Increasing consumption of plant-based protein among the health-conscious population is driving the market for soy protein ingredients. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on ‘Global Soy protein ingredients Market Research Report- Forecast to 2023’ that the market will demonstrate an exceptional CAGR during the forecast period.
Soy protein is a plant-based protein which is primarily used as a substitute of animal sourced protein and milk-based protein supplements. It is rich in vitamins and minerals and supports to increase the overall muscle growth of human body. Based on its gluten-free attribute, it is gaining acceptance among the population suffering from celiac diseases. The major types of soy protein ingredients are soy protein isolates, soy protein concentrates, soy protein flours and others. Moreover, its high nutritional value is positively contributing to its wide range of application in bakery & confectionery, dairy & frozen desserts, beverages, oils and fats, sweet & savory snacks and others.
Moreover, soy protein has cost advantage in comparison to the animal protein which is gaining traction among the consumers globally. Increasing vegan population is another factor driving the growth of the market. Moreover, increasing lactose intolerant population is adding fuel to the growth of the market. Soy protein ingredient also functions to increase the shelf life of the processed food which is surging the growth of soy protein ingredients market in various industries. Additionally, the high nutritive value of soy protein ingredients is propelling the market demand among the health-conscious population. However, many consumers do not prefer soy protein ingredients owing to the unpleasant taste of the product which may restrict the growth of the market.
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Latest Industry Updates:
Jan 2018 FeedCheck Soy was launched Jan. 31 by Canadian Bio-Systems Inc. (CBS Inc.) at the International Production & Processing Expo in Atlanta, Ga. It is an innovative new tool that allows for rapid, on-site analysis of soybean meal quality.
Jan 2018 Keystone Natural Holdings, L.L.C. expands into plant-based protein portfolio by acquiring J.P. Veggies Inc. (VeggieLand) and Superior Tofu Ltd. Superior Tofu, founded in 1982, is a Vancouver-based manufacturer and supplier of tofu, soy milk and other soy-based products.
April 2017 DuPont Nutrition & Health launched its new SUPRO XT55 Isolated Soy Protein, designed specifically to improve the profitability of ready-to-drink, high protein beverages by helping beverage manufacturers more effectively manage protein costs.
Oct 2017 DuPont explores ‘untapped opportunity’ in fermented plant-based beverage whitespace. The company developed a mild tasting, versatile non-dairy beverage base using a unique stabilizing system and using soy protein specially designed for low pH.
The major key players are highly focusing on strategic acquisitions and new product launches. Introduction of plant-based products is increasing the demand for soy protein ingredients in various industries which is influencing the soy protein ingredients manufacturers to broaden their product offerings. Increasing R&D and expansion of production plant is observed to be among the key strategies in the market. Mergers and joint ventures are also witnessed to be growing among the key players in this market.
The key players profiled in soy protein ingredients market report are as 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.), and Kerry Group PLC (Republic of Ireland) among many others.
The global Soy protein ingredients market has been divided into type, application, and region.
On The Basis of Type: Soy protein isolates, Soy protein concentrates, Soy protein flour and Others
On The Basis of Application: bakery & confectionery, Dairy & frozen desserts, Beverages, Oil and fats, Sweet & savory snacks, and Others
On The Basis of Region: North America, Europe, Asia Pacific, and ROW.
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The global soy protein ingredients market is segmented into North America, Europe, APAC, and Rest of the World (RoW). North America is witnessed to be dominating the market followed by Europe. High investment by key players on the R&D and technological advancements is driving the market growth in North America. High inclination of consumers towards functional food in Europe is primarily contributing to the growth of the market for soy protein ingredients in this region. Asia Pacific is projected to be the fastest growing region over the forecast period. India and China are the major contributors in this region owing 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.
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