Market Synopsis: —
Soy protein is gaining popularity owing to its nutritive value. The rising demand for healthy food due to rising burden of diseases is likely to motivate the growth pattern of the soy protein ingredients market over the next couple of years. It is poised to pave its way across many industries such as oil and fats, sweet & savory snacks, etc. This, in turn, is further projected to augment the market over the next few years. However, the inclination towards animal protein is poised to challenge market growth in the foreseeable future.
The changing trends in the food industry has led to the towering demand for plant-based products. In addition, the changes in lifestyle is also anticipated to favor the rising demand for soy-based food products in the years to come. Market Research Future (MRFR)’s report has found out that the global soy protein ingredients market is anticipated to strike a healthy CAGR over the projection period 2017 to 2023.
The accelerated shift towards veganism is a major factor responsible for the proliferation of the market over the assessment period. The growth of vegan population has led to an increase in demand for plant-based products which is also poised to have a positive influence on the expansion of the soy protein ingredients market.
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The noted players participating in the competitive landscape of the soy protein ingredients market are-
• Archer Daniels Midland Company (U.S.)
• Cargill Incorporated (U.S.)
• Ingredion Incorporated (U.S.)
• DuPont Nutrition & Health (Denmark)
• CHS Inc. (U.S.)
• Wilmar International Ltd (Singapore)
• 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
In April 2019, Häagen-Dazs, an American ice cream brand has announced the launch of vegan chocolate fudge ice cream bars which features soy ice cream that comes coated in dairy-free rice milk chocolate coating.
In January 2019, the Swiss food giant, Nestlé, started working on the extension of its plant-based food category with the commercial launch of Incredible Burger, made from soy and wheat protein.
The Global Soy Protein Ingredients Market, by region, has been segmented into four major regions, viz. North America, Europe, Asia Pacific and the Rest of the World (RoW).
The Global Soy Protein Ingredients Market has been divided into type, application, and region.
Based on Type
• Soy protein isolates
• Soy protein concentrates
• Soy protein flour
• Others (soy chunks and soy grits)
Among these, the soy protein isolates segment is currently placed at the dominant position in the marketplace. It has been forecasted to exhibit substantial growth owing to its high protein content. In addition, the soy protein concentrates segment is likely to gain traction in the years to come.
On the basis of Application
• Bakery & confectionery
• Dairy & frozen desserts
• Oil and fats
• Sweet & savory snacks
The beverages segment holds the most substantial share of the market at present and is expected to maintain its prominence over the next couple of years. Also, the sweet & savory snacks segment has been anticipated to witness significant rise in the growth curve in the foreseeable future.
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