The North America Textured Soy Protein Market would witness market growth of 11.0% CAGR during the forecast period (2023-2029).
Rising individual consumption is what is causing the market for foods high in protein to grow. Because it absorbs oil, holds onto moisture, and enhances texture, structured soy protein is used as a flavor binder in various foods, contributing to its enormous popularity in the food industry. Additionally, introducing flavor-enhanced soy protein and the rising demand for plant-based proteins will benefit the market.
Protein concentrations and essential muscle-building characteristics are present in textured vegetable protein. The environmental advantages of textured vegetable protein make it stand out compared to other protein sources. Due to increased demand from numerous end-use industries, including dairy substitutes, baking, and others, the market is also expanding at an adequate pace.
Defatted soy flour extruded into various shapes and sizes produces the widely used meat substitute known as textured soy protein. Recent years have seen a rise in popularity due to an increasing need for plant-based protein. The requirement for plant-based protein sources has been rising as more people become aware of the advantages of a plant-based diet for the environment and their health, and TSP has proven to be a desirable alternative for customers.
Consumer preference for organic and healthy food options in their ready-to-eat meals is on the rise in the US. Numerous businesses are responding by releasing new, convenient, and healthful products. Additionally, plant-based and vegan diets are becoming increasingly popular, and numerous businesses are launching new plant-based and vegan options to cater to consumer demand. Because of how easy they are, ready-to-eat meals are sometimes highly well-liked. Many businesses are concentrating on making their products even more convenient for customers, which usually entails introducing new package styles and providing meal delivery services. It is anticipated to fuel the region's market expansion.
The US market dominated the North America Textured Soy Protein Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $462.1 Million by 2029. The Canada market is poised to grow at a CAGR of 13.1% during (2023 - 2029). Additionally, The Mexico market would witness a CAGR of 12.8% during (2023 - 2029).
Based on Type, the market is segmented into Conventional and Organic. Based on Application, the market is segmented into Food & Beverages and Animal Feed. Based on Product, the market is segmented into Textured Soy Protein Concentrate (TSPC), Textured Defatted Soy Flour (TSF) and Textured Soy Protein Isolate. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Textured Soy Protein Market is Projected to reach USD 1.9 Billion by 2029, at a CAGR of 12.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Archer Daniels Midland Company, Cargill, Incorporated, Bunge Limited, International Flavors & Fragrances, Inc., Wilmar International Limited, Linyi Shansong Biological Products Co., Ltd., Bremil Group, Sonic Biochem Extractions Pvt. Ltd., Shandong Yuxin Bio-Tech Co.,Ltd. and Crown Soya Protein Group Company.
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