The Textured Soy Protein Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Textured Soy Protein Global Market Report 2024, The textured soy protein market size has grown rapidly in recent years. It will grow from $2.8 billion in 2023 to $3.1 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to rise in health consciousness and demand for plant-based proteins, expansion of vegetarian and vegan diets, cost-effectiveness compared to animal proteins, growth in awareness of soy protein’s nutritional benefits, increased applications in food and beverage industry.
The textured soy protein market size is expected to see rapid growth in the next few years. It will grow to $4.64 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to expansion of meat alternatives and plant-based diets, focus on sustainable and ethical sourcing practices, consumer interest in clean label and natural ingredients, increasing demand for sports nutrition and protein supplements, market penetration in emerging economies. Major trends in the forecast period include technological advancements in soy protein processing, innovation in product formulations and texture improvement, blending with other plant proteins, fortification and nutritional enrichment, soy protein isolate vs. concentrate.
Increasing demand for protein-rich foods across the globe is expected to propel the growth of the textured soy protein market going forward. Protein-rich food refers to high-protein diets that contain a substantial amount of protein and very little carbohydrate. A high-protein diet using plant proteins such as textured soy proteins helps in muscle gain and improves metabolic health, body composition, and weight maintenance as they are low in calories and higher in fiber and essential nutrients. For instance, in 2022, according to the Plant Based Foods Association, a trade organization that represents the interests of plant-based food companies, Plant-based foods, maintained 6.6% sales growth in 2022, up from 5.9% in 2021, with a 10% increase in average retail price. Therefore, the increase in demand for protein-rich foods is dictating the demand for the textured soy protein market.
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The textured soy protein market covered in this report is segmented –
1) By Type: Non-GMO, Conventional, Organic, Other Types
2) By Source: Soy Protein Concentrates, Soy Protein Isolates, Soy Flour
3) By Application: Food, Meat Substitutes, Dairy Alternatives, Infant Nutrition, Bakery, Other Applications
Increasing investments have emerged as the key trend gaining significant popularity in the textured soy protein market. Major market players are concentrating their efforts on creating innovative products for improving taste and developing the likable flavor of soy proteins. For instance, in 2022, Archer Daniels Midland, a US-based food or feed processing company, announced an investment of $300 million to expand its alternative protein capabilities by establishing a new, cutting-edge Protein Innovation Center in Decatur. The protein innovation center is expected to enhance the company’s ability to comply with the demand for innovative products. It will bring together labs, test kitchens, and pilot-scale production capabilities to power new innovations that include novel and diverse ingredients, unique and differentiated texture, taste, appearance, and nutrition solutions.
The textured soy protein market report table of contents includes:
- Executive Summary
- Textured Soy Protein Market Characteristics
- Textured Soy Protein Market Trends And Strategies
- Textured Soy Protein Market – Macro Economic Scenario
- Global Textured Soy Protein Market Size and Growth
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- Global Textured Soy Protein Market Competitive Benchmarking
- Global Textured Soy Protein Market Competitive Dashboard
- Key Mergers And Acquisitions In The Textured Soy Protein Market
- Textured Soy Protein Market Future Outlook and Potential Analysis
- Appendix
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