Global Soy Protein Market is Estimated to Reach $7.4 Billion by 2024, Says Accurize Market Research
Increasing awareness among consumers to drive the global market
The global soy protein market is majorly driven by factors such as increasing popularity of infant foods containing soy proteins and increasing awareness among consumers. However, allergic nature and availability of alternative protein sources may hinder the growth of the market. Furthermore, cultivation organic soy and untapped markets would provide growth opportunities in the upcoming years.
The global soy protein market has been split into product type, form type, application, and function type. The product type segment includes soy proteins isolates, soy proteins concentrates and soy proteins hydrolysates. By form type, the market is segmented as dry and liquid. The applications segment includes functional foods, bakery & confectionery, and others. The function type segment is categorized into nutrients, emulsifier, fat & water absorption and texturan.
North America, Europe, Asia-Pacific and Rest of the world (RoW) are the geographical segments of the market. North America is further bifurcated into countries namely; U.S., Canada, and Mexico. Europe covers countries like Russia, the U.K., Germany, France, Italy and Rest of Europe. Asia-Pacific countries include China, India, Japan, South Korea and Rest of Asia Pacific. Rest of the World (RoW) covers South America, Africa, and the Middle East.
"Concentrates accounted for the largest market share in the product type segment", says Accurize
In the product type segment, concentrates accounted for the largest market share in 2017, whereas hydrolates are expected to dominate the market with the highest CAGR in the product type segment. Functional foods dominated the application type segment accounting about 67.4% in 2017.
"North America dominated the global market with the highest market share over the forecast period", says Accurize
North America accounted for the largest market share of 39.8%, owing to increasing adoption of soy and used as an alternative for meat. Europe was the second-largest market with a total market share of 31.8% in 2017. Moreover, Asia Pacific is expected to dominate the market with the fastest CAGR during the forecast period, owing to the increase in lifestyle diseases and preference for soy products instead of dairy products.
Top players in the market
Major companies operating in the market include DuPoint Nutrition & Health, Crown Soya Protein Group, BurconNutraScience Corporation, Omega Protein Corporation, Armor Proteins, Archer Daniels Midland Company, Wilmer International, Kerry Ingredients Inc., George Weston Foods and Ruchi Soya Industries, among others.
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