The soy protein ingredients market is projected to grow at a CAGR of 7.2%
The soy protein ingredients market is estimated at USD 9.07 billion in 2017 and is projected to reach USD 12.84 billion by 2022 at a CAGR of 7.2% from 2017. The market is driven by factors such as soy being a cheaper source of protein, a preferred alternative to meat & dairy proteins, and the high nutritive value of soy. Presence of anti-nutritional components in soy and the prohibition of GM-based soy products are the major factors restraining growth of the soy protein ingredients market.
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The food segment led the soy protein ingredients market, by application
With the advent of technological advancements such as enzymatic systems, soy ingredients are produced with a neutral taste. This has helped with the acceptance of soy protein ingredients in the food & beverage industry. With supportive health claims from the JHCI (Joint Health Claim Initiative), soy proteins are being developed as an essential ingredient in functional foods and nutraceuticals. Soybean and processed products are the most important ingredients in the food & beverage industry, and their functionality is still being studied. They have a major share in the meat alternatives and functional food segments, thereby driving the overall market for soy protein ingredients.
North America to dominate the soy protein ingredients market through 2022
The market for soy protein ingredients in the North America region was the largest in 2016, wherein the U.S. was the largest country-wise market. The soy protein ingredients market in North America is expected to witness considerable growth during the forecast period. This is due to the increasing awareness of the health benefits associated with soybean, among health-conscious consumers. Soy protein ingredients are an affordable alternative to meat and dairy products and are gradually replacing these products. Other applications of soy protein ingredients are weight management, muscle health, infant formulas, and personal care products. These trends have led to substantial growth of the market.
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Key players are as follows:
The global soy protein ingredients market is dominated by key players such as Archer Daniels Midland Company (U.S.), E. I. du Pont de Nemours and Company (U.S.), Cargill (U.S.), CHS Inc. (U.S.), Kerry Group plc (Ireland).
Research Coverage:
Soy protein ingredients, on the basis of type, are segmented into soy protein concentrates, soy protein isolates, soy flours, and others (textured soy protein, soy grits, and hydrolyzed soy proteins). The applications of soy protein ingredients studied are food and feed. On the basis of region, the market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
