Global Soy Protein (Soy Isolates & Soy Flour) Market Worth $9.09 Billion by 2017
Soy protein is used in a variety of food such as infant formulas, soups, meat analogues, cheeses, salad dressings, frozen desserts, breads, breakfast cereals, pastas, and pet foods. Soy protein isolates are not only used to improve the texture of meat products, but also to increase protein content, to enhance moisture retention, and are also used as an emulsifier.
SPC is widely used as a functional or nutritional ingredient in baked foods, breakfast cereals, and in some meat products. Soy protein ingredients manufacturers have launched different functional soy protein ingredients to fill the gap created by westernized food.
The major drivers for this soy protein market are functionality, cost, health benefits, eco-friendliness, and versatility. It is cheaper than animal protein and replicates the same protein content. It is also known as most sustainable protein ingredients, as it raises the shelf life of food. Anti-nutrients and the allergic nature of soy protein ingredients are the dark side of this market, and manufacturers are working on these limitations. New product development and mergers and acquisition are the fundamentals for survival in this market.
The global soy protein ingredients market in terms of revenue was estimated to be worth $5,139.9 million in 2011 and is expected to reach $9,099.7 million by 2017, growing at a CAGR of 10.4% from 2012 to 2017. North America dominated the global soy protein ingredients market, accounting for 40.0% of the global soy protein ingredients demand in 2011. Asia-Pacific is expected to be the fastest-growing market in the near future owing to the rapid advancement and increasing demand from key countries such as China and India. The European soy protein ingredients market is smaller as compared to North America in terms of value and volume.