Global Soy Protein Concentrate Market- Type, Applications, Covid-19 Impact, Growth and Forecast Analysis to 2029
According to a new study by TMR, soy protein concentrate market sales are estimated to reach ~1.5 Mn metric tons in 2019. The global soy protein concentrate market is projected to record a Y-o-Y growth of ~5% during the forecast period of 2019 to 2029.
Soy protein concentrate plays a vital role in increasing the nutritional
value in food and beverage products. The rising demand for additional nutritive
ingredients in animals and aquaculture is expected to surge the demand for soy
protein concentrate during the forecast period. Moreover, the production of soy
protein concentrate is likely to witness substantial growth on account of its
application as a flavor enhancer and moisture retainer in processed meat
products. However, the arrival of alternatives such as plant-based protein
derivatives is expected to affect the soy protein concentrate market. APEJ is
expected to dominate the global soy protein concentrate market, followed by
Europe and North America, over the forecast period. The dry form of soy protein
concentrate is expected to account for a major value share as compared to the
liquid form in the global soy protein concentrate market.
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Increasing Preference of Soy Protein Concentrate in
Animal Feed
Aquaculture is identified as one of the fastest-growing animal
agriculture sectors. On account of the rising need to cultivate healthy species
to satisfy the food requirements of the ever-increasing world population,
aquaculture producers are seeking more nutritive and sustainable aqua-feed.
However, the availability of protein-rich ingredients is a major concern for
aqua-feed manufacturers. This is attributed to the stagnant supply of fishmeal
for high-quality aqua-feed, resulting in inadequacy to meet the demand for the
protein needs of the aquaculture industry. To fulfill the additional
requirement of nutrient content of aqua-feed, soy protein concentrate is
proving an excellent choice for sustainable and renewable protein alternatives.
Thus, soy protein concentrate is expected to provide sustainability for aquatic
feed products and reduce the burden on naturally-available fish meals, thus
boosting the growth of the soy protein concentrate market during the forecast
period. In addition, the use of low-antigen soy protein concentrate to produce
plant protein aqua-feed to lower dependence on fishmeal is expected to fuel
demand in the soy protein concentrate market shortly.
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Use of Soy Protein Concentrate as a Flavor Enhancer
& Moisture Retainer
The soy protein concentrate is anticipated to witness tremendous growth
in food products, as it is being used profoundly to add flavors. Also, the
addition of soy protein concentrate in processed meat helps improve the
moisture retention property, which results in enhanced taste and prevents meat
from shrinking. Thus, it is likely to be used to improve the texture of meat
products. Moreover, soy protein concentrate acts as a natural fat alternative
containing no cholesterol, which is why, it is highly used as an HVP
(Hydrolyzed vegetable protein) for a variety of processed food products such as
sauces, soups, dressings, seasoned snack food, meat products, and breakfast
cereals.
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Global Soy Protein Concentrate Market: Competitive
Landscape
Some of the key players in the global soy protein concentrate market
are Gremount International Company Limited, Archer Daniels Midland,
Cargill Inc., Nordic Soy Oy, Nutra Food Ingredients LLC, Wirral International,
Food Chem International Corporation, Batory Foods, Euroduna Food Ingredients,
CHS Inc., and others.
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