oy, Wirmal International, Batory Foods, Cargill Inc., and CHS Inc.
According to Transparency Market Research, between 2017 and 2026, the global soy concentrate market is poised to expand at a 4.6% CAGR. The market is anticipated to be worth US$4,000 mn by 2026. By function, nutrients are anticipated to lead and by 2026, the sales of nutrients are anticipated to exceed US$2,200 mn. On the basis of form, dry soy protein concentrate is expected to witness higher demand as compared to liquid form of soy protein. However, the liquid soy protein concentrate segment is anticipated to expand at a slightly higher CAGR as compared to dry form of protein concentrate. By application, the animal feed and meat processing segments are among the leading segments and this trend is expected to continue to be so in the years to come.
APEJ Leading in Terms of Regional Demand for Soy Protein Concentrate
In terms of geography, Asia Pacific excluding Japan and Europe are key markets for protein concentrate. North America is also anticipated to witness a growth in the soy protein concentrate market and expand at a healthy pace during the forecast period. However, the fastest expansion in terms of regional growth within the soy protein concentrate market will be witnessed by Asia Pacific excluding Japan. Sluggish growth can be expected for the Middle East and Africa and Latin America regions. These two regions are anticipated to collectively account for just 10% of the total market share.
High Cost of Meat to Drive Demand for Soy Protein Concentrate
As per the lead author of the report, “today there is a high demand for low-cost source of soy protein such as plants which is increasing, which in turn is a driving in the demand for food products such as soy protein concentrate.” Soy protein concentrate effectively Drive enhance nutrients which are essential for the human body. Another factor which is helping the soy protein concentrate market to progress and grow is the technological advancements within the food industry, which in turn has resulted in the development of where is soil products. The shifting consumer demand for high protein and the realization of its health benefits will also play a key role in driving the growth of this market.
Growing Number of Vegan Population Driving Growth Prospects of Soy Protein Concentrate Market
The rising the vegan population, growing prices of meat, and prohibition of animal sources for the manufacturing of processed food products by several governments worldwide are some of the other important factors aiding the growth of the global soy protein concentrate Market. Manufacturers are increasingly emphasizing on the texture, appearance, and taste of products while ensuring the disease nutrition rich. This in turn will further accelerate the demand for soy protein concentrate. Soy protein concentrate is not only nutritious but also economical. Manufacturers are also focusing on creating products which are GMO free, this in turn is anticipated to create a higher demand for soy protein concentrate.
This review of the market is based on a recent market research report published by Transparency Market Research, titled, “Soy Protein Concentrate Market (Form – Dry, and Liquid; Applications - Animal Feed, Meat Processing, Bakery & Confectionary, and Other Applications; Function – Nutrients, Emulsifier, Fat & Water Absorption, and Other Functions) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2026.”
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