The global soy protein ingredients market witnessed steady growth over the last few years. The market size is projected to reach USD 12.84 Billion by 2022, at a CAGR of around 7.2% from 2017. Preference for meat and dairy alternatives, and the high nutritive value of soy has been a major driver that has contributed to the growth of the market.
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The report "Soy Protein Ingredients Market by Type (Soy Protein Concentrates, Soy Protein Isolates, and Soy Flours), Application (Bakery & Confectionery, Meat Alternatives, Functional Foods, Dairy Replacements, Infant Foods, and Feed), and Region - Forecast to 2022", The soy protein ingredients market is estimated at USD 9.07 Billion in 2017 and is projected to reach USD 12.84 Billion by 2022, at a CAGR of 7.2% from 2017. The market is driven by factors such as soy protein being a cheaper source of protein, consumer preference for alternatives of meat and dairy proteins, and high nutritional values associated with soy.
Browse 133 Market Data Tables and 37 Figures spread through 168 Pages and in-depth TOC on "Soy Protein Ingredients Market by Type (Soy Protein Concentrates, Soy Protein Isolates, and Soy Flours), Application (Bakery & Confectionery, Meat Alternatives, Functional Foods, Dairy Replacements, Infant Foods, and Feed), and Region - Forecast to 2022"
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Soy protein isolates is projected to be the fastest-growing segment of the soy protein ingredients market, by type, during the forecast period
The high protein content in isolates makes them unique as a nutritional and functional ingredient in beverages.
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This is one of the leading factors driving the growth of the soy protein isolates market. The additional benefit of using soy protein isolates is their neutral taste and high protein content; also, they are low in fat, oligosaccharides, and fiber, causing less flatulence due to bacterial fermentation.
The highly viscous nature of isolates is expected to increase their demand among manufacturers of infant formulas and dairy replacements within three years. Soy protein isolates are used in the food industry for their nutritional and functional characteristics.
The food segment accounted for a larger share in the soy protein ingredients market in 2016
Soy protein ingredients are formulated to suit specific applications such as bakery, confectionery, beverages, dairy replacers, or meat alternatives. They are being used to replace meat and dairy protein products and are thus driving the market of soy protein in the food industry.
Also, soy-based protein ingredients are a major source of protein for vegans, worldwide. This is another major factor driving the growth of soy protein ingredients in the food segment.
Significant growth for soy protein ingredients is observed in the Asia-Pacific region
Increasing consumption of processed foods and inclusion of western influences in food diets have led to a significant demand for soy protein in the region. This is expected to significantly drive the market during the forecast period.
The consumption and application rate of soy protein concentrates and isolates is increasing gradually. Apart from soy protein concentrates and isolates being used widely in the meat processing industry, they are also considered essential for use in dairy replacements, fermented dairy products, desserts, infant formula, dietary supplements, livestock feed, pet food, and functional beverages, thereby leading to further growth of the soy protein ingredients market.
The key players in the soy protein ingredients market include Archer Daniels Midland Company (U.S.), E. I. du Pont de Nemours and Company (U.S.), Cargill (U.S.), CHS Inc.
(U.S.), Kerry Group plc (Ireland), Wilmar International Limited (Singapore), Nisshin OilliO Group, Ltd. (Japan), Ruchi Soya Industries Limited (India), Ag Processing Inc (U.S.), Devansoy (U.S.), The Scoular Company (U.S.), Biopress S.A.S.
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