Soy protein is a plant based protein which is rich in vitamins and minerals and helps to increase the overall muscle growth of human body. It is the best alternative for animal sourced protein and milk based protein supplements. Owing to its gluten-free attribute it is gaining popularity among the lactose intolerant population. The major types of soy protein ingredients include soy protein isolates, soy protein concentrates, soy protein flours and others. Moreover, owing to its high nutritional value, it has a wide range of application including bakery & confectionery, dairy & frozen desserts, beverages, oils and fats, sweet & savory snacks and others.
Soy protein is cost effective than the animal protein which is gaining traction among the consumers globally. Increasing vegan population is also driving the growth of the market. Moreover, increasing lactose intolerant population is boosting the growth of the market.
Soy protein ingredient is also used to increase the shelf life of processed food which is further boosting the growth of soy protein ingredients market in various industries. Moreover, the high nutritive value of soy protein ingredients is propelling the market demand among the health conscious population. However, the unpleasant taste of the soy products is not preferred among many consumers which may hamper the growth of the market. Nevertheless, all these factors are projected to contribute to the estimated CAGR of 6.9% of soy protein ingredients market during the forecast period 2017-2023.
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Based on the type, soy protein ingredients market is segmented into soy protein isolates, soy protein concentrates, soy protein flour and others which includes soy chunks and soy grits. Soy protein isolates is dominating the market owing to its high protein content. However, soy protein concentrates is projected to witness substantial growth over the forecast period.
On the basis of application, soy protein ingredients market is segmented into bakery & confectionery, dairy & frozen desserts, beverages, oil and fats, sweet & savory snacks and others. Beverage segment is dominating the market among others. However, sweet & savory snacks segment is expected to grow substantially over the estimated period.
The major players in the Soy protein ingredients market
- Archer Daniels Midland Company (U.S.)
- Ingredion Incorporated (U.S.)
- Cargill Incorporated (U.S.)
- DuPont Nutrition & Health (Denmark)
- Wilmar International Ltd (Singapore)
- CHS Inc. (U.S.)
- Kerry Group PLC (Republic of Ireland)
The global soy protein ingredients market is segmented into North America, Europe, Asia Pacific and rest of the world (RoW). North America is dominating the market followed by Europe. High investment by key players on the R&D and technological advancements is propelling the market growth in North America. High inclination of consumers towards functional food in Europe is driving the market for soy protein ingredients in this region.
Asia Pacific is projected to be the fastest growing region over the forecasted period. India and China are the major contributors in this region due to growing health awareness and increase in consumption of healthy foods. Latin America is also expected to witness moderate growth over the estimated period in which Brazil is the major contributor followed by Mexico.
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Soy protein ingredients market is segmented on the basis of type, application, and region.
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