According to a new market report published by Credence Research, Inc., “Global Soy Protein Ingredients Market – Growth, Future Prospects, Competitive Analysis, and Forecast 2016 – 2023”, the worldwide soy protein ingredients market was valued at US$ 7.6 Bn in 2015, expanding at a CAGR of 6.3% during the forecast period 2016 to 2023. The soy protein ingredients market is expected to reach US$ 12.2 bn by 2023.
Browse the full Soy Protein Ingredients Market by Type, Application and Geography – Growth, Future Prospects, Competitive Analysis, and Forecast 2016 – 2023 report at http://www.credenceresearch.com/report/soy-protein-ingredients-market
Nowadays, there is an increased consumer inclination towards protein rich food products. This is attributed to several factors including rising number of diseases, growing number of health conscious consumers, increasing number of affluent consumers and availability of product variants across different food and beverage products. There are basically two types of proteins animal-derived and plant –derived proteins. Owing to increasing inclination of consumers towards healthy and green ingredients, plant-derived proteins are anticipated to surpass the demand for animal-derived proteins demand in the near future. Furthermore, fluctuations in prices have led to shift in consumer preferences for plant proteins. Of varied plant proteins, soy protein is expected to account for significant share in the overall protein ingredients market. This share is attributed to its major application in meat products.
Soy protein ingredients are widely used in food and beverage applications including bakery and confectionary, processed meat products, functional foods, dairy replacers, infant foods and others. Of different application, bakery and confectionery segment is expected to dominate the market in terms of revenue share contribution. However, functional food segment is anticipated to record highest growth in the forthcoming years.
Among different regions, North America is anticipated to dominate the market in terms of revenue share contribution, followed by Europe and Asia Pacific. Asia Pacific is expected to record highest CAGR during the forecast period. New product development and rising awareness among consumers regarding health benefits of soy protein ingredients are bolstering the soy protein ingredients market growth in the region.
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Some of the prominent players identified in the soy protein ingredients market include Wilmar International Limited, Archer Daniels Midland Company, Cargill, Incorporated, Dupont Nutrition & Health, Kerry Group PLC, CHS Inc., AG Processing Inc., Ruchi Soya Industries and Nisshin Oillio Group, Ltd. Companies are adopting growth strategies such as consolidation activities and entering in long-term contracts with client companies.
- Asia Pacific serves as potential market for soy protein ingredients due to increasing consumer inclination towards soy-based products
- Awareness among health conscious consumers
- New product launches catering to demand for soy-based products especially among vegetarians, owing to demand for protein-rich food products