Soy and Milk Protein Ingredients Market is Expected to Grow at a CAGR of 6% 2013 and 2018
Soy and milk protein has always been on the top list which includes all the alternative dairy milk beverages. The soy and milk protein ingredients industry have been gaining popularity owing to the healthy benefits that are related with it. The soy and milk proteins ingredients are a rich source of high quality proteins with a variety of functional properties. It is a significant source of minerals, calories, and fatty acids that are essential for the human body. Nevertheless, there is a lot of negative impact of genetically modified soy and the challenging environment of the protein industry which includes pea proteins, milk proteins, and other animal proteins. These factors are likely to restrain the growth of soy and milk protein ingredient market globally.
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In 2010, the global soy and milk protein ingredients market was valued at UD$8500 million and is believed to touch US$13000 million by the end of 2018. The market is anticipating a substantial growth of around 6% CAGR between the years 2013 and 2018.
Diversity of Application Is Believed To Fuel the Global Soy and Milk Protein Market
The soy protein ingredients market is further segmented on the basis of types such as soy protein, hydrolysates, soy protein concentrates, soy protein isolates, soy flours, and others. Furthermore, the soy protein ingredient market finds its application in different industries such as infant foods, meat alternatives, bakery & confectionery, dairy replacements, and functional foods among others. As a result of diversity of industrial applications, the market demand for soy proteins is expected to boost in the forecast period.
The further segmentation of the milk protein ingredients industry is done on the basis of types which include skimmed milk powder, casein/caseinates, whey protein hydrolysates, whey protein concentrates, whey protein isolates, milk protein concentrates & isolates, and others.
Asia Pacific to Lead the Global Soy and Milk Protein Ingredients Market in the Forecast Period
The global soy and milk protein ingredients industry has been segmented geographically into four parts which are: Europe, Asia-Pacific, North America, and ROW (Rest of the World). Among all the segments, Europe is the biggest consumer of soy proteins. However, Asia Pacific is anticipated to be the most progressive market in the forecast period. The developing economies and countries such as India, China, and Brazil are believed to be the most attractive markets in the coming six years.
Speaking of isolated soy proteins, soy flour, and soy protein concentrates, Asia Pacific is the biggest consumer. The tremendously increasing population and the high living standards are considered to be the key growth drivers for the milk protein ingredients market in terms of revenue. In addition to this, the rising awareness among consumers about the severe effects of animal protein is leading to a bend towards plant and milk proteins. Milk protein concentrates have been replacing the dairy products in the market owing to their low cost and usage flexibility.
Major Players of the Global Soy and Milk Protein Ingredients Industry
The global market of soy and milk protein ingredients industry is very comprehensive. The key players of the industry are Burcon NutraScience, Armor Proteins, George Weston Foods, Kellogg Company, Omega Protein Corporation, MGP Ingredients, Dupont, ADM, and Bunge Alimentos SA. The increasing competition is attracting many new entities to enter the industry. Some of the other players operating in the market are Kraft Foods, DuPont Agriculture & Nutrition, Dean Foods Company, Manildra Group, Gelita Group, Cargill Health & Food Technologies, Kerry Ingredients Inc., and Doves Farm Foods.