The global soy protein ingredients market is suggested to have reached a value of around $6.4 billion by the end of 2012, and is forecast to grow to a total of $9.2 billion by 2018. This suggests a CAGR growth rate of around 6.3% between 2013 and 2018.
In 2012, North America dominated the global soy protein ingredients market. Because of rapid advancement and increasing demand from key countries such as China and India, Asia-Pacific is expected to be the fastest growing market in the near future. Latin America is the second-fastest growing region and Brazil is the major market for soy protein ingredients. The North American and European regions are expected to show moderate growth rate from 2013 to 2018.
The major drivers for this market are functionality, cost, health benefits, eco-friendliness, and versatility. It is cheaper than animal protein and replicates the same protein content. It is also known as the most sustainable protein ingredients, as it raises the shelf life of food. Anti-nutrients and allergic nature of soy protein ingredients are the dark side of this market, and manufacturers are working on these limitations. New product development and mergers and acquisitions are the fundamentals to survive in this market.
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