Soy protein is considered as a complete protein supplement, which is composed of all the nine essential amino acids. These proteins are versatile in their usage and are widely applicable in infant foods, bakery & confectionery, and dairy products. Moreover, functional beverages, such as sack & wine, employ soy as a key ingredient in their production processes. Soy protein ingredient is considered to be the finest substitute for animal protein. It comprises amino acids and is rich in fiber, calcium, iron, potassium, polyunsaturated fats, lecithin, magnesium, and vitamin B, thus containing high health-related benefits and functional properties. In addition, due to its characteristics, it is used as emulsifier, gel, tenderizer, binder, stabilizer, and thickener in food & beverage processing industry.
The market for soy protein ingredients has witnessed a rapid growth in the recent past, owing to enhanced consumption of soy protein in sports nutrition and in bakery and confectionery products. The global soy protein ingredients market was valued at $7,506 million in 2016, and is projected to reach at $12,205 million by 2023, growing at a CAGR of 7.2% from 2017 to 2023, owing to rapid growth of applications and dairy products, increase in demand for soy protein ingredients from beverage industry, and rise in investments in bakery & confectionary products.
Currently, the global soy protein ingredients market witnesses numerous opportunities due to the increase in usage of dairy ingredients/alternatives among consumers globally, rise in use of soy protein ingredients as a wellness trend, and surge in high-quality protein supplements in food industry. In addition, increase in popularity of soy supplements among youngsters, rise in pediatric milk segments especially in emerging countries, and advancements in the production technologies are some key factors that accelerate the global market growth. Furthermore, Asia-Pacific and Latin America fuel the demand for soy protein ingredients, owing to increase in number of working women and health concerned population. However, undefined regulatory guidelines, fluctuating soybean prices, and issues associated with increase in number of diseases among soybean plants are anticipated to hamper the market growth during the forecast period.
The global soy protein ingredients market is segmented based on type, application, and geography. Based on type, it is classified into soy protein concentrates, soy protein isolates, and soy flours. The soy protein concentrate segment dominated the global market in 2014, and is anticipated to maintain its dominance throughout the forecast period. Based on application, it is divided into bakery & confectionery, meat alternatives, functional foods, dairy replacers, infant foods, and others. The infant foods application segment is estimated to grow at a significant CAGR of 7.7%. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for approximately than three-sevenths share of the total revenue in 2016, followed by Europe and Asia-Pacific.
Key market players have largely invested in R&D activities to develop advanced products to cater to the demand for end users. The major players in the soy protein ingredients market include:
KEY BENEFITS FOR STAKEHOLDERS
KEY MARKET SEGMENTS
Other players in the value chain (profiles not included in the report) include:
*The above list of companies is not profiled in the report, but can be added on client interest.
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