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.
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.