Published on : Dec 05, 2016
Soy protein, the protein that is produced from defatted and dehulled soybean, is considered one the most economical and high-quality commercial-grade proteins and finds extensive usage across functional foods. The market for soy proteins is treading across a decent growth path and is being positively influenced by the rising awareness among consumers regarding the health benefits of soy protein and its rising set of applications.
According to a recent market research report published by Transparency Market Research, the global soy protein market is hindered owing to the reduction in supply of raw material. This has resulted in a sizeable disparity between supply and demand in the global soy protein market. The market is expected to exhibit a healthy 5.5% CAGR over the period between 2016 and 2024, rising to a valuation of US$7.78 bn by 2024.
Rising Usage across Functional Foods to Prove Lucrative for Market
Functional foods are being increasingly conceived as diet options that can compensate on the missed dosage of nutrition in daily diets owing to busy lifestyles and high consumption of diet foods. The rising demand for functional foods and the increased usage of soy protein in such foods is one of the key factors expected to have a lasting positive impact on the global soy protein market in the next few years. The rising use of soy protein in functional foods such as animal feed, meat substitutes, dairy alternatives, and infant formulas, for instance, is expected to grant the global soy protein market substantial momentum in the next few years.
Market in Asia Pacific Holds Immense Potential for Future Growth
The global soy protein market at present gains the maximum share in its overall revenues owing to sales across developed regions such as North America and Europe. While the demand for soy protein across these regions is expected to remain consistent over the next few years, it will not be as promising as the demand in Asia Pacific.
Armed with a rising pool of population with high purchasing power and a high level of awareness regarding the need of consuming the required level of protein on a daily basis to maintain a healthy lifestyle, the market for soy protein in Asia Pacific is expected to witness healthy growth in the next few years. The flourishing food and beverages industry across Asia Pacific will also give a huge boost to the growth prospects of the region’s soy protein market in the near future.