The global soy protein market will grow at a CAGR of 6.6% from 2017 to 2022 to reach USD 5,888.4 million by 2022, according to this latest publication from Meticulous Research®. The global soy protein market is driven by increasing awareness about the benefits of protein and growing demand for protein rich diet, growing health & wellness trend, increasing consumer focus on meat alternatives, growing demand from food & beverage industry, and advancement in ingredient technologies such as microencapsulation. However, significant preference for animal based protein, fluctuating raw material prices, and increasing consumer preference for soy free products restricts the growth of soy protein market to some extent.
The global soy protein market is mainly segmented by type (soy protein concentrates; soy protein isolates; textured soy protein; and soy flour, grits, & chunks), by application (food & beverages, animal feed, and others), and by geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa).
On the basis of type, soy protein concentrates commanded the largest share in the global soy protein market in 2016, owing to various factors such as its low cost than other type of soy proteins and growing demand from meat and animal feed industry. However, soy protein isolate is expected to witness the fastest growth during the forecast period, primarily due to increasing demand from food and beverages manufactures, owing to its nutritional and functional properties such as high protein content, neutral taste, and high viscous natures.
On the basis of application, food & beverages segment accounted for the largest share of the global soy protein market. The large share of this segment is mainly attributed to the increasing consumer preference for plant based foods and ingredients, growing awareness and demand for protein rich food products, versatile functionality of soya protein and their compatibility with vegetarian and vegan lifestyles, and rising clean label trend.
Geographically, North America accounted for the largest share in the global soy protein market in 2016, followed by Europe, and Asia-Pacific. The largest share of this region is mainly attributed to the well-established food and beverage industry, rising concerns over animal products and protein, increasing vegan population, growing preference for meat alternatives, increasing demand for healthy & nutritional products, and health & wellness trend in the region.
The leading companies have employed various strategies to expand their product and application offerings, global footprint, and augment their market share. The key strategies followed by most companies in the global soy protein market were expansions and mergers & acquisitions. The key players in the global soy protein market are Archer Daniels Midland Company (U.S.), Cargill, Incorporated (U.S.), Kerry Group (Ireland), E.I. Dupont De Nemours and Company (U.S.), NOW Foods (NOW Health Group, Inc.) (U.S.), Burcon Nutrascience Corporation (Canada), SOTEXPRO SA (France), Farbest-Tallman Foods Corporation (Farbest Brands) (U.S.), Wilmar International Ltd. (Singapore), and CHS Inc. (U.S.).
Key questions answered in the report-
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