Emerging Markets is Expected to Provide Lucrative Opportunity for Global Soy Protein Market in Coming Years

Global Soy Protein Market Report, published by Variant Market Research, forecast that the global market is forecasted to reach $7,430 million by 2024 from $4,691 million in 2016; growing at a CAGR of 5.9% from 2016 to 2024. The soy protein market is majorly driven by the following driving factors such as rising demand for infant formulas, increasing awareness and high demand among end-users. However, allergic nature and availability of substitute might hinder the growth of the market. Furthermore, growing popularity of organic soy and emerging markets would provide growth opportunities for the market.
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Products type, form type, function, application and geography are the key segments of the global soy protein market. Product type segment has been segmented into soy protein concentrates, soy protein hydrolysates and protein isolates. Soy protein concentrate and soy protein isolate were the leading sub segments with highest market share of 45.8% and 44.8% in 2016, respectively. Additionally, Application segment includes bakery & confectionery, functional foods and others. Bakery & confectionery is expected to dominate the applications segment with fastest CAGR 6.2%, during the forecast period 2016-2024.
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The global soy protein market by geography is bifurcated into North America, Europe, Asia-Pacific and RoW. North America held the highest market share of 39.8% in 2016, driven by high adoption of soy as meat alternative. In terms of growth rate, Asia-Pacific region is anticipated to grow at the fastest CAGR of 6.8% over the forecast period, owning to increasing awareness and rising demand for soy products as alternative to dairy products.
Various strategies have been adopted by the market players to boost their geographical presence and product portfolio. The major players in the soy protein market include Wilmer International, DuPoint Nutrition & Health, George Weston Foods, Burcon NutraScience Corporation, Omega Protein Corporation, Armor Proteins, Crown Soya Protein Group, Archer Daniels Midland Company, Kerry Ingredients Inc., and Ruchi Soya Industries, among others.

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This release was published on openPR.