According to a new market report published by Transparency Market Research, the global market for soy and milk protein ingredients was estimated to be worth US$8,500m in 2010 and is expected to cross US$13,000m in 2018, growing at a CAGR of over 6% from 2013 to 2018.
In the overall global market, Europe is the largest consumer of soy proteins. However, Asia Pacific is expected to be the most promising market in the near future.
The market for soy protein is mainly driven due to health benefits associated with it, better and economical source of high quality proteins and its functional properties. However, negative impact of genetically modified (GM) soy and the challenging environment of the protein industry, including milk proteins, pea proteins and other animal proteins, can prove to be the major barriers of the market.
Europe and North America are the largest but saturated markets, whereas growth is expected to be robust in the economies of Asia Pacific. China, Brazil and India are expected to be the most attractive markets in the next six years.
Asia is the largest consumer of soy flour, isolated soy proteins and soy protein concentrates. The market for milk protein ingredients is growing continuously in terms of revenues due to the increasing population and the high standard of living, the major factors driving the growth of the market.
Moreover, due to increasing consumer awareness about the adverse effects of animal protein, the market is shifting towards plant and milk proteins. Milk protein concentrates, due to their usage flexibility and low cost, are replacing the market for dairy products. Asia Pacific has the highest number of consumers of milk ingredients.
While milk proteins are dominated by caseins, caseinates and concentrates, the soy protein market is dominated by protein concentrates and isolates.
This market research study analyses the current and future market potential for soy and milk protein isolates, concentrates and hydrolysates in terms of applications, price trends and product specifications.
*Source: Foodbev