Market Overview:
The Textured Soy Protein market estimated at USD 2.34 Billion in the year 2022, is projected to reach a revised size of USD 4.39 Billion by 2030, growing at a CAGR of 8.2% over the analysis period 2023-2030.
Textured soy protein is a meat alternative product that's prepared from soybeans, although it's also possible to produce a similar meat alternative product from other foods. It's a highly processed food item that's produced by separating (isolating) the soy protein from other components found in whole soybeans. Defatted soy protein is flattened into granules or chunks and usually dried and rehydrated before cooking. Additionally, textured soy protein is made from soy flour that has had the fat removed from it. The flour is cooked under pressure and then dried and this process is called "extrusion cooking."
Top Key Players in the Textured Soy Protein Market:
Archer Daniels Midland Company (US), Cargill Inc. (the US), Bremil Group (Brazil), Shandong Yuxin Bio-Tech (China), DowDuPont Inc (US), Sonic Biochem Extraction Pvt.Ltd (India), Victoria Group A. D. (Serbia), DPS/Dutch Protein & Services B.V. (Netherlands), Linyi Shansong Biological Products Co.Ltd. (China), Wilmar International Ltd (Singapore), Crown Soya Protein Group (China), Sonic Biochem (India), and Other Major Players.
Market Dynamics and Factors for the Textured Soy Protein Market:
Drivers:
Increasing Trend Of Health-Conscious Foods
An increasing trend of health-conscious foods and customer interest in plant-based protein have affected the textured soy protein market. In recent years, vegetarianism has gained popularity. The product's importance in decreasing the incidence of heart disease, osteoporosis, and some types of cancer is of particular relevance. Owing to the product's high protein content and adaptability in the development of meat analogs and milk substitutes, textured soy protein is a nutritious solution for vegetarians. Growing soy crop cultivation in emerging regions such as South America and the Asia Pacific, in addition to the already widespread cultivation of soybeans all over the world, has raised the accessibility of soy products such as textured soy proteins. Raw materials for deriving textured soy protein are therefore easy to produce from contract farmers or oilseed crushers providing soy meal.
Opportunities:
Rising consciousness associated with the cheaper cost and largest nutritional value
Rising consciousness associated with the cheaper cost and largest nutritional value of these products among processed food producers and consumers, and the possibility of masking the unpleasant flavor of soy-based products are factors anticipated to produce lucrative opportunities for players planning to grab the idea and obtain a large customer base. Furthermore, the trend of consumer preference for healthy products is growing, wherein marketing campaigns are designed to highlight their use and health benefit claims. Emerging economies such as China and India are projected to experience a rise in demand for textured soy protein in the upcoming years from these regions.
Segmentation Analysis of the Textured Soy Protein Market:
- By Type, non-GMO textured soy proteins are anticipated to dominate the market over the forecast period. Non-GMO textured soy proteins are rich protein products that are also high in dietary fibers, contain no cholesterol, lactose, or casein, minerals, and are free from microbiological contamination.
- By Source, soy protein concentrates are expected to account for the maximum market share during the forecast period. Soy protein concentrates are easily digestible, spray-dried forms, and accessible in granules, flour, and cheap.
Regional Analysis of the Textured Soy Protein Market:
The North American region is expected to dominate the textured soy protein market over the forecast period. Among customers, soy foods, functional foods, and dairy replacers are estimated to be the fastest-increasing segments in North America. The demand for textured soy protein is rising at a high rate; switching consumer preference from meat to plant protein is one of the main reasons for turning the market for soy protein.
Key Industry Development:
- In July 2021, Global nutrition leader ADM declared that it had signed an agreement to acquire Sojaprotein, a top European supplier of non-GMO soy ingredients. Founded in 1977, Serbia-based Sojaprotein has sales in 65 economies, providing a wide array of non-GMO vegetable protein ingredients for an extensive list of European and global customers in the meat alternative, confectionery, pharmaceutical, pet food, protein bar, and animal feed segments. The company had more than $100 million in sales in 2020.
