Global Soy Protein Ingredients Market Will Reach USD 17.6 Billion by 2026 – Facts & Factors
Oct 23, 2020
Global soy protein ingredients market in 2019 was approximately USD 10.13 Billion. The market is expected to grow above a CAGR of 8.2% and is anticipated to reach over USD 17.6 Billion by 2026.
Pune, India - October 22, 2020 /MarketersMedia/ —
According to the Facts and Factors, Research Report, the global soy protein ingredients market in 2019 was approximately USD 10.13 Billion. The market is expected to grow above a CAGR of 8.2% and is anticipated to reach over USD 17.6 Billion by 2026.
The soybean is a species of legume mostly grown in East Asia. The edible beans are used for numerous applications. Soy protein is a protein that is obtained from the soybean. Soybean meal is made fat free for the extraction of the soy protein. The defatted soybeans are then processed into three types of high protein commercial products namely soy concentrates, flour, and isolates. The soy flour is least processed among the above soy protein kinds.
Soy proteins are the most preferred vegan alternatives of dairy and meat proteins. The soy proteins based nutritional products has helped food manufacturers reduce the product production costs and enhance the margins of profit behind the products. Soy proteins are included in different dietary applications like emulsion-type sausages, confectionery, bakery, functional beverages dairy replaces, and breakfast cereals, owing to its nutritional content. The rising disease associated with the consumption of meat and dairy products in addition to higher cost has led consumers and manufacturers to shift towards low cost and safe alternatives with same level of nutritional value. Additionally, in the animal feed, the soy protein concentrates are considered to be good alternatives for proteins in animal diets. These feeds are considered to have better digestibility as compared to other animal feed. This is expected to further augment the demand for soy protein ingredients in the feed industry.
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Moreover, the vegan population across the globe is on rise. Western population are inclining towards vegan diets owing to low cholesterol and fat content as well as reduced chances of heart diseases. This trend is growing in major western countries and is expected to provide great opportunity for the sale of soy protein ingredient products. However, the ban on production and cultivation of genetically modified species and its products as well as unpleasant taste of soy protein based products are expected to restrict the anticipated growth of the soy protein ingredient market.
The soy protein isolates are expected to grow at significant rate in the foreseeable future. These isolates possess the highest protein content among the other kinds. Additionally, low fat content and high fibre are expected to be the driving factor behind the growth of soy protein isolates market. These isolates are majorly preferred for infant foods.
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The animal feed is expected to exhibit highest growth among the applications. The low cost and high digestibility are expected to be the market propelling factors. The meat alternatives application hold the largest share of the global soy protein ingredient market. The functional food is another significant application of soy protein ingredient.
The North America region is expected to continue the dominating trend. The North America region is expected to undergo steady growth. The market dominance can be attributed to high income levels and increasing preference for meat and dairy alternatives. The Asia Pacific region is expected to exhibit highest growth among the regions. The high consumption of soy based products in the region is expected to be the key factor for the market growth in the region.
Major players operating in the global soy protein ingredients market covered in this report include Nisshin Oillio Group, Ltd., Cargill, Archer Daniels Midland Company, E. I. du Pont de Nemours and Company, Kerry Group plc, CHS Inc., AG Processing Inc., Wilmar International Limited, Ruchi Soya Industries Ltd, Biopress SAS, Devansoy Inc. and The Scoular Company.
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This report segments the global soy protein ingredients market as follow:
Global Soy Protein Ingredients Market: By Ingredient type Segmentation Analysis
Soy Protein Concentrates
Soy Protein Isolates
Soy Flours
Global Soy Protein Ingredients Market: By Application Segmentation Analysis
Bakery & Confectionery
Meat Alternatives
Functional Foods
Dairy Replacements
Infant Foods
Feed
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