Global Soy Protein Ingredients Market was valued at $7,506 million in 2016 and is expected to reach $12,205 million by 2023, registering a CAGR of 7.2% from 2017 to 2023.
Soy protein ingredients are a product of soybean. They are isolated from soybean meal which has been defatted and dehulled. Defatted and dehulled soybeans are processed into three types of high protein products including soy protein concentrates, soy flour, and soy protein isolates. All these three types of soy protein ingredients contain 70% protein, 20% carbohydrates, 6% ash and around 1% oil. Soy protein ingredients provide almost all the types of amino acids for human nutrition and are identical to other legume pulses and are considered to be one of the least expensive sources of protein.
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Various end-use industries have initiated the use of isolate form of soy protein ingredients for improved results, owing to composition of higher protein content and lower carbohydrates. Increase in demand for these ingredients among infant food companies poses lucrative opportunities for the players in the global soy protein ingredients market.
In 2016, Asia-Pacific and Europe collectively accounted for approximately half of the total soy protein ingredients market, and are expected to continue this trend, owing to increase in soymeal production and rise in demand for higher protein containing products, specifically in China, India, Japan, Brazil, and other developing countries. Moreover, rise in number of working women demanding soy proteins for infant foods and increase in use of soy protein ingredients in bakery & confectionary industry to boost the protein content of products are the key factors that drive the growth of soy protein ingredients market.
The key companies profiled in the report include DuPont Nutrition & Health, Archer Daniels Midland Company, Cargill Incorporated, Wilmar International Ltd., CHS Inc., Kerry Group plc., Ag Processing Inc., Kellogg Company, Doves Farm Foods, and Kraft Foods Group Inc.
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Key Findings of the Soy Protein Ingredients Market:
- In terms of volume, the infant foods segment is projected to grow at the highest rate of 6.5% during the analysis period.
- North America is projected to grow at a CAGR of 5.8%, in terms of volume, and maintain its lead throughout 2023.
- Meat alternatives application segment occupied approximately one-fifth of the total market in 2016.
- China occupied for more than one-fourth of the total Asia-Pacific market in 2016.
- In terms of value, India is expected to grow at a CAGR of 7.8% from 2017 to 2023.
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