Published: Aug, 2019
The global soy protein market is expected to grow in the span of coming years owing to rising numbers of health conscious people across the globe. Larger part of soy protein utilized in various foodpreparationincorporates infant formula, meat analogues, salad dressing frozen desserts, and some more. Soy protein holds the key market share which for the most part is used to improve the texture of food items and normally found along with other food ingredients. Accessibility of soy protein in various packaging and forms is fueling the demand for soy protein market.
According to a recent report by Transparency Market Research (TMR), the global soy protein market is foreseen to flourish at a CAGR of 5.5% within the forecast period from 2016 to 2024. The soy protein market in 2017,was valued to be around worth US$4.80 bn. The value is estimated to grow around worth of US$7.78 bnby the end of 2024.
Soy Protein Market TO Witness Rise Due to Its various Health Benefits
The developing awareness among regular purchasers in regards to the medical advantages of consuming soy proteins is by a wide margin the main factor for the global soy protein market. The market is likewise expected to grow by reinforcing research activities towards the adoption of soy protein foods, including newer flavors and blends for different applications. One such development making use of soy proteins is its application in animal feed. The global soy protein market is at present limited by the general divergence among free market activity.
One of the key roads towards the expansion in the global soy protein market, right now, lies in the functional foods sector. Countless purchasers are looking towards healthyfood as a compensatory diet for passing up the opportunity to keep up a decent eating regimen in the midst of a hectic lifestyle. Functional foods not just grant a positive amount of nourishment to a purchaser, but on the other hand are madeto be digested easily. Most of the functional foods are likewise simpler to process, settling on them a mainstream choice as add-ons in infant’s food.
Rising Disposable Income to Make Asia Pacific a Leading region in Future
In 2015, the market was boosted by North America, trailed by Europe and Asia Pacific. While the lead of North America in soy protein utilization is relied upon to proceed, it is developing at a more sluggish rate than the promising market of Asia Pacific. Equipped with huge population with higher discretionary cashflowsand on the back of the increasing trend of veganism, makers of soy proteins in Asia Pacific are looking towards lucrative avenuesin the coming years.
In the upcoming years, significant players are anticipated to enter into mergers, which is an important factor invigorating the development of soy protein market. CHS, Inc., Bowman Daniels Midland Company, E.I. du Pont de Nemours and Company, Cargill, Inc., and Willmar International are among the main players working in global soy protein market. These players collectively record for 66.2% share of global soy market in the past.
This analysis is based on a recent market research report by Transparency Market Research, titled, “Soy Protein Market (Product Type - Isolates, Concentrates, and Hydrolysates; Form - Dry and Liquid; Application - Functional Foods, Bakery and Confectionary and Others; and Function - Nutrients, Emulsifier, Fat & Water Absorption, and Texturants) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.”
The global soy protein market has been segmented into:
- Soy Protein Isolates
- Soy Protein Concentrates
- Soy Protein Hydrolysates
- Dry Soy Protein
- Liquid Soy Protein
- Functional foods
- Meat alternatives
- Dairy alternatives
- Infant formula
- Bakery & confectionery
- Fat & Water Absorption
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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