Soy Protein Market Revenue Will Reach $6.3 Billion By 2024, Says Esticast Research and Consulting
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As per the report “Soy Protein Market By product Type (Soy Protein Isolates, Soy Protein Concentrates, Soy Protein Hydro-lysates), By Form Type (Dry, Liquid), By Application Type (Functional foods, Bakery & confectionery), By Function Type (Nutrients, Emulsifier, Fat & Water Absorption, Texturants), Estimation & forecast, 2016 – 2024“, Soy Protein Market is projected to reach $6.3 billion by 2024, growing at a CAGR of 6% during the forecast period of 2017 to 2024.
In 2016, Soy Protein Concentrates segment held the largest share of the global Soy Protein market. Among the major regions, North American Soy Protein market was the highest revenue generating market valued at $1.8 billion in 2016.
“Improving lifestyle and healthy choice has led consumers to opt for soy protein instead of milk proteins. The added advantage of vitamin D is one of the important element of soy protein. The availability of micronutrients made it popular among infant food, which is one of the biggest driver for global soy protein market. The market is expected to grow at steady rate with Asia-Pacific region leading the market.”
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Soy Protein Concentrates is the highest revenue generating segment of 2016.
Soy Protein Concentrates in estimated to be the highest revenue generating segment of 2016 and expected to grow at steady CAGR of 5.7%. The high protein contain of Soy Protein Concentrates makes it unique and desiring element among beverages. The overall advantages of Soy Protein Concentrates fuels the demand for soy protein across the globe.
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Liquid segment is expected to grow at CAGR of 6.5% from 2017 to 2024.
Dry form of the soy protein lead the market in 2016 and is expected to maintain its dominance throughout the forecast period. The segment accounted for more than 3/4th of the market value. On the other hand, liquid soy protein market segment in expected to witness fastest growth of 6.5%.
Asia-Pacific is expected to exhibit highest CAGR while North America will still dominate the market share.
The Asia-Pacific region is expected to exhibits the highest CAGR of 6.9% and expected to gain around 20% of the market share by 2024. However, North America will dominate the market in terms of revenue and is expected to gain around 40% of the market share. North America is expected to grow at CAGR of 5.5% during the forecast period.
The nutrients market segment is expected to dominate the function type segment and will continue to grow at impressive CAGR of 5.7%.
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Key Findings of global soy protein market
• The Soy Protein Market was valued at $XX billion in 2016, and is projected to reach $XX billion by 2024
• Global soy protein market is expected to exhibit the growing CAGR of 6.0 for the forecasted period of 2016-2024
• North American market is expected to dominate the global soy protein market in upcoming years.
The market is moderately competitive and displays the presence of several regional and international players. Promotion and product launch is the key strategy adopted by key players to gain more market share and extend their product portfolio. For instance, Ruchi Soya launches first-of-its-kind corporate initiative to make yoga a part of working day, which helps to advertise and increase sales.
Some Major players of the global soy protein market are DuPoint Nutrition & Health, Crown Soya Protein Group, Burcon NutraScience Corporation, Omega Protein Corporation, Armor Proteins, Archer Daniels Midland Company, Wilmer International, Kerry Ingredients Inc., George Weston Foods, and Ruchi Soya Industries.