Soybean is processed primarily into three forms which includes soy protein isolates comprise ~90% protein, soy protein concentrates with ~70% protein, and soy flour with ~50% protein. Soy protein ingredient is considered to be the best substitute for animal protein. Soy protein ingredient comprises amino acids and are also rich in fiber, calcium, iron, potassium, polyunsaturated fats and lecithin, magnesium and vitamin B. Thus it contains high health-related benefits and functional properties. Due to its characteristics it primarily used as emulsifier, gel, tenderizer, binder, stabilizer, and thickener by food and beverages processing industry. Soy protein ingredients are also environmental friendly as they require less amount of water while processing.
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Soy Protein Ingredient Market Segmentation
On the basis of type soy protein ingredient can be segmented as soy protein isolates, soy protein concentrates and soy flour. Among all these product type soy protein isolates is expected to account for the potential market share followed by soy protein concentrates. Due to high percentage of protein content in soy protein isolates is supporting the demand for the same during the forecast period. Soy flour is also expected to show a substantial growth in the near future. However due to less protein content in the soy flour is expected to restrain its growth in the near future.
Furthermore the soy protein ingredient market is segmented on the basis of application which includes bakery and confectionary, processed meat products, functional foods, dairy replacers, infant foods and other. Among all these segment functional food is expected to be the major contributor in supporting the growth soy protein ingredient followed by processed meat products. Rising awareness among the consumer for health beneficiary products is supporting the demand for soy protein ingredient market during the forecast period. Moreover, infant food is also expected to support the demand of soy protein ingredient market. This is due to the increasing parental concern for providing the nutritious and healthy food to their child.
Geographically Europe and North America is expected to account for the major market share in the forecast period. However these region is expected to record moderate growth. In North America, U.S. is expected to be the major contributor in terms of revenue followed by Canada. Moreover Asia pacific is expected to show the double digit CAGR growth during the forecast period followed by Latin America. In Asia pacific region China and India is expected to account for the substantial growth due to increased demand for nutritional food among the consumers. Moreover in Latin America, Brazil is expected to be the major contributor in terms of revenue followed by Mexico.
Soy Protein Ingredient Market Drivers
High functional properties of the soy protein ingredient coupled with ecofriendly and natural health benefits is driving the demand of soy protein during the forecast period. Moreover it is cost effective than the animal protein and reflects the same protein content. This is expected to enhance adoption of soy protein across various end-use industries resulting in increasing the shelf life of the processed food, so it is also considered as the most sustainable protein ingredients which is favoring its growth in alternate way.
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Soy Protein Ingredient Restraining Factors
However, its anti-nutrients and allergic nature of soy protein ingredients is restraining its growth during the forecast period. Moreover, negative impact of genetically modified (GM) soy coupled with the availability of various alternatives such as milk proteins, pea proteins and other animal proteins are also effecting the growth of soy protein ingredient in the forecast period.
Soy Protein Ingredient Market: Key Players
Key international players operating in the soy protein ingredient market are, Archer Daniels Midland (ADM) Company, Dean Foods Company, Armor Proteins, Gelita Group, Bunge Alimentos SA, Kerry Ingredients Inc., Burcon NutraScience, Cargill Health & Food Technologies, E. I. du Pont de Nemours and Company, Kellogg Company, Doves Farm Foods, Kraft Foods Group Inc., Manildra Group, MGP Ingredients, Omega Protein Corporation, George Weston Foods and others.