Archer Daniels Midland Company, Cargill Inc., CHS Inc., E.I Du Pont de Nemours and Company, and Willmar International have been the top five in the global soy protein market in 2015, with a large combined share of more than 62% of the overall market value. Transparency Market Research (TMR) observes that the leading players are focusing on geographical expansion and business development through acquisitions and partnerships.
“Key players are allocating sizeable funds to research and development activities to develop and innovate products that are in line with customer requirements and strengthen their foothold in this consolidated arena,” says TMR’s lead analyst.
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North America to Lead Revenue Generation through 2024
The opportunity in the global soy proteins market was pegged at US$4.80 bn in 2015 and is estimated to rise to US$7.78 bn by 2024, expanding at a CAGR of 5.5% from 2016 to 2024. On the basis of applications, functional foods will continue to dominate the market until 2024, accounting for 66.6% of the overall market revenue. The increasing uptake of functional foods and rising shift towards healthier lifestyles are resulting in an upswing in the consumption of soy protein enriched functional foods. Bakery and confectionary is likely to exhibit a CAGR of 5.8% during the forecast period.
North America will be the leading regional segment throughout the forecast period, commanding 48.6% of the overall market value by 2024. High health awareness and increasing demand for nutritional foods are supplementing the growth of the region. Asia Pacific will progress at a 6.8% CAGR during the same period owing to the growing inclination towards healthier lifestyles and rising awareness regarding the benefits of soy proteins are propelling the growth of the region.
Increasing Awareness about Benefits of Soy Proteins to Intensify Consumption
Soy protein-based food products have substantial elements of proteins and low-fat content, which make them suitable for consumption for all age groups. “Rising health consciousness among people along with the increasing cases of protein deficiency is causing a sweeping shift in diets towards protein-rich food products,” says a TMR analyst. Therefore, the growing awareness regarding the health benefits of soy proteins coupled with the changing food habits is working in favor of the growth of the market.
Moreover, soy meal is being increasingly acknowledged as a reliable substitute to fish meal for animals, especially in the poultry sector. As a result, the applications of soy proteins in the animal feed sector are increasing, thereby driving the market. Furthermore, with the technological advancements in protein extraction techniques, the market is likely to tread along a healthy growth track over the forecast horizon.
Volatile Prices of Raw Materials to Take its Toll on Soy Proteins Market
Soybean being a commodity food product is subject to volatility in price. The price volatility is creating an inconvenience for manufacturers as they strive to maintain the price of the final product as well as their profit margin. In addition, it is adversely affecting the overall revenue generation of the market. Moreover, as a large number of protein extracts are being researched upon, their vital usage is not yet known. Hence, the lack of clarity regarding their usage in the non-food sector is limiting players from entering the market for protein ingredients, which in turn is hampering the growth of the global soy protein market.
The above data is collated from a research report released by TMR, titled “Soy Protein Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
The global soy protein market has been segmented into:
Global Soy Protein Market, by Product
- Soy Protein Isolates
- Soy Protein Concentrates
- Soy Protein Hydrolysates
Global Soy Protein Market, by Form
- Dry Soy Protein
- Liquid Soy Protein
Global Soy Protein Market, by Application
- Meat alternatives
- Dairy alternatives
- Infant formula
Bakery & confectionery
Global Soy Protein Market, by Function
- Fat & Water Absorption
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