Players in the global soy protein market are foreseen to get the plenty of chances to grow in future, especially from Latin America and from Asia Pacific regions. Out of these, Asia Pacific region is particularly anticipated to emerge as a leading market in terms of opportunities in forthcoming years, along with the entry of new players. Within the forecast period, the major players are indulging into mergers and acquisition strategies, which is a key factor stimulating the growth of soy protein market. Archer Daniels Midland Company, CHS, Inc., E.I. du Pont de Nemours and Company, Willmar International, and Cargill, Inc. are among the leading players operating in global soy protein market. These players collectively account for 66.2% of the overall market share, in past year.
According to a recent report published by Transparency Market Research (TMR), the global soy protein market is prognosticated to expand at a steady CAGR of 5.5% within the forecast period from 2016 to 2024. Based on revenue, in 2015, the global soy protein market was valued around worth of US$4.80 bn. This value is likely to reach around US$7.78 bn before 2024-end.
Based on the application, the soy protein market is categorized into bakery and confectionary, functional foods, and other similar types of applications, for example, fruit drinks, dietary supplements, soups & sauces, animal feed, sports drinks, vegetable broths, and personal care. Geographically, in 2015, the global market dominated by North America region, trailed by Asia Pacific and Europe. This is credited to the rise in awareness about soy product consumption, and increase in disposable income among the people in the regions.
Rise of Functional Food Sector to Fuel Demand for Soy Protein products in Market
One of the major factors, at present, contributing in the growth of global soy protein market is the significant rise and growth of functional food sector. In past few years there has been a notable inclination of people towards the consumption of functional food products as a substitute diet, in case when they miss out of having a balanced diet in their daily lives, due to hectic schedule. Functional foods are not just very beneficial from health and nutrition point of view, but are also manufactured a way that they can be consumed easily.
Request to view Sample Report:
High Cost of Soy Protein Products to Hinder Market Growth
Various types of functional foods are produced such that they are easy to digest, which makes them an obvious choice apart from baby food. The common types of functional foods are meat alternatives, dairy, and infant formulas that are in demand at present. Some more types of functional foods that are in demand, are convenience beverage powders, energy bars, breakfast cereals, and frozen desserts. However, high cost of these products is a factor that is generally foreseen to hamper the global market of soy protein.