Global Soy Protein Market Report, published by Variant Market Research, forecast that the global market is expected to reach $7,430 million by 2024 from $4,691 million in 2016; growing at a CAGR of 5.9% from 2016 to 2024. By geography, Asia Pacific and RoW are expected to grow at a CAGR of 6.8% and 6.5%, respectively, during the forecast period.
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 bifurcated into product type, form type, application and function type. Product type segment includes soy proteins isolates, soy proteins concentrates and soy proteins hydrolysates. In 2016, by product type, concentrates accounted for the largest market share in 2016, whereas hydrolates is likely to dominate the market with highest CAGR during the forecast period 2016-2024. Furthermore, by form type, the market is segmented as dry and liquid. Applications segment includes functional foods, bakery & confectionery and others. Functional foods dominated the application type segment accounting about 67.4% in 2016. Additionally, function type is categorized into nutrients, emulsifier, fat & water absorption and texturants.
Geographically, the global soy protein market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). In 2016, 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 2016. Moreover, Asia Pacific is expected to dominate the market with fastest CAGR during the forecast period, owing to the increase in lifestyle diseases and preference for soy products instead of dairy products.
Market players have used various strategies to increase their market share and global presence. The players in the market include DuPoint Nutrition & Health, Crown Soya Protein Group, Burcon NutraScience Corporation, Omega Protein Corporation, Armor Proteins, Archer Daniels Midland Company, Wilmer International, Kerry Ingredients Inc., George Weston Foods and Ruchi Soya Industries, among others.