Market Research Future predicted that the global soy protein ingredients market is set to reach the CAGR of 6.9% during the forecast period, 2017-2023.
Soy protein is cost-effective compared to animal protein, which is gaining ground among consumers around the world. The growing vegan population also stimulates market growth. In addition, the increase in the lactose intolerant population stimulates market growth. The soy protein ingredient is also used to extend the shelf life of processed foods, further stimulating the growth of the soy protein ingredient market. In addition, the high nutritional value of soy protein ingredients stimulates market demand among the health-conscious population. However, the foul taste of soy products is not preferred by many consumers, which could hinder the market growth.
The global market is expected to be driven by diverse factors. Growing demand for vegetable protein ingredients is a major factor in the growing acceptance of soy protein ingredients. In addition, soy protein ingredients are an affordable option for food and beverage producers instead of peas, wheat, and canola. In addition, the use of soy protein increased in animal feed production. The growing vegan population around the globe offers a huge opportunity for soy protein ingredient manufacturers during the forecast period. However, stringent government regulation is expected to be a major problem in the global soy protein ingredients market over the forecast period.
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The global soy protein ingredients market is divided based on product type and application.
The global soy protein ingredients market is classified based on product type, soy protein concentrates, soy protein isolates, soy flours, and others.
Based on application, the global soy protein ingredients market is classified into the feed and food & beverages. Further, the food & beverage segment is bifurcated into bakery & confectionery, functional foods, infant nutrition, meat alternatives, dairy replacement products, and others. In addition, feed segment is further divided into aqua food, pet food, and animal feed.
Among the regions, North America has accounted for the major market share of 35% in the global soy protein ingredients market in 2018 and the region is estimated to retain its dominance throughout the forecast period. The growth for the soy protein ingredients market in North America region is attributed to several factors. One of the major factors for the rising growth of soy protein ingredients is rising consumer inclination towards the plant-protein ingredients instead of the animal-based protein. Over the last few years, the increasing consumer inclination towards the plant protein-based supplements is anticipated to propel the growth of soy protein ingredients in the North America region. In North America, the US is expected to retain its dominance throughout the forecast period. Europe is also predicted to witness a noteworthy growth rate during the forecast period.
The 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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The global soy protein ingredients market players are aggressively working on innovation and new product development to serve consumers with high-quality and nutritious food products and stay competitive in the market. Some of these market players include Archer Daniels Midland Company, DowDupont Inc., Cargill Incorporated, CHS Inc., Kerry Group PLC Wilmar International Limited, Ruchi Soya Industries Limited, Ag Processing Inc., Nisshin Oillio Group, Ltd., Crown Soya Protein Group, Natural Products, Inc., The Scouler Company, Nordic Soya Oy, Sonic Biochem Limited, and Devansoy.
Montana Microbial Products is taking part in the global aquaculture accelerator as part of current expansion strategies targeted to establish new production plants. The company had developed soy-based ingredient for aqua feed earlier, and it is looking ahead to develop barley-based feed protein for the same segment.
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