The latest research study by IMARC Group, “Textured Soy Protein Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” offers a comprehensive analysis of the industry, which comprises insights on global textured soy protein market. The global textured soy protein market reached a value of US$ 1.57 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 2.68 Billion by 2027, exhibiting a CAGR of 9.05% during 2022-2027.
Textured Soy Protein Industry Outlook:
Textured soy protein (TSP) or textured vegetable protein (TVP) is manufactured from a soy flour mixture made from grounding defatted soy flakes. It is a highly processed food product that is compressed into granules, nuggets, or dried soy chunks and is rehydrated before cooking. It is used as a meat extender or substitute in meatloaf, seafood, tacos, spaghetti sauce, veggie burgers, peppers, and plant-based chili mixes. It is low in calories, contains vitamin-like folate, and is also rich in fiber, folate, copper, thiamin and magnesium. As a result, textured soy protein is widely utilized across the food and beverage (F&B) sector.
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Market Trends:
The market is primarily driven by the increasing demand for protein-rich food due to growing health awareness about a low-carb diet. In addition, the widespread adoption of textured soy protein and ready-to-eat (RTE) food products on account of the hectic lifestyles of individuals is contributing to market growth. Moreover, the introduction of non-genetically modified organisms (non-GMO) and gluten-free variants in several shapes, textures, and colors to meet customer demand represents another major growth-inducing factor.
Besides this, the growing popularity of vegetarian and vegan diets among consumers is also providing a positive thrust to market growth. Furthermore, the easy product availability on e-commerce platforms, and extensive research and development (R&D) activities, and mergers and acquisitions (M&A) among leading market players are creating a favorable market outlook.
Key Market Segmentation:
The report has segmented the global textured soy protein market on the basis of nature, source, application and region.
Breakup by Nature:
- Organic
- Conventional
- Non-GMO
Breakup by Source:
- Soy Protein Concentrates
- Soy Protein Isolates
- Soy Flour
Breakup by Application:
- Food
- Feed
Breakup by Geography:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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List of Key Companies Covered in this Market Report:
The major players in the market are Archer-Daniels-Midland Company, Bob’s Red Mill Natural Foods, Bunge Limited, Cargill Incorporated, CHS Inc., Crown Soya Protein Group Company, International Flavors & Fragrances Inc., Fuji Oil Holdings Inc., Shandong Yuxin Biotechnology Co. Ltd., Sonic Biochem Extraction Pvt Ltd and Wilmar International Limited.
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About IMARC Group:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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