SEATTLE, April 30, 2019 (GLOBE NEWSWIRE) -- The global soy protein market was valued at US$ 6.31 billion in 2018 and is projected to exhibit a CAGR of 5.59% over the forecast period (2019–2027).
Key Trends and Analysis of the Soy Protein Market:
Soybeans are major source of proteins and soy protein is considered as an important component of human as well animal diet, which is expected to increase its demand over the forecast period. According to a report ‘Soystats 2018’ published by American Soybean Association in 2018, a bushel of soybeans weighs 27.22 kg, of which around 21 kg of weight is due to protein-rich meal. Report also states that world protein meal consumption was 332.1 million metric tons in 2017, of which soybean source constituted around 233.7 million metric tons accounting for 70% of total protein meal consumption globally in 2017.
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Moreover, organic soy proteins are expected to gain major traction over the forecast period, owing to increasing awareness about benefits of organic farming such as reduced use of toxic chemical fertilizers. For instance, according to a report on agriculture and allied industries published by India Brand Equity Foundation in January 2018, the government of India allocated US$ 72.87 million under the scheme ‘Paramparagat Krishi Vikas Yojana (PKVY)’, for the promotion of organic farming during the year 2017-18.
Moreover, key players in the cosmetics market are focused on using plant-based natural ingredients in their products in order to attract consumers. For instance, L’oreal Paris offers ‘Age perfect Hydrating Day Cream’, which contains hydrolyzed soy protein, a natural soybean extract. Company states that this soy bean extract rich in proteins helps to stimulate the natural synthesis of the skin’s supporting fibers and nourishes the skin.
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Key Market Takeaways:
- The global soy protein market is expected to exhibit a CAGR of 5.59% during the forecast period (2019–2027)
- Among regions, Europe is expected to account for major market share over the forecast period. According to ‘Report From The Commission To The Council And The European Parliament on the development of plant proteins in the European Union’ published by European Commission in November 2018, the EU demand for plant proteins amounted to around 27 million tons of crude protein in 2016/17, of which soybean complex accounted for 14.3 million tons of crude protein.
- Moreover, ‘Europe Soya Declaration’ was signed by EU countries on July 17, 2017 for enhancing soya and other legumes cultivation, in order to fulfill increasing demand for soy-based products in the region. Therefore, rising demand for soy proteins and increasing governmental initiatives in the region are expected to drive growth of the soy protein market.
- Some of the major players operating in the global soy protein market include Archer Daniels Midland Company, Cargill Inc., DowDuPont Inc., Imcopa Food Ingredients B.V., CHS Inc., Crown Soya Protein Group, Wilmer International Ltd., Foodchem, Kerry Ingredients Inc., and Burcon NutraScience Corporation
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