Global $3.25 Bn Soluble Soybean Polysaccharides (SSPS) Markets to 2028: Increased Use of Soluble Soybean Polysaccharides in Dairy Products as a Dietary Fiber Source
DUBLIN, Oct. 12, 2021 /PRNewswire/ -- The "Soluble Soybean Polysaccharides (SSPS) Market - Market Size & Forecasting (2017-2028)" report has been added to ResearchAndMarkets.com's offering.
The global soluble soybean polysaccharides (SSPS) market was estimated to be USD 2,237.6 million in 2020 and register a CAGR of 9.7%, reaching USD 4,703.9 million by 2028.
But due to the COVID-19 impact, the estimated market size in 2020 has come down to USD 2,145.5 million and is projected to register a CAGR of 5.3% to hit USD 3,255.3 million by 2028.
Based on type, the market is bifurcated into type B (medium viscosity) and type A (low viscosity). In 2020, the type A (low viscosity) segment accounted for the largest share of 74.6% in the global soluble soybean polysaccharides (SSPS) market. This segment was estimated to be USD 1,668.4 million in 2020, and register a CAGR of 10.2% during the forecast period, reaching USD 3,637.4 million by 2028. But due to the COVID-19 impact on the market, the estimated value of the type A (low viscosity) segment in 2020 has come down to USD 1,599.8 million and is projected to register a CAGR of 5.8% during the forecast period to hit USD 2,517.3 million by 2028.
Most of the major players have adopted low viscosity soybean polysaccharides (SSPS) to create their products, such as acidic milk drinks and yogurts, as low viscosity offers excellent protein stability and a refreshing taste. The SSPS aqueous solution has a low viscosity and is suitable for use in a low-viscosity protein-containing beverage, and it does not reduce its good stabilizing effect even in a calcium-enriched nutrient-fortified beverage.
Based on product, this market is classified into galactose, arabinose, galacturonic acid rhamnose, and others. In 2020, the galactose segment accounted for the largest share of 39.9% in the global soluble soybean polysaccharides (SSPS) market. This segment was estimated to be USD 894.3 million in 2020, and register a CAGR of 11.3% during the forecast period, reaching USD 2,105.4 million by 2028. But due to the COVID-19 impact on the market, the estimated value of the galactose segment has come down to USD 857.5 million in 2020 and is projected to register a CAGR of 6.9% during the forecast period to reach USD 1,457.0 million by 2028.
The galactose segment is expected to grow with the highest CAGR during the forecast period. The soluble soybean polysaccharides (SSPS) contain maximum galactose content as compared to others. Due to the growing use of soluble soybean polysaccharides (SSPS) in yogurt, fermented milk drinks, acidic milk drinks, cakes, and cream sauces, and others, galactose has the highest demand among others.
Based on application, this market is divided into lactic acid beverage, rice and flour products, biomedicine, and others. In 2020, the lactic acid beverage segment accounted for the largest share of 47.9% in the global soluble soybean polysaccharides (SSPS) market. This segment was estimated to be USD 1,072.5 million in 2020, and register a CAGR of 10.7% during the forecast period, reaching USD 2,421.5 million by 2028. But due to the COVID-19 impact on the market, the estimated value of the lactic acid beverage segment has come down to USD 1,028.4 million in 2020 and is projected to register a CAGR of 6.3% during the forecast period to reach USD 1,675.8 million by 2028.
North America dominated the market in 2020 with the highest market share. This growth is attributed to factors, such as shifting lifestyles, a lack of healthy dietary intake, and global manufacturers' increased emphasis on R&D to develop new kinds of soy-protein-enriched products with soluble soybean polysaccharides (SSPS) as an ingredient.
The United States continues to dominate the market, followed by Canada and Mexico. Owing to increased demand for organic and plant-based products and an increase in the number of counterfeit products on the market, consumers in the region are moving to more dietary supplements product, thereby driving the soluble soybean polysaccharides (SSPS) market growth.
Drivers/Restraints/Opportunities/Challenges
Drivers
- Increased Use of Soluble Soybean Polysaccharides in Dairy Products as a Dietary Fiber Source
- Economic Cultivation of Soy Byproducts in APAC Region
Restraints
- Use of Chemicals in Ssps Prone to Harmful Effects to the Body, May Hamper the Market Growth
Opportunity
- Increasing Application of Dietary Fibers in the Form of Fortified Snacks
Challenges
- Underdeveloped Cold Chain Infrastructure Outside Asia-Pacific Region
Company Profiles
- Fuji Oil Holdings Inc.
- Yiming Biological Products Co. Ltd
- Pingdingshan Jinjing Biological Technology Co. Ltd
- Kowa Company Ltd
- Gushen Biological Technology Group Co. Ltd.
- Bio Nutrients India Pvt. Ltd.
- Shandong Yuwang Ecological Food Industry Co. Ltd
- Fos GmbH
- Linyi Shansong Biological Products Co. Ltd
- Jrs Pharma
- Creative Enzymes
- Guangzhou Fofiber Biological Industry Co. Ltd
For more information about this report visit https://www.researchandmarkets.com/r/oa7utm
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