Global Soy Protein Ingredients Market—Forecast till 2028
the global soy protein ingredients market is expected to witness a CAGR of 7.45% and reach a value of USD 13.55 billion by 2028. Soy protein ingredients are separated from soybean. They are majorly accessible in three sorts including soy flour, soy protein isolates, and soy protein concentrate. On the other hand, soy protein fixings are broadly utilized in feed products, including pet food, animal feed, and water feed. Soy protein fixings have application in drugs and nutraceuticals. Soy protein fixings are considered one of the most affordable sources of protein. The expanding commonness of lactose intolerance and rising consumer inclination for a veggie lover and vegan diet is required to drive the growth of the global soy protein fixings market for the forecast period.
The global Soy Protein market is anticipated to register a significant market expansion during the review period owing to the great application scope of soy protein ingredients worldwide. Additionally, the rising predominance of protein narrow-mindedness and developing buyer inclination for a veggie lover and vegan diet is driving the development of the worldwide soy protein ingredients market. The developing selection of plant-protein ingredients among the food and drinks producers, trailed by a change in customer inclination toward natural ingredients, has set out new open doors for soy protein fixing makers. Nonetheless, the allergen response related to soy is controlling the development of the market.
Global Soy Protein Ingredients Market has been classified into Type, Application, and region.
By type segment, the global soy protein ingredients market has been classified into soy protein concentrates, soy protein isolates, soy flours, and others. Soy protein concentrates are further been bifurcated into powder and textured soy concentrate.
In terms of application, the global soy protein ingredients market has been classified into food & beverages, feed, and pharmaceuticals & nutraceuticals. The food& beverages segment is further segmented into bakery & confectionery, meat alternatives, meat products, functional foods, dairy replacement products, infant nutrition, and others.
The region-specific analysis of the global soy protein ingredients market has been classified into North America, Europe, Asia-Pacific, and the Rest of the World.
North America is likely to command the market having a share of 33.58% in 2020. The region is expected to register a CAGR of 4.37% during the review period.
Europe was accounted for USD 2,606.58 million in 2020 registering the second-largest market. the market is projected to exhibit steady growth during the forecast period. The Soy Protein market in Asia-Pacific is expected to register as the fastest-growing market during the assessment period.
the major market players of the global Soy protein ingredient market are Archer Daniels Midland Company (US), DuPont (US), Cargill Incorporated (US), Wilmar International Limited (Singapore), The Nisshin OilliO Group, Ltd (Japan), CHS Inc. (US), Devansoy Inc. (US), Ag Processing Inc. (US), Ruchi Soya Industries Limited (India), Natural Products, Inc. (the US), BIC Services (Netherlands), Gushen Biological Technology Group Co., Ltd (China), Partner-M (Russia), Sonic Biochem (India), and International Flavors & Fragrances Inc. (US).
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