Global Textured Soy Protein Market is valued at USD 2.98 Billion in 2021 and is expected to reach USD 5.66 Billion by 2028 with a CAGR of 9.60% over the forecast period.
Textured Soy Protein is a protein obtained from soy beans. Soy protein is often used as a low cost or high nutrition extender in comminuted meat and poultry products, and in tuna salads. The higher functionality of soy protein concentrates and soy protein isolates and their neutral flavor profile, account for their wide application within the food industry. The Food Protein Council of the National Soybean Processors Association has defined textured vegetable protein as being derived from edible vegetable protein source, and mixtures thereof, by physical and chemical processes. Texturized soy protein has been a commercial success for several years due to the development of machinery that's capable of continuously producing textured vegetable product. Consumers are becoming increasingly curious about healthy foods and receptive soy protein ingredients. Texturized soy products serve a variety of purposes, including alternative protein sources for the manufacture of convenience foods and for centralized feeding of huge numbers of individuals within defined resources.
The increase in the demand for the foods which are rich in protein is driving the growth of the global Textured soy protein market in the period of forecast. This is due to the increase in the health awareness as the consumers opt for diets which are low on protein and fat and demands for the Textured soy protein has increased. The global market for Textured soy protein has been estimated to expand at an increased pace in the future.
Global textured soy protein market report is segmented on the basis of type, application and regional& country level. Based upon type textured soy protein market is classified as non-GMO, conventional and organic. Based upon application textured soy protein market is classified as food and feed.
The regions covered in this Global Textured Soy Protein market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Textured Soy Protein is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
The rise in the demand moreover for the functional drinks and their industry has been touted to support the growth of the global Textured soy protein market in the period of forecast. The increase in the demand in the market for RTE food products due to the hectic lifestyles has been expected to drive this market even further. Further, the growth in the popularity of the soya protein as an alternative to meat has also been a factor in the expansion of the global Textured soy protein market. As per the studies which have been published recently the substitutes for the products which are plant based like yogurt, milk as well as cheese has been seeing an increase at a higher level.
The concerns for the environment have been increasing as well and people are becoming more aware of the cruelties on animals and becoming more sympathetic towards it too and that is going to fuel the global Textured soy protein market. The soy protein which is non-GMO has been the largest segment in the market and is expected to stay that way through the period of forecast as it is showing a dominant position in the global Textured soy protein market. North America has turned out to be the largest player in the global Textured soy protein market in the years gone by though it is Asia Pacific region which has been showing the best levels of growth and will be expected to grow at a higher level in the years to come.
Increasing demand for protein-rich food is expected to drive the growth of textured soy protein market over the forecast period. Consumers have limited the consumption of meat in their diet, due to increase in health concerns. This has shifted their inclination toward plant-based proteins, which serve as ideal alternatives to meat products. This factor is expected to boost the demand for textured soy protein, which will fuel the growth of the global textured soy protein market in the forthcoming years. According to Food Protein R&D Center, on an average, there is 40% protein, which means 63.6 million tons of soy protein is available for consumption. Additionally, According to National Center for Biotechnology Information, Current protein demand for the 7.3 billion inhabitants of the world is approximately 202 million tones globally. There is continuous demand for textured soy protein in numerous food applications such as meat substitutes, dairy alternatives, infant nutrition, bakery products, and cereal & snacks. According to the Vegan Society, demand for natural food and plant based products has been increased by more than 900% in 2017. However, a major factor that is expected to restraint growth in the textures soy protein market is the stringent government regulations for genetically modified crops owing to the risks associated on human and the environment by consuming them. Moreover, low priced source of protein and high nutritional value of soy are the factors which create high revenue opportunities for players in the Textured Soy Protein market.
North America is expected to dominate the growth of the Textured Soy Protein Market, due to increasing vegan population and health awareness. The US is one of the leading countries in the vegan movement. Currently, the US vegan population is 3% of adults aged 18–29 years, 4% of those 30–49, 1% of those 50–64, and 3% of those over 65 years, as per a Gallup survey. Also according to research from Dalhousie University, there are 2.3 million vegetarians in Canada, up from 900,000 15 years ago. Another 850,000 people consider themselves vegan. Those two numbers add up to 9.4 per cent of the Canadian population. Europe is second largest region for the growth of Textured Soy Protein Market, due to the increase in the production of soya bean and the rise in the health benefits. European soy production is expanding. The soy cultivation area in Europe is projected to grow 4.4% to 4.3 million hectares compared to 2015, according to the European soy production data.
This particular type of protein has been holding its position of dominance with people becoming more and more aware about the harmful effects of the crops which are genetically modified and the demand has been driven due to this very reason. Further, the restrictions in the countries such as China, Indian and a few other countries has been fueling the demand for the crops which are non-GMO. The organic segment has been projected to rank in the fastest levels of growth in the next few years. The segment has been driven by the increasing demand for the products of organic food in the world. The hectic schedule of work has been fueling the demand for the organic foods and beverages which contain the protein. Further the rise in the levels of health consciousness has been increasing the demand for the additive-free products.
|Historical data||2015 - 2020|
|Forecast Period||2021 - 2028|
|Market Size in 2021:||USD 2.47 billion|
|Base year considered||2020|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 4.66 billion|
|Tables, Charts & Figures:||175|
|Manufacturers||ADM, Abbott Nutritionals, Bremil Group, Bunge, Cargill, Costantino Special Protein, Crown Soya Protein Group, DowDuPont, Dutch Protein & Services, Friesland Campina, Hung Yang Foods, Kerry Group Plc., Linyi Shansong Biological Products, New Alliance Dye Chem Pvt. Ltd, Shandong Yuxin Bio-Tech, Solae LLC, Sonic Biochem, The Good Scents Company, Victoria Group, Wilmar International, Others|
|Segments Covered||By Nature, By Application, By End User|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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