Market Overview
Increasing awareness about the varying health benefits of soy proteins around the globe has led to a rise in its demand in recent years. Soy proteins are a good source of amino acids and serve as a good substitute for meat protein as well as milk proteins, especially for the vegetarian and lactose intolerant population.
Globally, soy proteins witness huge demand for usage in animal feed as well, apart from human consumption. The high nutrition content of soy proteins makes their consumption beneficial for people suffering from a variety of issues like diabetes and cardiac problems. Soy foods are said to be rich in phytoestrogens, touted to lower the risks of diseases like osteoporosis and hormone-dependent cancer, as per UN data. The easily digestible nature of soy proteins makes them suitable for consumption by all age groups. A global rise in health consciousness, especially among the urban population, has led to growth in the demand for soy proteins. Rapid advancements in technology for modification and processing of proteins have further expanded the market.
Demand for soy proteins is also driven by health and nutrition food needs by athletes and sportspersons. Soy proteins also find usage as ingredients across various food industry horizontals like baking and confectionary, infant foods and dairy replacements, among others.
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Market Segmentation
By Product Type
- Soy Protein Concentrates
- Soy Protein Isolates
- Soy Flour
- Textured Soy Proteins
By Application
- Bakery and Confectionary Foods
- Infant Foods
- Functional Foods
- Dairy Foods Replacements
- Meat Alternatives
By Region
- North America US, Canada {Market Share %, Market Size USD Billion, Adoption Rate % }
- Europe UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe {Market Share %, Market Size USD Billion, Adoption Rate % }
- The Middle East and Africa GCC Countries, North Africa, South Africa and Rest of the Middle East & Africa {Market Share %, Market Size USD Billion, Adoption Rate % }
- Latin America Brazil, Mexico and Rest of Latin America {Market Share %, Market Size USD Billion, Adoption Rate % }
- Asia Pacific China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific {Market Share %, Market Size USD Billion, Adoption Rate % }
- Rest of the World {Market Share %, Market Size USD Billion, Adoption Rate % }
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Market Size and Forecast 2016-2024
The Global Soy Protein Market was valued at USD 7.5 billion for 2016. On the back of the rising adoption of healthy lifestyles, the market is set to grow at a CAGR of 7.5% during the forecast period and reach a valuation of approximately USD 13.5 billion by 2024.
Among all types of soy protein, the largest chunk of the market is occupied by soy protein isolates. This is mainly due to the high protein content of over 90% in the isolates, making the most favorable option.
Geographically, North America accounts for the largest market share in terms of revenue. The Asia Pacific is set to witness the highest growth during the forecast period, on the back of a rising urban population and growing health consciousness. Demand growth in the region will be led by China owing to its rising population and urbanization, fuelled by its food security issues.
Key Drivers
- The inclination of the global population towards healthy lifestyles and the increasing awareness of the multiple health benefits of soy proteins are the key factors that will drive demand in the forecast period. As health consciousness is more prominent among the urban populations, the global rise in urbanization will further contribute to the rise in demand for soy proteins.
- Soy proteins are particularly popular among the vegetarian population as they cannot consume meat proteins. As more and more people are turning vegan or vegetarian, the demand for soy proteins will further increase.
- The low-fat content and sustainable nature of the crop add to the popularity of soy proteins. Owing to its nutrient content, soy protein consumption is beneficial for people with high cholesterol, osteoporosis, diabetes, hormone-dependent cancer or cardiac problems. It is also advantageous for women’s and children’s health and is good for consumption by women going through pregnancy or menopause.
- The rising popularity of infant foods rich in protein will further propel growth in the market.
Restraints and Risk Factors
- Despite its various health benefits, soy proteins can be allergic in nature. Concerns over allergy restrict demand to act as restraints for the market.
- Other sources of plant protein and animal proteins are also available which might be used as substitutes for soy proteins, further inhibit demand growth and act as risks for players n the soy protein market.
Opportunities
Demand growth in developing countries is expected to exceed growth in developed countries by a huge margin. Entrants can tap the opportunities in the developing economies of the Asia Pacific region and avail the benefits of the high growth rate.
Key Players
- Cargill Inc
- Archer Daniels Midland Company
- DuPont Nutrition and Health
- Wilmar International
- Sojaprotein
- IMCOPA
- CHS
- Goldensea Industry
- Gushen Biological Technology Group
- Tiancheng Agricultural Development Group
- Yuwang Group
- Shandong Wonderful Industrial Group
- Shandong Yuxin Bio-Tech
- Hongzui Group
- MECAGROUP
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Scope Background
- Market Synopsis
- Market Segmentation
Global Soy Protein Market is segmented as follows:
- By product type Market Size, Demand Analysis, and Growth Analysis
- By application Market Size, Demand Analysis, and Growth Analysis
Global soy protein market report covered insights of below-mentioned regions:
- North America U.S., Canada {Market Size, Growth Analysis, and Opportunity Analysis}
- Latin America Argentina, Mexico, Brazil and Rest of Latin America {Market Size, Growth Analysis, and Opportunity Analysis}
- Europe Germany, Italy, Spain, France, the U.K., Netherlands, Sweden, Hungary, Russia, Poland, Rest of Europe {Market Size, Growth Analysis, and Opportunity Analysis}
- Asia-Pacific China, India, Singapore, Japan, Australia, New Zealand, South Korea and Rest of Asia Pacific {Market Size, Growth Analysis, and Opportunity Analysis}
- The Middle East and North Africa MENA {Market Size, Growth Analysis, and Opportunity Analysis}
- Rest of World {Market Size, Growth Analysis, and Opportunity Analysis}
Market Dynamics: Growth Drivers, Restraints and Opportunities
- Risk Factors
- Regional Variations
- Recent Trends and Developments
- Synopsis
- Business Strategy
- Product Portfolio
- SWOT Analysis
- Porter’s Five Force Model
- Market Landscape: Competition and Beyond
- Market outlook for business players and entry level players to ascertain their business in a dynamic ecosystem
- Expert Analysis
- Concluding Remarks
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