Textured Soy Protein Marketis forecast to reach revenue of $3.16 Billion by 2025, growing at a CAGR of 8.45% during the forecast period 2020-2025. Textured soy protein (TSP) is also known as textured or texturized vegetable protein (TVP) but the generic name is total soy protein (TSP), because it contains a derivative of soybeans than vegetables. Soy meat or soya chunks are defatted soy flour product as well as a by-product of soybean oil. At present, consumer trend towards choosing plant-based protein products and meat alternatives are resulting in the expansion of textured soy protein market size at a rapid pace. Accelerating plant protein trend is helping companies capitalize to increase their textured soy protein market share. Textured soy protein is used as flavor binder in various cuisines as it helps to absorb oil, maintains moisture level, and provides better texture, which is another factor poised to increase its demand in food industry. The rise in the number of health-conscious people coupled with their dietary preferences is increasing the demand for organic protein powder and isolate protein powder. Soy protein acts as a low carb protein powder and supports to control hyperglycemia and obesity.
By Type – Segment Analysis
Based on the types, the Textured soy protein market is segmented into Non-GMO, Conventional, Organic and Other types. Non-GMO product type held largest share of the global textured soy protein market and is estimated to dominate the forecast period in 2020-2025. Harmful effects of Genetically modified crops and demand for non-GMO products are likely to drive the segment. With an increase in demand for organic food products across the globe, the organic segment is projected to witness fastest growth rate during the period under consideration. Hectic work schedule has fueled demand for organic food and beverages containing textured soy protein in recent time.
By Application – Segment Analysis
Based on the applications, Textured soy protein market is segmented into Food and Beverages and Feed industry. Food segment lead the application segment and tends to grow during the forecast period with CAGR of 4.37%. Food and Beverage segment includes major applications in different subcategories such as Meat Substitutes, Dairy Alternatives, Infant Nutrition, Bakery products, Cereal and Snacks and Other Applications. Textured vegetable proteins are becoming popular owimg to increasing demand for meat alternatives, which is likely to fuel the segment growth.
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By Geography – Segment Analysis
Based on the geography the Textured soy protein market is covered globally viz North America, South America, Europe, Asia Pacific (APAC) and Rest of World (ROW). Market in North America accounts for major share of 32% in terms of revenue and is projected to maintain its position over the forecast period. Growing adoption of vegan lifestyle, coupled with increasing demand for vegan food products are factors driving growth of the target market in respective countries in these region. Asia Pacific market in estimated to register highest CAGR in terms of revenue over the forecast period 2020-2025, owing to growing soy production especially in emerging economies such as China and India in this region.
Market Drivers – Textured Soy Protein Market
- Increasing demand for High-protein meat alternatives
Consumer demand for meat alternatives has grown over the past years as consumers have been on a journey of realization regarding how their lifestyle choices and purchases have an impact on our planet. An increased number of consumers are switching to plant-based diets for many reasons, including protecting animals, preserving the environment, general health concerns or changing taste preferences. Manufacturers are looking at plant-based proteins that offer functional, sustainable and nutritional attributes, inclusive of non-GMO and certified organic options. The combination of consumer concerns with an updated approach from the food industry to develop and deliver meat alternatives with excellent flavor, texture and mouthfeel properties has contributed to the large growth in the meat alternatives market.
- High nutritional value of soy
Soy is a nutrition powerhouse. In U.S consumers currently enjoy soy as a fresh vegetable dish in the form of edamame, and as a protein-providing legume that can be eaten in the same ways as other types of canned beans. There is huge demand of growing soybean substitutes that meets consumer needs and tastes around the world.
Challenges – Textured Soy Protein Market
- Unpleasant flavor of soy products
Consumer trends toward “cholesterol-free” food products have helped increase the demand for textured soy protein, impacting the demand for animal proteins. The main factor that has limited the use of soy products in western countries was the unpalatable taste of soy products, which is linked to the action of the lipoxygenase enzyme on the soybean oil. This flavor is caused due to the presence of compounds such as aldehydes, ketones, furans, and alcohols. Medium-chain aldehydes are one of the major reasons for the beany and grassy taste of soy products. The low cost of soy and high nutritional value are the main factors that motivate researchers to develop innovative and likable flavors in soy products. Efforts are being made to identify ways to neutralize the unpleasant flavor during the extraction process or by the addition of sugar compounds during the processing phase.
Textured Soy Protein Industry Outlook
Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Textured Soy Protein Market. In 2019, Textured Soy Protein market share is consolidated by the top ten players present in the market. Textured Soy Protein Market Top 10 companies include Cargill, Linyi Shansong Biological Products, ADM, Sonic Biochem, Hung Yang Foods, Dutch Protein & Services, DowDuPont, Wilmar International, Victoria Group, Bremil Group etc among others.
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Acquisitions/Product Launches
- In January 2018, Cargill has acquired a Ohio-based manufacturer of private label and co-manufactured pet foods, including premium dog food brand Black Gold named Pro-Pet. The motive of this acquisitions was to better serve our customers seeking a focused supplier for both animal feed and pet food options.
- In September 2018, Cargill has acquired a Poland’s leading value-added food companies name Konsol which will mark the introduction of Cargill’s global protein business into the Polish market and strengthens the company’s global poultry footprint, expanding operations to 14 countries.
- In September 2017, DuPont and Dow Chemicals entered into a merger agreement to form the new company–DowDuPont. The value of the merger stood at USD 130.00 billion. Post-merger, the companies will operate into three independent divisions, namely, agriculture, materials science, and specialty products.
Key Takeaways
- Textured Soy protein application is fastest growing because of its continuous demand for Textured soy protein in numerous Food and Beverages application such as Meat Substitutes, Dairy alternatives, infant nutrition, Bakery products and others.
- North America dominates the Textured Soy protein market owing to consumption of soy protein. The Textured Soy protein market is scope for different regions will be provided in final report.
- Increasing demand for meat extenders, analogs, and substitutes in global food processing market and increasing demand for high-protein meat alternatives are the important drivers for Textured soy protein market.
- Due to increasing concerns towards health these days, there has been demand for soy protein which is low fats and healthier diet.
- Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Textured Soy Protein Market.
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Website: https://www.industryarc.com
Phone: (+1) 970-236-3677
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Contact Information:
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Sales Director
Email: venkat@industryarc.com
Website: https://www.industryarc.com
Phone: (+1) 970-236-3677
