Asia-Pacific Soy Protein Ingredients Market - Growth, Trends, and Forecast (2018 - 2023)
Global soy protein ingredients market is anticipated to grow to USD 10.34 billion by 2023 with a CAGR Of 7.8%. The Asia-Pacific region is expected to register the highest growth rate. Soy protein is derived from dehulled and defatted soy meal, which is left after oil extraction from soybeans.
Soy protein lends valuable functional characteristics in processing systems. Soy ingredients help retain moisture and flavor, act as emulsifiers, and help impart texture to many foods like meat, peanut butter, frozen desserts, and cheese. Moreover, soy proteins are believed to have excellent health benefits as they are cholesterol free, lactose-free and contain a complete profile of essential amino acids. Soy proteins are high in digestibility and have protein equivalent to milk, meat, and eggs.
The growing population in Asia-Pacific presents a huge opportunity in the form of a large consumer base, which is adopting a healthier lifestyle. Increased sources of information are aiding in spreading awareness about health benefits of soy, which is resulting in the speedy adoption of soy ingredients in their day to day life. A huge population in Asia-Pacific is vegetarian on account of religious belief and therefore seeks quality plant sources of protein to compensate in the diet. Additionally, the growing sports & nutrition and food & beverage sector in the Asia-Pacific region has also increased demand for soy protein ingredients. A large population in this region is lactose intolerant, and non-milk-based ingredients and products posses huge potential in this market. The soy protein market faces few challenges due to its anti-nutritional components and risk of allergies. However, ongoing research is anticipated to overcome this.
Asia-Pacific soy protein ingredients market can be broadly segmented by type into soy concentrate, soy isolate, and soy flour. These find application in various industries, like bakery and confectionery, meat alternatives, functional food, dairy replacement, and infant foods. Soy is being increasingly used by the supplement industry, in capsules and tablets, as well as, by the functional food industry for manufacturing bars, bread, breakfast cereals, dairy products, and beverages.
In Asia-Pacific soy protein market, China has the largest share. Major countries for soy protein market are China, Japan, India, and Australia. China and India are regions of increasing growth. The growing population and disposable income have made these regions areas of immense potential and opportunities.
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