Soy Protein Market Overview:
The world market for soy protein ingredients has grown steadily in recent years. The Soy Protein Market size is expected to reach USD 13.5 billion in 2024, at an average annual growth rate of about 7.5% compared to 2016.
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The ingredients of soy protein are isolated from defatted and peeled soy flour. Degreased and shelled soybeans are processed into three types of protein-rich products, including soy protein concentrates, soybean meal and soy protein isolates. The three types of soy protein ingredients contain 70% protein, 20% carbohydrate, 6% ash and about 1% oil. Soy protein ingredients provide almost all types of amino acids for human nutrition and are identical to other leguminous legumes and are considered one of the cheapest sources of protein.
Drivers and restraints:
As consumers are better informed about nutrition, the food processing industry has adopted formulas that meet the changing demands of the market. In addition to addressing the problems of providing nutrient-rich foods, manufacturers also emphasize the appearance, texture and taste of their products. The number of consumers concerned about health and nutrition is more likely to increase in the near future, leading to an increase in the demand for nutritious, calorie-controlled and adapted foods. This will further accelerate the demand for soy protein concentrate as an economical and highly nutritious food product. Given its texture properties and better functional properties, the central function of soy protein concentrates in this modern world of restructured food technology is beyond doubt. Food processors around the world are focusing on product innovations, such as soy protein concentrates that are not genetically modified, through changes in the product formulation, which has led to greater consumer demand. . The rapid pace of life of people in developed and developing countries has led to an increase in the demand for nutritionally rich ready-to-eat food products, and the availability of these soy protein products will encourage their expansion. In addition, the demand for soy protein concentrates is very high in several food industries, such as functional foods, bakery and confectionery products and baby foods. The increasing availability of other sources of vegetable protein, allergic effects and anti-nutritional factors are some of the factors that limit the growth of the world market of soy protein ingredients.
Genetically modified crops are banned in developed regions such as Europe, where several European Union countries have restricted their farmers from growing genetically modified crops. The scientists cited the risks to health and the environment associated with genetically modified (GM) soybeans. As a result, some American, Canadian, European and Japanese food manufacturers require non-GM soy. The market for soy protein ingredients is characterized by medium to high competition due to the presence of a series of small and large companies with low product differentiation. New product launches, partnerships and expansions are the key strategies that these players have adopted to grow in the Soy Protein Market.
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Key Players of Soy Protein Market
Archer Daniels Midland Company (USA), IE of Pont de Nemours and Company (United States), Cargill (United States), CHS Inc. (United States), Kerry Group plc (Ireland), Wilmar International Limited (Singapore), Nisshin OilliO Group, Ltd. (Japan), Ruchi Soya Industries Limited (India), Ag Processing Inc (United States), Devansoy (United States), The Scoular Company (United States) and Biopress SAS (France) dominate Soy Protein Market.
Scope of the report:
The report offers a comprehensive analysis of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in effecting the market dynamics and trends are discussed in detail at the product level. Further, the performance of the market at the regional and country-level is assessed and the prospects with high growth potential are identified and debated.
The key players in the industry are profiled providing insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategical activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry are provided. The report also offers a broad outlook of the market along with recommendations from industry experts on the opportunities for investment activity.
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