Soy Protein Ingredients Market Research Report Type (Soy Protein Isolates, Soy Protein Concentrates, Soy Protein Flours), Application (Bakery & Confectionery, Dairy & Frozen Desserts, Beverages, Sweet & Savory Snacks) and Region - Forecast till 2023
Pune, India -- (SBWIRE) -- 09/07/2018 -- Market Overview:
Soy Protein Ingredients Market is projected to grow at a CAGR of 6.9% over the forecast period. Soy protein is a plant based protein and a best substitute for animal protein. It is extracted from soy meal which is derived from soybean. Soy Protein is used for fortification of several food products and as an alternative to dairy protein. It contains amino acids and is also rich in fiber, iron, calcium, potassium, polyunsaturated fats and lecithin, magnesium and vitamin B. The most commonly used types of soy protein ingredients include soy protein isolates, soy protein concentrates, soy protein flours and others. They have application in various industries such as bakery & confectionery, dairy & frozen desserts, beverages, oils and fats, sweet & savory snacks and others.
North America is dominating the market and is the fastest growing market in Soy protein ingredients over the forecast period 2017-2023. The U.S. is the major contributor of soy protein ingredients market in North America followed by Canada. Canada is projected to be the major market in innovation of soy protein ingredients. The key players are majorly based out of the U.S. and their high focus on R&D is boosting the growth of soy protein ingredients in North America.
Around 75% of population in North America are lactose intolerant which turns it to be an opportunistic market for soy protein ingredients market. Moreover, high inclination towards functional food and beverages among the consumers is propelling the growth of the market in this region. However, several substitutes available in plant-based protein may hamper the growth of the market. All these factors is projected to grow North America market at a CAGR of 7.5% during the forecast period 2017-2023.
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Major Key Players Analysis:
This report includes a study of strategies such as mergers, acquisitions, and product launches by the major Soy protein ingredients players. It further includes product portfolios, developments of leading players, which includes
Some of the key players profiled in the global 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)
Soy protein ingredient is gaining high traction in infant food formulations in recent years
Canada is projected to be the most innovative country in terms of soy protein ingredients market
On the basis of type, soy protein ingredients market is segmented into soy protein isolates, soy protein concentrates, soy protein flour and others which includes soy chunks and soy grits. Soy protein isolates is dominating the market owing to its high protein content. However, soy protein concentrates is projected to witness substantial growth over the forecast period.
Based on the application, soy protein ingredients market is segmented into bakery & confectionery, dairy & frozen desserts, beverages, oil and fats, sweet & savory snacks and others. Beverage segment is dominating the market among others. However, sweet & savory snacks segment is anticipated to grow substantially over the estimated period. Moreover, functional foods and infant food formula are the growing industry in application of soy protein ingredients.
The global soy protein ingredients market is segmented under the following regions,
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Rest of Europe
Rest of Asia Pacific
Rest of the world