ALBANY, New York, December 1, 2016 /PRNewswire/ --
According to a new market report published by Transparency Market Research entitled "Soy Protein Market (Product -Isolates, Concentrates and Hydrolysates; Form - Dry and Liquid; Application - Functional foods , Bakery & confectionery and Others; Function - Nutrients, Emulsifier, Fat & Water Absorption, Texturants and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 - 2024,"in terms of revenue, the global soy protein market was valued at US$4,806.3Mn in 2015, and is expected to reach US$ 7,787.4 Mn by 2024, expanding at a CAGR of 5.5% from 2016 to 2024.
Soy protein is a form of plant-originated protein. It is manufactured through the processing of soybeans. Soybeans are vegetable foods that comprise all the amino acids essential for the growth of the human body. The global market for soy protein is largely driven by the associated health benefits of its consumption. The global soy protein market is expected to witness a shift in growth patterns, with the Asia Pacific region taking over North America and Europe as a more attractive market.
On the basis of product type, the soy protein market is divided into soy protein isolates, soy protein concentrates, and soy protein hydrolysates. Soy protein concentrates held the leading market share in terms of revenue as well as volume in 2015 and accounted for about more than 40% of the global soy protein market. Soy protein market is also segmented on the basis of form into dry soy protein and liquid soy protein. The dry or powdered form of soy protein is widely used in the functional foods industry. Soy protein concentrates are gaining importance due to their extensive usage as functional or nutritional products in a wide variety of food products across different regions. Soy protein products are widely used in different application sectors, such as functional foods, bakery & confectionery, and others. The others application segment includes dietary supplements, animal feed, personal care, and functional beverages. In the scope of the report, the functional foods application segment is further sub-segmented into meat alternatives, dairy alternatives, infant formula, and others. Others sub-segment of the functional foods segment includes frozen dessert, energy bars, breakfast cereals, and convenience beverage powders. The functional food application segment held the most significant market share in the global soy protein market and accounted around more than two-thirds of the market in 2015. The use of soy protein as dairy alternatives and nutritious infant formula is expected to drive the soy protein market over the forecast period. On the basis of function, the soy protein market is categorized into nutrients, emulsifiers, fat & water absorption, texturants, and others. The others function segment of soy protein includes elasticity, dough formation, color control, adhesion, and cohesion. Among all these functions, soy protein is majorly used as a nutrient in food industry, especially in functional foods and dietary supplements. Soy protein is also used as a fat and water absorber and texturant in the dairy alternatives and meat alternatives industry.
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North America accounted for the leading market share for soy protein in 2015 and is likely to retain its position over the forecast period. The adoption of healthier lifestyles around the globe is one of the key drivers of the growth of the soy protein market. The increased use of soy protein for functional foods is a major driver for the soy protein market. Global manufacturers have focused on research and development in order to develop new kinds of soy-protein-enriched products. Thus, the aforementioned reason has led to increased demand for soy protein and is expected to drive the market during the forecast period from2016 to 2024. Asia Pacific is expected to be the most attractive market for soy protein owing to strengthening economic conditions and rising concerns related to health among consumers in developing countries such as India, China, Japan, and Rest of Asia Pacific. The demand for soy protein is expected to rise further in the future in these countries. Latin America is an emerging market and is estimated to grow at a considerable pace over the forecast period.
Some of the major players in the soy protein market are 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.
Global Soy Protein Market: By Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
Global Soy Protein Market: By Product Type
- Soy Protein Isolates
- Soy Protein Concentrates
- Soy Protein Hydrolysates
Global Soy Protein Market: By Form Type
- Soy Protein Dry
- Soy Protein Liquid
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
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