Top Opportunities In Soy Protein, Market Projected To Reach US$5.88 Billion
Thursday, November 30th, 2017 | 164 Views
The soy protein market in China and India are expected to grow significantly and will register the fastest growth over the next five to six years, giving manufacturers plenty of opportunity in these markets, according to market intelligence company Research and Markets.
The global soy protein market is forecast to grow at a compound annual growth rate of 6.6 percent during the forecast period of 2017 to 2022, to reach US$5.88 billion by the end of the forecast period.
The high protein trend is gaining traction and will continue to evoke interest in upcoming years due to rising preference for healthy and nutritional diet, clean label trends, growing health and wellness trend, desire for a healthy life, and changing food consumption pattern which creates a significant demand for incorporation of soy protein into various products.
Increasing awareness about various benefits of protein and growing demand for protein rich diet, growing health and wellness trend, increasing consumer focus on meat alternatives, growing demand from food and beverage industry, and advancement in ingredient technologies such as microencapsulation are the key market drivers covered in the report which will support the industry growth in the forecast period.
Additionally, increasing inclination towards a vegan diet in emerging economies such as Southeast Asia, Latin America, as well as Middle East and Africa provides significant opportunity in the market.
North America is the major market in the global soy protein market and is expected to dominate this market during the forecast period, with the US contributing a major share, followed by Europe, and Asia Pacific.
On the other hand, the Asian market, especially China and India are expected to witness a boost in demand for soy protein and are poised to register fastest growth over the next five to six years, as a result of their economic development, increasing protein rich diet awareness, increasing health consciousness, booming food and beverages industry, rapid urbanisation, and availability of large base of vegan population.