Global Soy Protein Market is expected to reach $7,430 million by 2024 from $4,691 million in 2016; growing at a CAGR of 5.9% from 2016 to 2024. Major growth factors of the global soy protein market are growing popularity of infant foods containing soy proteins, and growing awareness among consumers. Though, allergic nature and availability of alternative protein sources may hamper the growth of the market. Furthermore, emerging markets and cultivation organic soy would provide growth opportunities during forecast period.
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Product type, form type, application, function type and geography are the major segments of global soy protein market. Product type segment comprises soy proteins concentrates, soy proteins isolates, and soy proteins hydrolysates. In 2016, concentrates held for the largest market share in 2016, whereas hydrolates is anticipated to grow at a fastest CAGR from 2016 to 2024. Furthermore, Form type includes liquid and dry. Application segment comprises bakery & confectionery, functional foods, and others. Functional foods held the highest market share in 2016. Additionally, function type is categorized into nutrients, emulsifier, fat & water absorption and texturants.
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North America, Europe, Asia-Pacific and Rest of the World (RoW) are covered in the global soy protein market. North America held for the largest market share in 2016, owning to increasing adoption of soy and used as an alternative for meat. Furthermore, Asia-Pacific is expected to grow at a fastest CAGR during the forecast period, driven by the increase in lifestyle diseases and preference for soy products instead of dairy products.
The key players in the global soy protein market are DuPoint Nutrition & Health, Crown Soya Protein Group, Armor Proteins, Kerry Ingredients Inc., Archer Daniels Midland Company, George Weston Foods, Burcon Nutra Science Corporation, Wilmer International, Omega Protein Corporation, and Ruchi Soya Industries, among others.
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