Published on : Dec 02, 2016
The growing awareness among the consumers regarding the health benefits of consuming soy proteins is single-handedly driving the global market for soy proteins. Over the past few years, their popularity has increased exponentially among consumers trying to maintain a low-fat diet as well as veganism. The market is also fueled by the increasing research and development activities towards the introduction of soy food varieties with newer tastes and greater functionality.
Moreover, the rising trend of functional foods is working in favor of the global soy proteins market. According to a report by Transparency Market Research (TMR), the market was valued at US$8.40 bn in 2015 and is poised to reach US$7.78 bn by 2024, expanding at a CAGR of 5.5% between 2016 and 2024.
Disparity Related to Supply of Raw Materials to Hinder Growth of Soy Protein Market
One of the key problems faced by the manufacturers operating in the soy protein market is the severe shortage in demand. As soybean is a commodity food product itself, its demand is all time high in the market. As a result, its price is subject to volatility, which creates a negative impact on manufacturers. They are prompted to compete fiercely with a different section of consumers to procure more raw materials, thereby hampering the growth of the overall market.
Asia Pacific to Emerge as a Promising Market Owing to Increasing Trend of Veganism
The key regions in the global soy protein market are Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. North America will continue to be the leading revenue generator in the market until 2024. However, Asia Pacific is expected to outpace North America, owing to the rising disposable income of consumers. Other factors such as the increasing trend of veganism and growing awareness regarding the benefits of consuming soy proteins are imparting promising growth to the region. The demand for soy proteins is also showing a highly favorable growth rate in the Latin America region, thereby leading to shifting focus of manufacturers from North America and Europe.