According to a new report published by Allied Market Research, titled, "Soy Protein Ingredients Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2014-2022," the soy protein ingredients market was valued at $7,506 million in 2016, and is projected to reach at $12,205 million by 2023, registering a CAGR of 7.2% from 2017 to 2023. The soy protein concentrate segment accounted for more than half of the total market share in 2016.
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Soy proteins are derived from soybean meal, which has been defatted & dehulled. Defatted & dehulled soybeans are processed into three types of high-protein commercial products, namely, soy protein concentrates, soy protein isolates, and soy flours.
Currently, the global soy protein ingredients market is witnessing numerous opportunities due to increase in awareness among consumers for protein healthy diet. Moreover, soy protein concentrate is a nutritional supplement manufactured after the soy is dehulled & defatted. Soy protein concentrate is obtained upon the removal of certain percentage of non-protein constituents from the raw soymeal. The percentage of protein in lower end concentrates ranges from 30% to 90%. In addition, consumption of soy protein concentrate powder as a supplement has increased, owing to regular recommendations by dieticians & doctors in response to a wider set of customers demand for protein supplements in their diets. Rise in prevalence of alternatives, such as whey protein ingredients and increase in inclination of consumers toward high-quality animal protein are some factors anticipated to hamper the market growth.
The functional foods segment accounted for around one-fifth share, in terms of volume, in 2016. In response to the perennial modifications, such as brining, baking, and texture of soy products among the bakery & confectionery industry and meat alternatives, soy protein ingredients are in high demand globally. Thus, increase in demand for soy protein concentrates, especially in sports nutrition as protein supplements, fuels the market growth.
Key Findings of the Soy Protein Ingredients Market:
- In terms of volume, the infant foods segment is projected to grow at the highest rate of 6.5% during the analysis period.
- North America is projected to grow at a CAGR of 5.8%, in terms of volume, and maintain its lead throughout 2023.
- Meat alternatives application segment occupied approximately one-fifth of the total market in 2016.
- China occupied for more than one-fourth of the total Asia-Pacific market in 2016.
- In terms of value, India is expected to grow at a CAGR of 7.8% from 2017 to 2023.
In 2016, Asia-Pacific and Europe collectively accounted for approximately half of the total soy protein ingredients market, and are expected to continue this trend, owing to increase in soymeal production and rise in demand for higher protein containing products, specifically in China, India, Japan, Brazil, and other developing countries. Moreover, rise in number of working women demanding soy proteins for infant foods and increase in use of soy protein ingredients in bakery & confectionary industry to boost the protein content of products are the key factors that drive the growth of soy protein ingredients market.
The key companies profiled in the report include DuPont Nutrition & Health, Archer Daniels Midland Company, Cargill Incorporated, Wilmar International Ltd., CHS Inc., Kerry Group plc., Ag Processing Inc., Kellogg Company, Doves Farm Foods, and Kraft Foods Group Inc.