Selected research
Industry Growth & Trends
Global Soy Protein Isolates and Concentrates Industry Growth and Trends Forecast to 2032
Market perspective
The global Soy Protein Isolates and Concentrates market was valued at US$ million in 2026 and is projected to reach US$ million by 2032, implying a CAGR of xx% over 2026-2032.
The North America market for Soy Protein Isolates and Concentrates is projected to increase from US$ million in 2026 to US$ million by 2032, corresponding to a CAGR of % over 2026-2032.
The Europe market for Soy Protein Isolates and Concentrates is projected to increase from US$ million in 2026 to US$ million by 2032, registering a CAGR of % over 2026-2032.
Read the full market overview
The Asia Pacific market for Soy Protein Isolates and Concentrates is projected to increase from US$ million in 2026 to US$ million by 2032, at a CAGR of % over 2026-2032.
Leading global manufacturers of Soy Protein Isolates and Concentrates include ADM, CJ Selecta, FUJIOIL, Goldensea Industry, IFF, Yuwang Group, Shansong Biological Products, Gushen Group and Wonderful Industrial Group, among others. In 2025, the top three vendors together accounted for approximately % of global revenue.
Report Scope
This report provides a structured, data-driven view of the global Soy Protein Isolates and Concentrates market, combining harmonized quantitative metrics with targeted qualitative insight to support business and growth strategy, market positioning, and capital allocation.
The Soy Protein Isolates and Concentrates market size, estimates, and forecasts are presented in terms of sales volume (Tons) and revenue (US$ million), with 2025 as the base year and historical and forecast data for 2021-2032. The report segments the global Soy Protein Isolates and Concentrates market by Type, Application, region/country, and company, provides regional market sizes at the segment level, profiles the competitive landscape and key players and their market ranks, and reviews technology trends and new product developments relevant to Soy Protein Isolates and Concentrates.
Key Companies & Market Share Insights
This section analyzes the strategies and performance of leading manufacturers in the global Soy Protein Isolates and Concentrates market, including portfolio focus, innovation and product development, mergers and acquisitions, collaborations, and geographic expansion used to sustain or enhance competitive positions. It also summarizes recent corporate developments and key financial indicators and provides global revenue, price, and sales volume data by manufacturer for 2020-2025, enabling benchmarking of scale, pricing, and market share and supporting assessment of market concentration through indicators such as CR5 and CR10.
Soy Protein Isolates and Concentrates Market by Company
ADM
CJ Selecta
FUJIOIL
Goldensea Industry
IFF
Yuwang Group
Shansong Biological Products
Gushen Group
Wonderful Industrial Group
Scents Holdings
Solbar
Sojaprotein
Meca Group
Hamlet Protein
Cargill
Caramuru Alimentos
Fujian Changde Protein Science and Technology
Soy Protein Isolates and Concentrates Segment by Type
Concentrated Soy Protein
Isolated Soy Protein
Soy Protein Isolates and Concentrates Segment by Application
Confectionery & Pastry
Meat Products
Dairy
Feed
Beverage
Other
Soy Protein Isolates and Concentrates Segment by Region
North America
United States
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Spain
Netherlands
Switzerland
Sweden
Poland
Asia-Pacific
China
Japan
South Korea
India
Australia
Taiwan
Southeast Asia
South America
Brazil
Argentina
Chile
Middle East & Africa
Egypt
South Africa
Israel
Türkiye
GCC Countries
Key Drivers & Barriers
High-impact rendering factors and drivers have been studied in this report to aid the readers to understand the general development. Moreover, the report includes restraints and challenges that may act as stumbling blocks on the way of the players. This will assist the users to be attentive and make informed decisions related to business. Specialists have also laid their focus on the upcoming business prospects.
Reasons to Buy This Report
1. This report will help the readers to understand the competition within the industries and strategies for the competitive environment to enhance the potential profit. The report also focuses on the competitive landscape of the global Soy Protein Isolates and Concentrates market, and introduces in detail the market share, industry ranking, competitor ecosystem, market performance, new product development, operation situation, expansion, and acquisition. etc. of the main players, which helps the readers to identify the main competitors and deeply understand the competition pattern of the market.
2. This report will help stakeholders to understand the global industry status and trends of Soy Protein Isolates and Concentrates and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to understand competitors better and gain more insights to strengthen their position in their businesses. The competitive landscape section includes the market share and rank (in volume and value), competitor ecosystem, new product development, expansion, and acquisition.
4. This report stays updated with novel technology integration, features, and the latest developments in the market.
5. This report helps stakeholders to gain insights into which regions to target globally.
6. This report helps stakeholders to gain insights into the end-user perception concerning the adoption of Soy Protein Isolates and Concentrates.
7. This report helps stakeholders to identify some of the key players in the market and understand their valuable contribution.
Chapter Outline
Chapter 1: Introduces the study scope of this report, executive summary of market segments by type, market size segments for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter 2: Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 3: Detailed analysis of Soy Protein Isolates and Concentrates manufacturers competitive landscape, price, sales, revenue, market share and ranking, latest development plan, merger, and acquisition information, etc.
Chapter 4: Sales, revenue of Soy Protein Isolates and Concentrates in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the future development prospects, and market space in the world.
Chapter 5: Introduces market segments by application, market size segment for North America, Europe, Asia Pacific, South America, Middle East & Africa.
Chapter 6: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 7, 8, 9, 10 and 11: North America, Europe, Asia Pacific, South America, Middle East & Africa, sales and revenue by country.
Chapter 12: Analysis of industrial chain, key raw materials, manufacturing cost, and market dynamics.
Chapter 13: Concluding Insights of the report.
More report detail
Tables and figures
Scope & coverage.
Types
- Concentrated Soy Protein
- Isolated Soy Protein
Applications
- Confectionery & Pastry
- Meat Products
- Dairy
- Feed
- Beverage
- Other
Companies covered
- ADM
- CJ Selecta
- FUJIOIL
- Goldensea Industry
- IFF
- Yuwang Group
- Shansong Biological Products
- Gushen Group
- Wonderful Industrial Group
- Scents Holdings
- Solbar
- Sojaprotein
- Meca Group
- Hamlet Protein
- Cargill
- Caramuru Alimentos
- Fujian Changde Protein Science and Technology
Inside the report.
1 Market Overview
- 1.1 Product Definition
- 1.2 Global Market Growth Prospects
- 1.2.1 Global Soy Protein Isolates and Concentrates Market Size Estimates and Forecasts (2021-2032)
- 1.2.2 Global Soy Protein Isolates and Concentrates Sales Estimates and Forecasts (2021-2032)
- 1.3 Soy Protein Isolates and Concentrates Market by Type
- 1.3.1 Concentrated Soy Protein
- 1.3.2 Isolated Soy Protein
- 1.4 Global Soy Protein Isolates and Concentrates Market Size by Type
- 1.4.1 Global Soy Protein Isolates and Concentrates Market Size Overview by Type (2021-2032)
- 1.4.2 Global Soy Protein Isolates and Concentrates Historic Market Size Review by Type (2021-2026)
- 1.4.3 Global Soy Protein Isolates and Concentrates Forecasted Market Size by Type (2027-2032)
- 1.5 Key Regions Market Size by Type
- 1.5.1 North America Soy Protein Isolates and Concentrates Sales Breakdown by Type (2021-2026)
- 1.5.2 Europe Soy Protein Isolates and Concentrates Sales Breakdown by Type (2021-2026)
- 1.5.3 Asia-Pacific Soy Protein Isolates and Concentrates Sales Breakdown by Type (2021-2026)
- 1.5.4 South America Soy Protein Isolates and Concentrates Sales Breakdown by Type (2021-2026)
- 1.5.5 Middle East and Africa Soy Protein Isolates and Concentrates Sales Breakdown by Type (2021-2026)
2 Global Market Dynamics
- 2.1 Soy Protein Isolates and Concentrates Industry Trends
- 2.2 Soy Protein Isolates and Concentrates Industry Drivers
- 2.3 Soy Protein Isolates and Concentrates Industry Opportunities and Challenges
- 2.4 Soy Protein Isolates and Concentrates Industry Restraints
3 Market Competitive Landscape by Company
- 3.1 Global Top Players by Soy Protein Isolates and Concentrates Revenue (2021-2026)
- 3.2 Global Top Players by Soy Protein Isolates and Concentrates Sales (2021-2026)
- 3.3 Global Top Players by Soy Protein Isolates and Concentrates Price (2021-2026)
- 3.4 Global Soy Protein Isolates and Concentrates Industry Company Ranking, 2024 VS 2025 VS 2026
- 3.5 Global Soy Protein Isolates and Concentrates Major Company Production Sites & Headquarters
- 3.6 Global Soy Protein Isolates and Concentrates Company, Product Type & Application
- 3.7 Global Soy Protein Isolates and Concentrates Company Establishment Date
- 3.8 Market Competitive Analysis
- 3.8.1 Global Soy Protein Isolates and Concentrates Market CR5 and HHI
- 3.8.2 Global Top 5 and 10 Soy Protein Isolates and Concentrates Players Market Share by Revenue in 2025
- 3.8.3 2025 Soy Protein Isolates and Concentrates Tier 1, Tier 2, and Tier 3
4 Soy Protein Isolates and Concentrates Regional Status and Outlook
- 4.1 Global Soy Protein Isolates and Concentrates Market Size and CAGR by Region: 2021 VS 2025 VS 2032
- 4.2 Global Soy Protein Isolates and Concentrates Historic Market Size by Region
- 4.2.1 Global Soy Protein Isolates and Concentrates Sales in Volume by Region (2021-2026)
- 4.2.2 Global Soy Protein Isolates and Concentrates Sales in Value by Region (2021-2026)
- 4.2.3 Global Soy Protein Isolates and Concentrates Sales (Volume & Value), Price and Gross Margin (2021-2026)
- 4.3 Global Soy Protein Isolates and Concentrates Forecasted Market Size by Region
- 4.3.1 Global Soy Protein Isolates and Concentrates Sales in Volume by Region (2027-2032)
- 4.3.2 Global Soy Protein Isolates and Concentrates Sales in Value by Region (2027-2032)
- 4.3.3 Global Soy Protein Isolates and Concentrates Sales (Volume & Value), Price and Gross Margin (2027-2032)
5 Soy Protein Isolates and Concentrates by Application
- 5.1 Soy Protein Isolates and Concentrates Market by Application
- 5.1.1 Confectionery & Pastry
- 5.1.2 Meat Products
- 5.1.3 Dairy
- 5.1.4 Feed
- 5.1.5 Beverage
- 5.1.6 Other
- 5.2 Global Soy Protein Isolates and Concentrates Market Size by Application
- 5.2.1 Global Soy Protein Isolates and Concentrates Market Size Overview by Application (2021-2032)
- 5.2.2 Global Soy Protein Isolates and Concentrates Historic Market Size Review by Application (2021-2026)
- 5.2.3 Global Soy Protein Isolates and Concentrates Forecasted Market Size by Application (2027-2032)
- 5.3 Key Regions Market Size by Application
- 5.3.1 North America Soy Protein Isolates and Concentrates Sales Breakdown by Application (2021-2026)
- 5.3.2 Europe Soy Protein Isolates and Concentrates Sales Breakdown by Application (2021-2026)
- 5.3.3 Asia-Pacific Soy Protein Isolates and Concentrates Sales Breakdown by Application (2021-2026)
- 5.3.4 South America Soy Protein Isolates and Concentrates Sales Breakdown by Application (2021-2026)
- 5.3.5 Middle East and Africa Soy Protein Isolates and Concentrates Sales Breakdown by Application (2021-2026)
6 Company Profiles
- 6.1 ADM
- 6.1.1 ADM Company Information
- 6.1.2 ADM Business Overview
- 6.1.3 ADM Soy Protein Isolates and Concentrates Sales, Revenue and Gross Margin (2021-2026)
- 6.1.4 ADM Soy Protein Isolates and Concentrates Product Portfolio
- 6.1.5 ADM Recent Developments
- 6.2 CJ Selecta
- 6.2.1 CJ Selecta Company Information
- 6.2.2 CJ Selecta Business Overview
- 6.2.3 CJ Selecta Soy Protein Isolates and Concentrates Sales, Revenue and Gross Margin (2021-2026)
- 6.2.4 CJ Selecta Soy Protein Isolates and Concentrates Product Portfolio
- 6.2.5 CJ Selecta Recent Developments
- 6.3 FUJIOIL
- 6.3.1 FUJIOIL Company Information
- 6.3.2 FUJIOIL Business Overview
- 6.3.3 FUJIOIL Soy Protein Isolates and Concentrates Sales, Revenue and Gross Margin (2021-2026)
- 6.3.4 FUJIOIL Soy Protein Isolates and Concentrates Product Portfolio
- 6.3.5 FUJIOIL Recent Developments
- 6.4 Goldensea Industry
- 6.4.1 Goldensea Industry Company Information
- 6.4.2 Goldensea Industry Business Overview
- 6.4.3 Goldensea Industry Soy Protein Isolates and Concentrates Sales, Revenue and Gross Margin (2021-2026)
- 6.4.4 Goldensea Industry Soy Protein Isolates and Concentrates Product Portfolio
- 6.4.5 Goldensea Industry Recent Developments
- 6.5 IFF
- 6.5.1 IFF Company Information
- 6.5.2 IFF Business Overview
- 6.5.3 IFF Soy Protein Isolates and Concentrates Sales, Revenue and Gross Margin (2021-2026)
- 6.5.4 IFF Soy Protein Isolates and Concentrates Product Portfolio
- 6.5.5 IFF Recent Developments
- 6.6 Yuwang Group
- 6.6.1 Yuwang Group Company Information
- 6.6.2 Yuwang Group Business Overview
- 6.6.3 Yuwang Group Soy Protein Isolates and Concentrates Sales, Revenue and Gross Margin (2021-2026)
- 6.6.4 Yuwang Group Soy Protein Isolates and Concentrates Product Portfolio
- 6.6.5 Yuwang Group Recent Developments
- 6.7 Shansong Biological Products
- 6.7.1 Shansong Biological Products Company Information
- 6.7.2 Shansong Biological Products Business Overview
- 6.7.3 Shansong Biological Products Soy Protein Isolates and Concentrates Sales, Revenue and Gross Margin (2021-2026)
- 6.7.4 Shansong Biological Products Soy Protein Isolates and Concentrates Product Portfolio
- 6.7.5 Shansong Biological Products Recent Developments
- 6.8 Gushen Group
- 6.8.1 Gushen Group Company Information
- 6.8.2 Gushen Group Business Overview
- 6.8.3 Gushen Group Soy Protein Isolates and Concentrates Sales, Revenue and Gross Margin (2021-2026)
- 6.8.4 Gushen Group Soy Protein Isolates and Concentrates Product Portfolio
- 6.8.5 Gushen Group Recent Developments
- 6.9 Wonderful Industrial Group
- 6.9.1 Wonderful Industrial Group Company Information
- 6.9.2 Wonderful Industrial Group Business Overview
- 6.9.3 Wonderful Industrial Group Soy Protein Isolates and Concentrates Sales, Revenue and Gross Margin (2021-2026)
- 6.9.4 Wonderful Industrial Group Soy Protein Isolates and Concentrates Product Portfolio
- 6.9.5 Wonderful Industrial Group Recent Developments
- 6.10 Scents Holdings
- 6.10.1 Scents Holdings Company Information
- 6.10.2 Scents Holdings Business Overview
- 6.10.3 Scents Holdings Soy Protein Isolates and Concentrates Sales, Revenue and Gross Margin (2021-2026)
- 6.10.4 Scents Holdings Soy Protein Isolates and Concentrates Product Portfolio
- 6.10.5 Scents Holdings Recent Developments
- 6.11 Solbar
- 6.11.1 Solbar Company Information
- 6.11.2 Solbar Business Overview
- 6.11.3 Solbar Soy Protein Isolates and Concentrates Sales, Revenue and Gross Margin (2021-2026)
- 6.11.4 Solbar Soy Protein Isolates and Concentrates Product Portfolio
- 6.11.5 Solbar Recent Developments
- 6.12 Sojaprotein
- 6.12.1 Sojaprotein Company Information
- 6.12.2 Sojaprotein Business Overview
- 6.12.3 Sojaprotein Soy Protein Isolates and Concentrates Sales, Revenue and Gross Margin (2021-2026)
- 6.12.4 Sojaprotein Soy Protein Isolates and Concentrates Product Portfolio
- 6.12.5 Sojaprotein Recent Developments
- 6.13 Meca Group
- 6.13.1 Meca Group Company Information
- 6.13.2 Meca Group Business Overview
- 6.13.3 Meca Group Soy Protein Isolates and Concentrates Sales, Revenue and Gross Margin (2021-2026)
- 6.13.4 Meca Group Soy Protein Isolates and Concentrates Product Portfolio
- 6.13.5 Meca Group Recent Developments
- 6.14 Hamlet Protein
- 6.14.1 Hamlet Protein Company Information
- 6.14.2 Hamlet Protein Business Overview
- 6.14.3 Hamlet Protein Soy Protein Isolates and Concentrates Sales, Revenue and Gross Margin (2021-2026)
- 6.14.4 Hamlet Protein Soy Protein Isolates and Concentrates Product Portfolio
- 6.14.5 Hamlet Protein Recent Developments
- 6.15 Cargill
- 6.15.1 Cargill Company Information
- 6.15.2 Cargill Business Overview
- 6.15.3 Cargill Soy Protein Isolates and Concentrates Sales, Revenue and Gross Margin (2021-2026)
- 6.15.4 Cargill Soy Protein Isolates and Concentrates Product Portfolio
- 6.15.5 Cargill Recent Developments
- 6.16 Caramuru Alimentos
- 6.16.1 Caramuru Alimentos Company Information
- 6.16.2 Caramuru Alimentos Business Overview
- 6.16.3 Caramuru Alimentos Soy Protein Isolates and Concentrates Sales, Revenue and Gross Margin (2021-2026)
- 6.16.4 Caramuru Alimentos Soy Protein Isolates and Concentrates Product Portfolio
- 6.16.5 Caramuru Alimentos Recent Developments
- 6.17 Fujian Changde Protein Science and Technology
- 6.17.1 Fujian Changde Protein Science and Technology Company Information
- 6.17.2 Fujian Changde Protein Science and Technology Business Overview
- 6.17.3 Fujian Changde Protein Science and Technology Soy Protein Isolates and Concentrates Sales, Revenue and Gross Margin (2021-2026)
- 6.17.4 Fujian Changde Protein Science and Technology Soy Protein Isolates and Concentrates Product Portfolio
- 6.17.5 Fujian Changde Protein Science and Technology Recent Developments
7 North America by Country
- 7.1 North America Soy Protein Isolates and Concentrates Sales by Country
- 7.1.1 North America Soy Protein Isolates and Concentrates Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 7.1.2 North America Soy Protein Isolates and Concentrates Sales by Country (2021-2026)
- 7.1.3 North America Soy Protein Isolates and Concentrates Sales Forecast by Country (2027-2032)
- 7.2 North America Soy Protein Isolates and Concentrates Market Size by Country
- 7.2.1 North America Soy Protein Isolates and Concentrates Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 7.2.2 North America Soy Protein Isolates and Concentrates Market Size by Country (2021-2026)
- 7.2.3 North America Soy Protein Isolates and Concentrates Market Size Forecast by Country (2027-2032)
8 Europe by Country
- 8.1 Europe Soy Protein Isolates and Concentrates Sales by Country
- 8.1.1 Europe Soy Protein Isolates and Concentrates Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 8.1.2 Europe Soy Protein Isolates and Concentrates Sales by Country (2021-2026)
- 8.1.3 Europe Soy Protein Isolates and Concentrates Sales Forecast by Country (2027-2032)
- 8.2 Europe Soy Protein Isolates and Concentrates Market Size by Country
- 8.2.1 Europe Soy Protein Isolates and Concentrates Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 8.2.2 Europe Soy Protein Isolates and Concentrates Market Size by Country (2021-2026)
- 8.2.3 Europe Soy Protein Isolates and Concentrates Market Size Forecast by Country (2027-2032)
9 Asia-Pacific by Country
- 9.1 Asia-Pacific Soy Protein Isolates and Concentrates Sales by Country
- 9.1.1 Asia-Pacific Soy Protein Isolates and Concentrates Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 9.1.2 Asia-Pacific Soy Protein Isolates and Concentrates Sales by Country (2021-2026)
- 9.1.3 Asia-Pacific Soy Protein Isolates and Concentrates Sales Forecast by Country (2027-2032)
- 9.2 Asia-Pacific Soy Protein Isolates and Concentrates Market Size by Country
- 9.2.1 Asia-Pacific Soy Protein Isolates and Concentrates Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 9.2.2 Asia-Pacific Soy Protein Isolates and Concentrates Market Size by Country (2021-2026)
- 9.2.3 Asia-Pacific Soy Protein Isolates and Concentrates Market Size Forecast by Country (2027-2032)
10 South America by Country
- 10.1 South America Soy Protein Isolates and Concentrates Sales by Country
- 10.1.1 South America Soy Protein Isolates and Concentrates Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 10.1.2 South America Soy Protein Isolates and Concentrates Sales by Country (2021-2026)
- 10.1.3 South America Soy Protein Isolates and Concentrates Sales Forecast by Country (2027-2032)
- 10.2 South America Soy Protein Isolates and Concentrates Market Size by Country
- 10.2.1 South America Soy Protein Isolates and Concentrates Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 10.2.2 South America Soy Protein Isolates and Concentrates Market Size by Country (2021-2026)
- 10.2.3 South America Soy Protein Isolates and Concentrates Market Size Forecast by Country (2027-2032)
11 Middle East and Africa by Country
- 11.1 Middle East and Africa Soy Protein Isolates and Concentrates Sales by Country
- 11.1.1 Middle East and Africa Soy Protein Isolates and Concentrates Sales Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 11.1.2 Middle East and Africa Soy Protein Isolates and Concentrates Sales by Country (2021-2026)
- 11.1.3 Middle East and Africa Soy Protein Isolates and Concentrates Sales Forecast by Country (2027-2032)
- 11.2 Middle East and Africa Soy Protein Isolates and Concentrates Market Size by Country
- 11.2.1 Middle East and Africa Soy Protein Isolates and Concentrates Market Size Growth Rate (CAGR) by Country: 2021 VS 2025 VS 2032
- 11.2.2 Middle East and Africa Soy Protein Isolates and Concentrates Market Size by Country (2021-2026)
- 11.2.3 Middle East and Africa Soy Protein Isolates and Concentrates Market Size Forecast by Country (2027-2032)
12 Value Chain and Sales Channels Analysis
- 12.1 Soy Protein Isolates and Concentrates Value Chain Analysis
- 12.1.1 Soy Protein Isolates and Concentrates Key Raw Materials
- 12.1.2 Key Raw Materials Price
- 12.1.3 Raw Materials Key Suppliers
- 12.1.4 Manufacturing Cost Structure
- 12.1.5 Soy Protein Isolates and Concentrates Production Mode & Process
- 12.2 Soy Protein Isolates and Concentrates Sales Channels Analysis
- 12.2.1 Direct Comparison with Distribution Share
- 12.2.2 Soy Protein Isolates and Concentrates Distributors
- 12.2.3 Soy Protein Isolates and Concentrates Customers
13 Concluding Insights
14 Appendix
- 14.1 Reasons for Doing This Study
- 14.2 Research Methodology
- 14.3 Research Process
- 14.4 Authors List of This Report
- 14.5 Data Source
- 14.5.1 Secondary Sources
- 14.5.2 Primary Sources
- 14.6 Disclaimer
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