Global Soy Protein Ingredients Market – Overview
The Soy Protein Ingredients Market is growing tremendously with increase in vegan population globally. Market Research Future, a firm which specializes in market reports related to the Food and Beverage sector among others, recently forecasted in its report on Global Soy Protein Ingredients Market Research Report- Forecast to 2023 that the market will demonstrate a significant growth during the forecast period.
Soy protein is a plant based protein which is rich in vitamins and minerals and helps to increase the overall muscle growth of human body. It is a best alternative for animal sourced protein and milk based protein supplements. Owing to its gluten-free attribute it is gaining popularity among the lactose intolerant population. Increasing population of lactose intolerant is boosting the growth of soy protein ingredients market. The major types of soy protein ingredients include soy protein isolates, soy protein concentrates, soy protein flours and others including soy chunks and soy grit. Moreover, owing to its high nutritional value, it has wide range of application including bakery & confectionery, dairy & frozen desserts, beverages, oils and fats, sweet & savory snacks and others.
Soy protein is cost effective than the animal protein which is gaining traction among the consumers globally. Increasing vegan population is also driving the growth of the market. Soy protein ingredient is also used to increase the shelf life of the processed food which is further boosting the growth of soy protein ingredients market in various industries. Moreover, the high nutritive value of soy protein ingredients is propelling the market demand among the health conscious population.
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Global Soy Protein Ingredients Market - Competitive Analysis
With the entry of industry players in the Soy protein ingredients segment, a trend of solid, volume- driven growth has been observed in the market. With vegan and flexitarian diet trending globally, plant based foods are more popular now than ever which is influencing the food and beverage manufacturers to include soy protein ingredients in their product line. Key players in the Soy protein ingredients market are focusing on acquisitions, expansions, mergers and new product launches. Companies are highly investing in R&D and technological advancements.
The key players profiled in Soy protein ingredients market are Archer Daniels Midland Company (U.S.), Ingredion Incorporated (U.S.), Cargill Incorporated (U.S.), DuPont Nutrition & Health (Denmark), Wilmar International Ltd (Singapore), CHS Inc. (U.S.), Kerry Group PLC (Republic of Ireland) among many others.
Global Soy Protein Ingredients Market – Segments
The global Soy protein ingredients market has been divided into type, application, and region.
On The Basis Of Type: soy protein isolates, soy protein concentrates, soy protein flour and others (soy chunks and soy grits)
On The Basis Of Application: bakery & confectionery, dairy & frozen desserts, beverages, oil and fats, sweet & savory snacks and others
On The Basis Of Region: North America, Europe, Asia Pacific, and ROW.
Global Soy Protein Ingredients Market - Regional Analysis
The global Soy protein ingredients market is segmented into North America, Europe, APAC, and Rest of the World (RoW). North America is dominating the market followed by Europe. High investment by key players on the R&D and technological advancements in the U.S. is propelling the market growth in North America. High inclination of consumers towards functional food in Europe is driving the market for soy protein ingredients in this region.
Asia Pacific is projected to be the fastest growing region over the forecasted period. India and China are the major contributors in this region due to growing health awareness and increase in consumption of healthy diet. Latin America is also expected to witness moderate growth over the estimated period in which Brazil is the major contributor followed by Mexico.
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