The Global Textured Soy Protein Market size is expected to reach $1.9 billion by 2029, rising at a market growth of 12.4% CAGR during the forecast period.
Food & Beverages is the major application of Textured Soy Protein because of the increased popularity of vegetarianism and veganism, as well as the growing desire for dairy and meat substitutes. Also, the preference for healthy and quick meals is expanding. Thus, the Food and Beverages sector contributed more than 75% share of the market in 2022. For instance, about 70% of Indians prioritized their dietary changes in 2021 in order to boost their overall health, strengthen their immune systems, and lessen stress and worry. Some of the factors impacting the market are health advantages, increases in soybean production and consumption and unpleasant Soy flavor hindering its adoption.
Soybeans are an excellent source of high-quality protein for vegans and vegetarians because they contain all amino acids absent from other plant foods. Therefore, soy is considered a "complete protein." Numerous health advantages associated with textured soy protein will likely increase its consumption, thereby driving market expansion. Soy products, such as textured soy proteins, are more accessible due to the expansion of soy production in regions such as Asia-Pacific and South America and the soybean industry. Increased demand, coupled with lower production costs, would assist suppliers in propelling market expansion. However, the flavor of soy components, which can be attributed to the action of the lipoxygenase enzyme on soybean oil, is one of the primary reasons soy products have been utilized less frequently in Western nations. Thus, factors like unpleasant flavor and the increasing availability of alternatives will likely hinder market growth.
Based on product, the market is segmented into textured defatted soy flour (TSF), textured soy protein concentrate (TSPC) and textured soy protein isolate. The textured soy protein concentrate (TSPC) segment dominated the market with maximum revenue share in 2022. This is due to the high protein content and growing demand for textured soy protein concentrated in the food and beverage industry. Consequently, manufacturers offer a variety of TSPC for end-use applications. More than half of protein-containing high-protein treats are made with TSPC. It is commonly used to extend meat in canned products and effectively replace up to one-fourth of minced beef.
On the basis of type, the market is divided into organic and conventional. The conventional segment held the highest revenue share in the market in 2022. This is due to the associated health benefits of textured soy protein consumption due to its nutritional composition. Vitamin K, folate, riboflavin, vitamin B6, thiamin, and vitamin C are found in soybeans. In addition, they contain substantial amounts of iron, potassium, copper, magnesium, zinc, phosphorus, selenium, and calcium. The primary factor fueling the growth of the conventional type is the nutrient composition of textured soy proteins.
By application, the market is classified into food & beverages and animal feed. The animal feed segment garnered a prominent revenue share in the market in 2022. This is due to the fact that in the fattening phase, soy-based products are fed to cattle to promote rapid growth. This is because it increases the fat deposits in the carcass, enhancing the quality and appeal of the food to consumers. In addition, grass of low nutritional quality must be supplemented with high-energy or high-protein feeds to meet the nutritional requirements of grass-fed cattle, especially grass-fed beef. These factors are anticipated to expand the segment during the projected period.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 837.5 Million |
| Market size forecast in 2029 | USD 1.9 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2029 |
| Revenue Growth Rate | CAGR of 12.4% from 2023 to 2029 |
| Number of Pages | 187 |
| Number of Table | 330 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Type, Product, Application, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
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| Restraints |
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Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region registered the highest revenue share in the market in 2022. This is due to the fact that the most significant product segments in the market in North America are textured defatted soy flour (TSF) and textured soy protein concentrate (TSPC). This can be ascribed to the growing fitness consciousness of consumers, which is anticipated to drive demand for functional foods and beverages over the forecast period.
Free Valuable Insights: Global Textured Soy Protein Market size to reach USD 1.9 Billion by 2029
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.
By Type
By Application
By Product
By Geography
The Market size is projected to reach USD 1.9 billion by 2029.
Associated health advantages are driving the Market in coming years, however, Unpleasant Soy flavor hindering its adoption restraints the growth of the Market.
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.
The expected CAGR of this Market is 12.4% from 2023 to 2029.
The Food & Beverages segment acquired maximum revenue share in the Market by Application in 2022 thereby, achieving a market value of $1.4 billion by 2029.
The North America market dominated the Market by Region in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $628 million by 2029.
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