ALBANY, New York, April 25, 2017 /PRNewswire/ --
The soy protein market is categorized by products, by form, by application, by function, and by geography. 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 more than 40% of the global soy protein market. By form type, the soy protein market is categorized into dry soy protein and liquid soy protein.
According to a market research report published by Transparency Market Research, "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$ 4,806.3 Mn 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.
By application type, the soy protein market has been segmented into 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. The others sub-segment of the functional foods segment includes frozen desserts, energy bars, breakfast cereals, and convenience beverage powders. The functional food application segment held the significant market share in the global soy protein market and accounted for more than two-thirds of the market in 2015. The use of soy protein as a dairy alternatives and in nutritious infant formula is expected to drive the soy protein market over the forecast period.
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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 the soy protein market includes elasticity, dough formation, color control, adhesion, and cohesion. On the basis of geography, the soy protein market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Most of the market leaders of the soy protein market have their headquarters in North America and Europe.
Globally, North America is expected to be the dominant regional market for soy protein in terms of revenue, accounting for over 48% of the market in 2015. Asia Pacific is the fastest-growing region for soy protein. North America accounted for the maximum market share of the soy protein market in 2015. It was followed by Europe and Asia-Pacific. The increasing use of soy protein in the functional food industry, coupled with the introduction of innovative products is likely to drive the market for North America.
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Asia Pacific is expected to be the most attractive market for soy protein in terms of future growth potential. The adoption of western lifestyles is likely to expand the demand for soy-protein-enriched food products in the region. Asia Pacific is expected to experience the highest growth on account of the rapid pace of urbanization in the economies of India and China. These countries have witnessed rapid changes in their living standards, which in turn is expected to lead to high growth for the market. As per a report of the United Nations, India, China, and Indonesia constituted more than 40% of the world population in 2015. The urban population in Asia is expected to reach 68% by 2050 from the current urban population of about 48%. China has the most prominent market share for soy protein in Asia Pacific, followed by India.
Europe had the second-largest market share for soy protein in 2015. France and Germany are the leading manufacturers and consumers of soy protein in this region in 2015. Rest of Europe had the maximum market share in Europe, accounting for about more than 25% of the soy protein market share in 2015. The increase in the demand for protein-enriched functional foods and beverages among consumers are expected to drive the market in this region. The increasing use of soy protein for dietary supplements and animal feed purposes is one of the driving factors of the soy protein market in Europe.
The soy protein market in Middle East & Africa (MEA) is expected to witness steady growth during the forecast period. Adoption of healthier lifestyles is likely to drive the market in this region. Rest of MEA includes countries Saudi Arabia, the GCC countries, Egypt, and Algeria.
The soy protein market in Latin America is emergent owing to the pace of urbanization in the region. Increased demand for plant-protein-enriched food products is one of the key factors for the growth of soy protein market. Brazil accounted for the largest market share for soy protein.
Some of the major players in the global soy protein market include Cargill, Inc.; Ruchi Soya Industries; Archer Daniels Midland Company; DuPont; 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 market has been segmented as follows:
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
Browse Other Related Market Research Reports:
- Soy Dessert Market: http://www.transparencymarketresearch.com/soy-dessert-market.html
- Soy & Milk Protein Ingredients Market: http://www.transparencymarketresearch.com/soy-and-milk-protein-ingredients-market.html
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