Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Soy Protein Market – Insights
Soy protein is isolated from soybean and it is available as isolates, concentrates, and flour. Soy proteins have various health benefits such as lowering cholesterol and lowering blood pressure. Moreover, soy protein is a rich source of omega-3, vitamins, and minerals. The global soy protein market is projected to reach US$ 12.01 by the end of 2027, at a CAGR of 5.59% over the forecast period (2019-2027), attributing to increasing awareness regarding importance of protein intake in daily life.
On the basis of source, soy proteins are categorized into organic and conventional proteins. In 2018, although conventional segment held dominant position in the market, organic segment is expected to grow significantly during the forecast period, owing to increasing awareness regarding the use of organic products such as cosmetics, food products, beverages, and others.
Among applications, food and beverage segment held dominant position in the soy protein market in 2018, owing to the use of soy protein in the manufacturing of various food processing industries such as dairy, animal feed, bakery, confectionery, meat additives, functional food, and beverages among others, which in turn is fueling growth of the global soy protein market. However, ban on soy proteins of genetically modified (GM) origin is one of the major factors restraining growth of the global soy protein market.
Soy protein-based cosmetics consisting of hydrolyzed soy proteins are safe for use in case of body, hand, face and neck products, hair care products, skin care products, mascara, and others. Few soy protein-based cosmetics include Biotique’s Bio Soya Protein Fresh Nourishing Shampoo, Genesis soy protein shampoo, and others.
Key players operating in the global soy protein market are adopting various strategies such as mergers and acquisitions, collaborations, and product launches to sustain their market position. For instance, in November 2017, Midwest Ag Enterprises launched its soy protein feed as a fishmeal.
The global soy protein market is expected to be valued at US$ 12.01 billion by 2027 and is expected to register a CAGR of 5.59% in terms of revenue over the forecast period (2019 – 2027).
Figure 1. Global Soy Protein Market Share (%), By Region, 2018
Source: Coherent Market Insights, 2018-19
In food & beverages segment, dairy-based applications are increasing due to the use of soy protein for producing soy milk. Soy milk contains lower amount of saturated fats as compared to cow milk and it is both cholesterol and fat free. Moreover, soy protein is used in bakery and confectionery industry, owing to longer shelf life of soy proteins (flour).
Among product type, isolates segment accounted for the largest market share in 2018, owing to increasing awareness about healthy living. Moreover, soy protein isolates are plant-based protein supplements that contain amino acids and are used as health supplements for muscle gain.
Among regions, Asia Pacific held dominant position in the global soy protein market in 2018, owing to increasing production of soybean in this region. As per The Soybean Processors Association of India, in 2014-15, in China, the total production of soybean was 12.69 million metric tons, which increased and reached 15.90 million metric tons in 2018-19. Production of soy protein is done by processing soybean meal and therefore, increasing production of soybean in this region will make it easier for the manufacturers to fulfill the soy protein demand. Therefore, demand for soybean-based products such as soy proteins is expected to boost growth of the market in this region during the forecast period.
Figure 2. Global Soy Protein Market Share (%), By Product Type, 2018
Source: Coherent Market Insights, 2018-19
Major players operating in the global soy protein market include Archer Daniels Midland Company, Cargill Inc., DowDuPont Inc., Imcopa Food Ingredients B.V., CHS Inc., Crown Soya Protein Group, Wilmer International Ltd., Foodchem, Kerry Ingredients Inc., Burcon NutraScience Corporation, and others.