Potential Health Benefits associated with Soy Proteins are Anticipated to Boost the Demand for Soy Protein Concentrate Market

According to a scientific study about the relationship between soy protein intake and heart diseases, consuming soy protein over animal protein leads to a significant reduction in the serum concentrations of total cholesterol, LDL cholesterol, and triglycerides without affecting serum HDL cholesterol concentrations. Hence, due to various health benefits associated with the consumption of soy protein, it is driving the growth of the soy protein concentrate market.

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Data Bridge Market Research analyses that the soy protein concentrate market is expected to grow at a CAGR of 13.1% in the forecast period of 2021 to 2028 and is expected to reach USD 5,512.15 million by 2028. As the food and beverages sector has seen a progressive growth in the consumption and demand for sweet potato products, food service sectors have also been incorporating this change in their strategic advancements, which further acts as a driver for the growth of the global soy protein concentrate market in the forecast period.

Growing Number of Strategic Initiatives is expected to drive the Market's Growth Rate

An increase in several initiatives taken by the manufacturers for soy protein concentrates such as expansion, investments, and others will create a great opportunity for the global soy protein concentrate market. The demand for soy protein concentrate is increasing among consumers and other end-users as it contains high protein content and offers various health benefits such as reducing cholesterol or risk of cardiovascular diseases. With the rising awareness regarding the health benefits offered by the soy protein concentrate, the demand for soy protein concentrate will increase, enabling manufacturers to launch new products in the market, expand their manufacturing facility and raise investments to manufacture plant-based protein products. For Instance, In March 2017, Solbar launched a new protein concentrate in the market for poultry, meat, fish, and vegetarian analog applications. The increase in the number of launches, expansion, and other initiatives for soy protein concentrate by manufacturers, coupled with rising demand for soy protein concentrate in different industries, is expected to create a huge opportunity for soy protein concentrate in the market globally.

Report Scope and Market Segmentation

Segment Analysis:

The global soy protein concentrate market is segmented into eight notable segments based on category, extraction process, modification type, protein concentration, form, nature, function, and application.

• On the basis of nature, the soy protein concentrate market is segmented into organic and conventional. In 2021, conventional segment is expected to dominate the market growing with the CAGR of 13.0%

The conventional segment is expected to dominate the market growing with the CAGR of 13.0%

In 2021, conventional segment is expected to dominate the market, growing with a CAGR of 13.0% in the forecast period of 2021 to 2028 owing to their functional health benefits such as reduced cholesterol and decreased cardiovascular diseases.

• On the basis of extraction process, the soy protein concentrate market is segmented into aqueous alcohol wash process, acid wash process, and water wash process with heat denaturation. In 2021, the aqueous alcohol wash process segment is expected to dominate the market growing with a CAGR of 13.4% in the forecast period of 2021 to 2028 as the alcohols do not dissolve the soy protein.
• On the basis of modification type, the soy protein concentrate market is segmented into thermal modification, chemical modification, and enzyme modification. In 2021, the thermal modification segment is expected to dominate the market growing with a CAGR of 12.4% in the forecast period of 2021 to 2028 due to its wide use in the soy protein concentrate modification process.
• On the basis of protein concentration, the soy protein concentrate market is segmented into <20% protein, between 20%-70% and >70% protein. In 2021, between 20%-70% segment is expected to dominate the market growing with the CAGR of 13.5% in the forecast period of 2021 to 2028 as the emulsifying property of the soy concentrates of 20-70% concentration are more effective than soy flour as they contribute cohesion of the product during cooking.
• On the basis of form, the soy protein concentrate market is segmented into dry and liquid. In 2021, the dry segment is expected to dominate the market growing with a CAGR of 13.2% in the forecast period of 2021 to 2028 owing to the wide usage of protein in dry and powder form along with easy transport.
• On the basis of category, the soy protein concentrate market is segmented into single compound and fortified compound. In 2021, the single compound segment is expected to dominate the market growing with a CAGR of 13.1% in the forecast period of 2021 to 2028 due to the growing demand for meat alternatives and the increased usage of soy protein concentrates in manufacturing meat alternatives.
• On the basis of function, the soy protein concentrate market is segmented into solubility, gelation, emulsification, water binding, foaming, texturizing agent, stabilizer, thickening agent, and others. In 2021, the emulsification segment is expected to dominate the market due to the increasing usage of soy protein concentrate in the food and beverages industry and pharmaceuticals industry.
• On the basis of application, the soy protein concentrate market is segmented into food products, beverages, nutraceuticals, and dietary supplements, cosmetics and personal care, animal feed, pharmaceuticals, and others. In 2021, the food products segment is expected to dominate the market growing with a CAGR of 11.9% in the forecast period of 2021 to 2028 due to the wide usage of soy protein concentrate and the increasing trend in the popularity of plant-based protein adoption in various food products that have grown in various developed countries.

Major Players

Data Bridge Market Research recognizes the following companies as the major soy protein concentrate market players in soy protein concentrate market are Cargill Incorporated (U.S.), DuPont (U.S.), ADM (U.S.), CHS Inc. (U.S.), Kerry Group (Ireland), Wilmar International Ltd (Singapore), The Nisshin OilliO Group, Ltd. (Japan), Ruchi Soya Industries Ltd (India), AG Processing Inc (U.S.), Devansoy Inc. (U.S.), The Scoular Company (U.S.) and Biopress (France) among others.

Market Development

• In July 2020, DuPont launched a new product line under the Danisco Planit portfolio, which includes products such as Response Textured Soy Protein Concentrates and Alpha Functional soy protein concentrates.
• In May 2020, Batory Foods signed an agreement with Ingredion Incorporated to distribute its ingredients, including soy protein concentrate, in Southern California. This agreement helped the company reach more consumer base, thus allowing it to gain more revenue.
• In February 2020, Cargill, Incorporated launched soy-protein-based hamburger patties and ground products. This new product is made from the soy protein concentrate.

Regional Analysis

Geographically, the countries covered in the soy protein concentrate market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa(MEA) as a part of Middle East and Africa(MEA).

As per Data Bridge Market Research analysis:

Asia-Pacific is the dominant region in soy protein concentrate market during the forecast period

Asia-Pacific dominated the soy protein concentrate market due to the rise in the number of product launch launches. Asia-Pacific will continue to dominate the soy protein concentrate market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the increased consumption of processed food in conventional segment due to the consumer’s preference in this region.

North America is estimated to be the fastest-growing region in soy protein concentrate market

North America is expected to grow during the forecast period due to the majority of production and consumption in the conventional segment within this region. In addition to this, the growth of foodservice sectors with conventional segment in this region.

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