Soy Protein Market Worth 5,888.4 Million USD By 2022
The Global Soy Protein Market will grow at a CAGR of
6.6% from 2017 to 2022 to reach USD 5,888.4 million by 2022, according to this
latest publication from Meticulous Research®. The global soy protein
market is driven by increasing awareness about the benefits of protein and
growing demand for protein rich diet, growing health & wellness trend,
increasing consumer focus on meat alternatives, growing demand from food & beverage
industry, and advancement in ingredient technologies such as
microencapsulation. However, significant preference for animal based protein,
fluctuating raw material prices, and increasing consumer preference for soy
free products restricts the growth of soy protein market to some extent.
The global soy protein market is mainly segmented by
type (soy protein concentrates; soy protein isolates; textured soy protein; and
soy flour, grits, & chunks), by application (food & beverages, animal
feed, and others), and by geography (North America, Europe, Asia-Pacific, Latin
America, and Middle East & Africa).
On the basis of type, soy protein concentrates
commanded the largest share in the global soy protein market in 2016, owing to
various factors such as its low cost than other type of soy proteins and
growing demand from meat and animal feed industry. However, soy protein isolate
is expected to witness the fastest growth during the forecast period, primarily
due to increasing demand from food and beverages manufactures, owing to its
nutritional and functional properties such as high protein content, neutral
taste, and high viscous natures.
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On the basis of application, food & beverages
segment accounted for the largest share of the global soy protein market. The
large share of this segment is mainly attributed to the increasing consumer
preference for plant based foods and ingredients, growing awareness and demand
for protein rich food products, versatile functionality of soya protein and
their compatibility with vegetarian and vegan lifestyles, and rising clean
label trend.
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About Meticulous Research®
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private limited company under the Companies Act, 1956. Since its incorporation,
the company has become the leading provider of premium market intelligence in
North America, Europe, Asia-Pacific, Latin America, and Middle East &
Africa.
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