The global soy protein market is expected to see year on year growth this decade, according to a new report.

The report, published by Transparency Market Research, anticipates year on year growth of 5% during the forecast period of 2019 to 2029.

Soy protein concentrate has been commonly used for 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 the concentrate across the decade.

The report indicates production is likely to witness significant growth due to its use as a flavour enhancer and moisture retainer in processed meat products. Its addition helps improve the moisture retention property, which results in enhanced taste and prevents meat from shrinking.

Asia is expected to dominate the global soy protein concentrate market, followed by Europe and North America, over the next 10 years.

The product also acts as a natural fat alternative containing no cholesterol. As a result, it has been used for a variety of processed food products such as sauces, soups, dressings, seasoned snack food, meat products and breakfast cereals.