The global soy protein market is projected to reach USD 10.5 billion growing at a CAGR of 7.6% during the forecast period. Africa is expected to have plodding growth with demand majorly coming from South Africa. Soy protein lends valuable functional characteristics in processing systems. Soy ingredients, which help retain moisture and flavor, act as emulsifiers and also imparting texture to many foods like meats, peanut butter, frozen desserts, and cheese. Moreover, Soy proteins are believed to have excellent health benefits; they are cholesterol free, lactose-free and contain a complete profile of essential amino acids. Soy proteins are also high on digestibility and have protein equivalent to milk, meat, and eggs.
Global soy protein market is expected to grow rapidly because of increased levels of awareness about soy health benefits and acknowledgment of health benefits from government bodies and forums. The trend of health and wellness is catching up globally, with soybean forums have been promoting the use of soy foods in developing countries, perhaps its rub off effects can be witnessed in Africa as well. The continent of Africa is characterized by a huge low-income population for whom quality protein, analogous to meat, is highly desirable, which otherwise is limited to specific occasions. Patients infected with HIV, which is widespread in the African continent, require twice the amount of protein intake compared to the uninfected individuals to help them cope and live longer. Additionally, the region has a vast population that is lactose intolerant, which presents a potential of a huge consumer base. The soy protein ingredient market is anticipated to have slow growth in this region due to lack of awareness. However, ongoing celebrity endorsements and awareness programs initiated by various soy associations are anticipated to up the ante. The soy protein ingredient market also faces challenges from other available protein options in the market.
This market can be broadly segmented by type, application and region. The meat alternatives segment accounts for major share followed by bakery applications. Soy ingredients are increasingly used by the supplement industry, in capsules and tablets, as well as by the functional foods industry for manufacturing bars, bread, breakfast cereals, dairy products, and beverages. In Africa, South Africa is the largest market for soy protein. Growing population, increased levels of awareness and disposable income have made this region an area of immense potential and opportunities.
Increasing health claims and acknowledgment by forums and government bodies is making soy protein increasingly popular in the market. The major companies dominating the African market are Prosoy, SojaProtein, AFGRI, ADM, Cargill, Kerry group. The current trends indicate partnering, mergers, and acquisitions to capture the market.
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