Global Soy Protein Market size was valued at $4,691 million in 2016 and expected to reach $7,430 million by 2024; growing at a CAGR of 5.9% from 2016 to 2024. In geographical segments, Asia Pacific and RoW are projected to grow at a CAGR of 6.8% and 6.5%, respectively, over the forecast period 2016 – 2024.
High adoption of soy protein among end users will drive the demand of soy protein
Key soy protein market trends are growing popularity of infant foods containing soy proteins, rising awareness among consumers, and high adoption of soy protein among end users. Though, availability of alternative protein sources and allergic nature may hamper the market growth. Moreover, cultivation of organic soy would unfold attractive business opportunities for the market in the coming years.
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The global soy protein market has been categorized into product type, form type, application and function type. Product type segment contains soy protein concentrates, soy protein isolates, and soy proteins hydrolysates. Moreover, the market is segmented on the basis of form type as dry and liquid. Application segment contains functional foods (soy protein foods), bakery & confectionery and other applications. Additionally, function type is segmented as nutrients (soy protein nutrition), emulsifier, fat & water absorption and texturants. North America, Europe, Asia-Pacific and Rest of the World (RoW) are the major regions covered in the report.
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Soy protein concentrate dominated the market with largest market share in 2016
Concentrates held the major market share in 2016, while hydrolysates sub segment is projected to grow at a fastest CAGR during the forecast period 2016-2024.
North America accounted the highest market share in 2016
In 2016, North America held the major market share of 39.8%, in 2016, due to growing adoption of soy and used as a substitute for meat, and increase adoption in US, and Canada. Europe was the second largest market with a market share of 31.8% in 2016. Asia Pacific is likely to be predominant in the market with fastest CAGR during the forecast period, due to preference for soy products as a substitute of dairy products, and the rise in lifestyle diseases. Moreover, Singapore, Australia, Malaysia are expected to witness significant growth rate from 2016 to 2024.
Key players operating in the market comprises DuPoint Nutrition & Health, Burcon Nutra Science Corporation, Crown Soya Protein Group, Omega Protein Corporation, Ruchi Soya Industries, Archer Daniels Midland Company, Armor Proteins, Wilmer International, Kerry Ingredients Inc., and George Weston Foods, among others.
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Scope of Soy Protein Market
Product Type Segments
• Proteins Isolates
• Soy Proteins Concentrates
• Soy Proteins Hydrolysates
Form Type Segments
• Bakery & Confectionery
• Functional Foods
Function Type Segments
• Fat & Water Absorption
• North America
o South America
o Middle East
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