(Entertainment-NewsWire.com, June 06, 2018 ) The global soy protein ingredients market witnessed steady growth over the last few years. The market size is projected to reach USD 12.84 Billion by 2022, at a CAGR of around 7.2% from 2017. Preference for meat and dairy alternatives, and the high nutritive value of soy has been a major driver that has contributed to the growth of the market.
The soy protein ingredients market, by type, is segmented into soy protein concentrates, soy protein isolates, soy flours, and others (textured soy protein, soy grits, and hydrolyzed soy proteins). Soy protein concentrates are the most widely used ingredient in the food and feed industry. It is cheaper than other types of soy protein ingredients, such as soy protein isolates, which has served as one of the major factors driving the market.
On the basis of application, the soy protein ingredients market is segmented into food and feed. The further segmentation of food includes meat alternatives, functional foods, dairy replacements, bakery & confectionery, infant foods, and others, and the further segmentation of feed include livestock feed, pet food, and aquafeed. The food segment, on the whole, accounted for a larger market share in 2016.
Soy protein ingredients have been of immense importance in the food processing industry. Their use in food applications such as meat processing, functional foods, and dairy replacements are driving the market to register a double-digit growth rate. In the food segment, the meat alternatives subsegment accounted for the largest share in 2016. Soy protein ingredients provide effective protein augmentation to meat products, which is one of the leading factors to drive the soy protein ingredients market in the food industry.
The soy protein ingredients market in North America was the largest in 2016, the Asia-Pacific market is however, projected to grow at the highest CAGR during the forecast period. The high consumption of soy-based products in this region is one of the major factors leading to the growth of the soy protein ingredients market here.
Some anti-nutritional components of soy protein and the ban on soy products of GM origin are the major factors restraining the growth of the market. For instance, some anti-nutritional components in soy are broken down only during heat treatment and fermentation, but are retained during regular cooking. These components have been known to cause health issues such as allergic reactions.
Additionally, genetically modified crops are prohibited in developed regions such as Europe, where several countries as part of the European Union have banned their farmers from cultivating genetically modified crops. Scientists have cited health and environmental risks associated with genetically modified (GM) soybean. As a result, certain food manufacturers in the U.S., Canada, European countries, and Japan are demanding non-genetically modified soybean.
The soy protein ingredients market is characterized by medium to high competition due to the presence of a number of large- and small-scale firms with low product differentiation. New product launches, partnerships, and expansions are the key strategies adopted by these players to ensure their growth in the market. Players such as Archer Daniels Midland Company (U.S.), E. I. du Pont de Nemours and Company (U.S.), Cargill (U.S.), CHS Inc. (U.S.), Kerry Group plc (Ireland), Wilmar International Limited (Singapore), Nisshin OilliO Group, Ltd. (Japan), Ruchi Soya Industries Limited (India), Ag Processing Inc (U.S.), Devansoy (U.S.), The Scoular Company (U.S.), and Biopress S.A.S. (France) dominate this market.
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