Global
Soy Protein
Market Report, published by Variant Market Research, forecast that the global
market is forecasted to reach $7,430 million by 2024 from $4,691 million in
2016; growing at a CAGR of 5.9% from 2016 to 2024. The soy protein market is
majorly driven by the following driving factors such as rising demand for
infant formulas, increasing awareness and high demand among end-users. However,
allergic nature and availability of substitute might hinder the growth of the
market. Furthermore, growing popularity of organic soy and emerging markets
would provide growth opportunities for the market.
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Complete Report @ https://www.variantmarketresearch.com/report-categories/food-beverages-/soy-protein-market
Products
type, form type, function, application and geography are the key segments of
the global soy protein market. Product type segment has been segmented into soy
protein concentrates, soy protein hydrolysates and protein isolates. Soy
protein concentrate and soy protein isolate were the leading sub segments with
highest market share of 45.8% and 44.8% in 2016, respectively. Additionally,
Application segment includes bakery & confectionery, functional foods and
others. Bakery & confectionery is expected to dominate the applications
segment with fastest CAGR 6.2%, during the forecast period 2016-2024.
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The
global soy protein market by geography is bifurcated into North America,
Europe, Asia-Pacific and RoW. North America held the highest market share of
39.8% in 2016, driven by high adoption of soy as meat alternative. In terms of
growth rate, Asia-Pacific region is anticipated to grow at the fastest CAGR of
6.8% over the forecast period, owning to increasing awareness and rising demand
for soy products as alternative to dairy products.
Various
strategies have been adopted by the market players to boost their geographical
presence and product portfolio. The major players in the soy protein market
include Wilmer International, DuPoint Nutrition & Health, George Weston
Foods, Burcon NutraScience Corporation, Omega Protein Corporation, Armor
Proteins, Crown Soya Protein Group, Archer Daniels Midland Company, Kerry Ingredients
Inc., and Ruchi Soya Industries, among others.
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