Global Soy Protein Market: Snapshot
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.
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.
Asia Pacific Shows Promising Future in Soy Protein Consumption Rates
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.
Soy Protein Manufacturers Notice Growing Trend in Functional Foods
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.
Global Soy Protein Market: Overview
The report covers the analysis and forecast of the soy protein market on a global and regional level. The study provides historic data of 2015 along with the forecast for the period between 2016 and 2024 based on revenue (US$ Mn) and volume (Kilo tons).
The study provides a detailed view of the soy protein market by segmenting it based on product, form, application, function, and regional demand. Product segments have been analyzed based on isolates, concentrates, and hydrolysates. On the basis of forms of soy protein, the soy protein market is segregated into dry soy protein and liquid soy protein. On the basis of application, the soy protein market has been segmented into functional foods, bakery and confectionary, and other related types of applications, such as dietary supplements, fruit drinks, soups & sauces, sports drinks, animal feed, personal care, and vegetable broths. Functional foods have been further sub segmented into meat alternatives, dairy alternatives, infant formula, and other related types of functional foods, such as frozen desserts, bread, energy bars, breakfast cereals, convenience beverage powders, etc. On the basis of its functions, soy protein has been segmented into nutrients, emulsifiers, fat & water absorption, texturants, and other types of related functions of soy protein such as binder, stabilizer, thickener, tenderizer, etc.
Global Soy Protein Market: Regional Analysis
Regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. These have been further sub-segmented into countries and regions with relevance to the market. The segmentation also includes demand for individual products and applications in all regions.
The competitive profiling of the key players in the global soy protein market across five broad geographic regions is included in the study. These include different business strategies adopted by the leading players and their recent developments, as in the field of soy protein.
Global Soy Protein Market: Market Dynamics Analysis
A comprehensive analysis of the market dynamics that is inclusive of market drivers, restraints, and opportunities is part of the report. Additionally, the report includes potential opportunities in the soy protein market at the global and regional levels. Market dynamics are the factors which impact the market growth, so their analysis helps understand the ongoing trends of the global market. Therefore, the report provides the forecast of the global market for the period from 2016 to 2024, along with offering an inclusive study of the soy protein market.
The report provides the size of the soy protein market in 2015 and the forecast for the next nine years up to 2024. The size of the global soy protein market is provided in terms of both volume and revenue. Market revenue and volume is defined in US$ Mn and Kilo tons, respectively. The market size and forecast for each product and application segment are provided in the context of the global and regional markets. The numbers provided in this report are derived on the basis of the demand generated from different applications and product types. The market dynamics prevalent in North America, Europe, and Asia Pacific have been taken into account in estimating the growth of the global market.
Global Soy Protein Market: Scope of the Study
Market estimates for this study have been based on revenue being derived through regional pricing trends. The price for the commonly utilized quality of soy protein in each application and function has been considered. Demand for soy protein has been derived by analyzing the global and regional demand for soy protein in each application for its respective functions. The global soy protein market has been analyzed based on expected demand. The average selling price of soy protein products in the major countries has been taken into consideration to estimate regional and global revenue. Forecasts have been based on expected demand from soy protein applications. We have used the bottom-up approach to estimate the global revenue of the soy protein market, split into regions. We have initially determined the volume and price in every region for the soy protein market. Revenue has been determined with the help of volume and price derived from every region. Based on product type, form type, application and function type, we have summed up the individual revenues from all the regions to achieve the global revenue for soy protein. The application split of the market has been derived using a bottom-up approach for each regional market separately, with the global application segment split being an integration of regional estimates. Companies were considered for the market share analysis based on their product portfolio, revenue, and manufacturing capacity. In the absence of specific data related to the sales of soy protein of several privately held companies, calculated assumptions have been made in view of the company’s product portfolio and regional presence along with the demand for products in its portfolio.
The report covers a detailed competitive outlook that includes the market share and company profiles of key players operating in the global market. Key players profiled in the report include Cargill, Inc.; Ruchi Soya Industries; Archer Daniels Midland Company; E. I. du Pont de Nemours and Company; Wilmar International; Devansoy Inc.; The Scoular Company; CHS Inc.; FUJI OIL CO., LTD; Shandong Yuwang Ecological Food Industry Co., Ltd; Gushen Group; Shandong Wonderful Industrial Group; SINOGLORY China; Burcon NutraScience Corporation; Crown Soya Protein Group; Kerry Ingredients Inc; and MGP Ingredients Inc..
The global soy protein market has been segmented into:
Global Soy Protein Market: by Product Type
- Soy Protein Isolates
- Soy Protein Concentrates
- Soy Protein Hydrolysates
Global Soy Protein Market: by Form Type
- Dry Soy Protein
- Liquid Soy Protein
Global Soy Protein Market: by Application Type
- Functional foods
- Meat alternatives
- Dairy alternatives
- Infant formula
- Bakery & confectionery
Global Soy Protein Market: by Function Type
- Fat & Water Absorption
Global Soy protein, by Geography: The market is broadly segmented on the basis of geography into:
- 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