North America Region Accounted for the Largest Market Share in 2016

Variant Market Research forecasted that the global soy protein market is forecasted to reach $7,430 million by 2024 from $4,691 million in 2016; growing at a CAGR of 5.9% from 2016 to 2024. There are the several driving factors of the market such as rapid adoption among end-users, rising awareness and growing demand for infant foods with soy proteins. However, availability of alternative products and allergic nature may restrain the growth of the market. Furthermore, emerging markets and organic soy are the major opportunities of the market.
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Key segments of the global soy protein market are form type, product type, function type, application and geography. Liquid and dry are the key sub segments of the form type segment. In 2016, dry sub segment has highest market share, whereas liquid is expected to dominate the segment during the forecast period 2016-2024, owing to growing demand for infant formulas and alternative to dairy milk. Moreover, application segment has been segmented into functional foods, bakery & confectionery and others.
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North America, Europe, Asia-Pacific and rest of the world are the major geographical sub segment of the global soy protein market. In 2016, North America region accounted for the highest market share of 39.8%, owning to, rising demand for soy as alternative to meat. Additionally, Asia-Pacific is predicted to grow at the highest CAGR during 2016-2024, driven by growing incidence of lifestyle diseases and preference for soy products due to its various health benefits.
The market players have been adopting several strategies to increase their product portfolio and geographical presence. The key market players in the soy protein market are Wilmer International, DuPoint Nutrition & Health, Ruchi Soya Industries, Crown Soya Protein Group, Archer Daniels Midland Company, Burcon NutraScience Corporation, Kerry Ingredients Inc., Omega Protein Corporation, George Weston Foods and Armor Proteins, among others.

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