Increase in demand in overall health and wellness products with protein rich foods and beverages is driving higher demand for soy protein market. Globally, plant proteins especially soy protein have witnessing huge demand which is driving higher private investments by companies involved in the Protein market. Majority of soy protein used in different food preparation that includes meat analogues, infant formula, frozen desserts, salad dressing and many more. Soy protein isolates holds the major market share which mainly use to improve texture of food products and usually found combined with other food ingredients. Availability of soy protein in different forms and in different packaging is changing the dynamics of soy protein market from last few years.
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Globally the Soy Protein Market is estimated to escalate at a higher growth rate which is supported by increasing demand of plant based protein products among consumers. Rising awareness among the consumers about health benefits of soy protein is supporting the market growth. The growing consumption of sport nutrition is playing key role to create demand for sport nutrition supplement made from soybeans. Based on the high quality of the product, Soy Protein products is gaining popularity amongst the consumers. The developing economic conditions of various regions are fueling up the market demand for Soy Protein products.
All these factors contribute to the calculated CAGR of 5.78% of Soy Protein market during 2017-2023.
The key players profiled in the Global Soy Protein Market are Archer-Daniels-Midland Co. (U.S.), Ingredion (U.S.), Solae (U.S.), Dupont (U.S.), Solbar (Israel), Cargill (U.S.) and Gushen Biological Technology Group Co., Ltd (China)
Majority of soy protein produced across the globe is used for in food application. Soy protein application in meat additives is playing major role to increase the sales of soy protein from last few years. Soy protein concentrates mostly used as functional and nutritional ingredients in various food items as retains most of the fiber from soybean. Soy protein flour is used to improve taste and texture of foods. The defatted soy flour contains maximum protein compare to low fat and full fat soy protein flour. The application of soy protein in infant formula and animal feed is gaining attention of consumers who prefer plant based protein products over animal based protein products.
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The Global Soy Protein Market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). America has the major market share followed by Asia Pacific region. Increasing soy production in South America is playing a major role behind the dominance America in global soy protein market. Rising demand of soy protein for different applications mainly as a functional food is boosting the soy market in Europe region. Asia Pacific region will witness higher growth backed by growing demand of high quality soy protein especially from developing countries like China and India. The Major exporters of soy protein include Brazil, U.S., Argentina and Canada.