What are the driving Factors of Soy Protein Concentrate Market? Key Company Profiled Cargill, Nutra Food Ingredients, Euroduna Food Ingrdients, Wilmer International, Batory Foods, Nordic SoyProtein Concentrate Market is predicted to witness a massive growth in forecast timeline. Increasing technological advancement in food industries and demand for low cost and natural sources in food manufacturing to improvise products, and deliver enhanced nutrients essential for human body, should propel soy protein concentrate market demand. Shift in consumer preference towards high nutrients product consumption should stimulate industry growth.
Global soy protein market is likely to exceed USD 7.5 billion up to 2024.They are widely used as nutritional ingredient in various baked foods, breakfast cereals, and meat products. They are also used in meat and poultry products to improve nutritional values due to its easy digestible characteristics, the product is well suited for children, pregnant and the elderly, thus driving soy protein concentrate market.
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Soy protein concentrate market from animal feed & meat processing applications are expected to witness a significant growth over forecast timeframe owing to increasing animal feed industries and health consciousness among consumers. These products are widely used in various animal feeds to improve nutritional values. In aquaculture industries, soy protein concentrate is increasingly used as an alternative to fishmeal. Many fish feed manufacturers are now utilizing SPC on account of its inherent productive advantages, thereby driving the soy protein concentrate market size. Global animal feed market is expected to grow at 4% over the forecast timeline, which will parallelly driving the product demand as well.
Rise in consumer health consciousness accompanied with animal feed manufacturers are gaining awareness towards providing nutritional feed to the animals may boost industry growth. Nutrients are used in animal feed to provide energy and increase efficiency. Global acid & nutrients in animal nutrition market is expected to reach at over USD 15 billion by 2024. Fat & water absorption are also lucrative functions of the product. Production of soy protein concentrate for its function as fat & water absorption are projected to represent the fastest expansion over the forecast timeframe.
Soy protein concentrate market size from bakery & confectionery applications will register a moderate expansion over the forecast timeline. They provide many calories, in the form of fat, and carbohydrate. Global bakery products market may register gains close to 6.5% over forecast timeframe and is projected to reach at over USD 565 billion by 2024. It includes pastries, cake, bread, biscuits, and breakfast cereals. Rise in per capita income along with consumption pattern for such products should drive industry growth. Increasing usage of packaged food in the U.S., Germany, and UK may fuel product demand in the near future.
Dry soy protein concentrate market size is expected to witness a significant gain over the forecast timeframe owing to shift in consumer trend towards long shelf life concentrated products. Liquid soy protein concentrate is expected to grow with a rapid pace owing to its freshness and significant benefits as they are healthy for bone, skin and muscle tissues.
Europe soy protein concentrate market, driven by France, Italy, UK, Spain and Germany may witness a rapid pace of demand owing to increasing bakery and confectionary products. They are widely used in various bakery and confectionery products to improve nutrient values and enhance regional growth.
North America led by Canada and the U.S. soy protein concentrate market demand may witness a significant growth due to increasing consumer preference towards healthy foods and rise in high living standard. Increase in animal feed industry on account of extensive meat products demand from cattle, poultry, and swine. Strong economic foothold along with consumer hectic schedule should propel industry growth.
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Asia Pacific led by Japan, India, South Korea, Australia and China soy protein concentrate market may witness an uptrend over forecast timeframe due to growing population along with consumer preference towards healthy diet consumption. Increasing food & beverages and dietary supplements demand should stimulate regional industry growth.
Global soy protein concentrate market share is competitive and moderately consolidated. Major players operating in the industry includes Cargill, Wilmer International, Batory Foods, Nordic Soy, Nutra Food Ingredients, Euroduna Food Ingrdients, Akola Chemicals. Merger & acquisitions are an integral part of the market, which allow companies to expand their regional presence and product portfolio.
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