Soy Protein Concentrate Market Poised to Expand at a 4.6% CAGR during 2017-2026
With consumers becoming better informed about nutrition, the food processing industry has adopted formulas/recipes that meet the changing marketplace demands. In addition to tackling issues concerning provision of nutrition-rich food, manufacturers are also emphasizing on their products’ appearance, texture, and taste. Number of health- and diet-conscious consumers is most likely to increase in the near future, resulting into increased demand for calorie-controlled & tailored nutritional foods. This will further accelerate demand for soy protein concentrate as an economical and highly nutritious food product. In light of their texture-forming and better functional properties, there is no doubt in soy protein concentrate’s pivotal role in this modern world of restructured food technology.
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Food processors across the globe are focusing on new product innovations such as GMO-free soy protein concentrate with the aid of product formulation changes, which in turn has resulted into an increased consumer demand. The fast-paced lifestyles of people in developed and developing regions have resulted into a rise in demand for ready-to-eat nutrition-rich food products, and availability of such soy protein products will further lead towards their market expansion. In addition, demand for soy protein concentrates is significantly high in several food industries such as functional foods, bakery & confectionery, and infant foods. A recent research study by Transparency Market Research (TMR) has projected the global market for soy protein concentrate to showcase a steady rise during the forecast period, 2017 to 2026. Global sales of soy protein concentrates are estimated to account for roughly US$ 4,400 Mn revenues by 2026-end.
Asia-Pacific excluding Japan (APEJ) will continue to be the largest market for soy protein concentrate, with sales estimated to reach approximately US$ 2,000 Mn in revenues by 2026-end. Growth of APEJ’s market can be highly attributed to increasing demand for clean label products, and rising awareness about plant-based & healthy food products in the region, particularly in China and India. Between Europe and North America, the former will account for a larger market revenue share, whereas the latter will register a relatively faster expansion in the market throughout the forecast period.
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Animal feed is expected to remain the most lucrative application of soy protein concentrate. Revenues from sales of soy protein concentrate for animal feed is likely to account for over two-fifth share of the market by 2026-end. Application of soy protein concentrate in meat processing will register a robust expansion in the market through 2026.
Key market players profiled in TMR’s report include Archer Daniels Midland, Cargill Inc., Wirmal International, Batory Foods, Nordic Soy Oy, Nutra Food Ingredients LLC, Food Chem International Corporation, Gremount International Company Limited, Euroduna Food Ingredients, and CHS Inc.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMRâ€™s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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