Soy Protein Market : Insights into the Competitive Scenario of the Market
By revenue, the global soy protein market was valued at US$4.80 bn in 2015, and is expected to reach US$7.78 bn by the end of 2024, after displaying at a CAGR of 5.5% within a forecast period from 2016 to 2024. Protein hydrosulfates are expected to increase in demand at a CAGR of 6.7% within the same forecast period. In terms of volume, this market is expected to reach 2,209.3 kilo tons by the end of 2024.
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The single leading driver of the global soy protein market at the moment is the growing number of people being attracted towards it by the terms functionality and health benefits. Soy proteins appeal to a very large consumer base, including those that are trying to maintain a low fat diet as well as the growing number of vegans. Even the FDA supports the moderate consumption of soy proteins, as in an earlier publication they pointed to the chances of reducing the risk of coronary heart disease by consuming 25 grams of it per day.
Additionally, soy protein is also a core part of the growing movement of functional foods. With a greater number of the urban population finding it difficult to cook food and maintain a balanced diet, the introduction of functional foods has been very positively received. They are easier to consume and can help an individual maintain a balanced diet.
The global soy protein market is involved in the production of several functional foods, such as meat and dairy alternatives, and energy bars. The growth rate of the global soy protein market is also being supplemented by the growing scope of functionality of soy protein products that are increasing their overall application within the food and beverages industry.
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One of the key problems that the manufacturers and vendors in the global soy protein market are facing at the moment is a severe shortage in demand. Soybean, the quintessential raw material required for the various products released from the global soy protein market, is itself a commodity food product. Its price is also subject to volatility as there is already a high demand for soybeans in the market.
This pressurizes manufacturers in the global soy protein market to compete with a separate section of consumers to gain more raw material, thereby hindering the overall rate at which the global soy protein market can grow. The market is also being stifled by the low usage of soy protein products outside the food industry.
Players in the global soy protein market can look forward to the plethora of opportunities coming up from the Asia Pacific and Latin America regions. Asia Pacific especially is expected to be a great venue of investment for global players as well as new entrants. At the same time, the larger players in the market are consolidating their shares through positive agreements and mergers, further increasing the rate at which the overall market may grow.
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