The global soy protein market is majorly driven by factors such as increasing popularity of infant foods containing soy proteins, and increasing awareness among consumers. However, allergic nature and availability of alternative protein sources may hinder the growth of the market. Furthermore, cultivation organic soy and untapped markets would provide growth opportunities in the upcoming years.
Global Soy Protein Market is expected to reach $7,430 million by 2024 from $4,691 million in 2016; growing at a CAGR of 5.9% from 2016 to 2024. By geography, Asia Pacific and RoW are expected to grow at a CAGR of 6.8% and 6.5%, respectively, during the forecast period.
Major drivers of the global soy protein market are growing popularity of infant foods containing soy proteins, and rising awareness among consumers. Though, allergic nature and availability of alternative protein sources may hamper the growth of the market.
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Product type, form type, application, function type and geography are the major segments of global soy protein market. Product type segment comprises soy proteins isolates, soy proteins concentrates and soy proteins hydrolysates.
Hydrolates is anticipated to grow at a fastest CAGR from 2016 to 2024. Furthermore, form type segment includes dry and liquid.
Applications segment comprises functional foods, bakery & confectionery and others. Functional foods dominated the application type segment accounting about 67.4% in 2016.
Additionally, function type is categorized into nutrients, fat & water absorption, emulsifier, and texturants.
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North America, Europe, Asia-Pacific and Rest of the World (RoW) are the key regions are covered in the global soy protein market. In 2016, North America held for the highest market share of 39.8%, driven by growing adoption of soy and used as an alternative for meat.
Furthermore, Asia Pacific is anticipated to grow at a fastest CAGR from 2016 to 2024. The growth is attributed to the increase in lifestyle diseases and preference for soy products instead of dairy products.
The key players in the soy protein market are DuPoint Nutrition & Health, Burcon Nutra Science Corporation, Crown Soya Protein Group, Omega Protein Corporation, Archer Daniels Midland Company, Armor Proteins, Wilmer International, George Weston Foods, Kerry Ingredients Inc., and Ruchi Soya Industries, among others.
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Scope of Soy Protein Market
Product Type Segments
- Proteins Isolates
- Soy Proteins Concentrates
- Soy Proteins Hydrolysates
Form Type Segments
- Bakery & Confectionery
- Functional Foods
Function Type Segments
- Fat & Water Absorption
- North America
- South America
- Middle East
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