Textured Soy Protein Market Outlook
As per the MRFR reports, The global textured soy protein market size is expected to reach USD 4,310.5 Million in 2030
Textured soy protein (TSP), also called textured vegetable protein (TVP), refers to a defatted product derived from soy protein isolates, soy concentrates, or soy flour. Textured soy proteins comprise a minimum of 52 percent protein on a dry basis, because of which it is known to be a meat extender or meat analog. The global textured soy protein market has recorded enormous growth in recent years, owing mainly to the rising demand for textured soy protein attributed to growing health issues. The growing demand for a healthier diet across the globe is also likely to catalyze the textured soy protein market’s growth. However, the requirement for more R&D activities for textured soy products to be a complete meat substitute is likely to restrict the growth of the textured soy protein market over the coming years.
COVID 19 Impact
The outbreak of COVID brought a bad impact on the health and also on the financial state of the nation. It led to the breaking down of certain textured soy products deteriorating the production unit and led to shutting off some of the manufacturing units. The outburst of the pandemic hampered consumer interest and disrupted the supply chain.
Segment Analysis
The global textured soy protein market Share value has been fragmented into several segments based on applications, form, type, and region.
The textured soy protein market is divided into organic and conventional based on type.
Based on form, the textured soy protein market is split into soy flour, soy protein isolates, and soy protein concentrates.
Based on application, the global textured soy protein market is fragmented into feed, cereals & snacks, bakery products, infant nutrition, dairy alternatives, and meat substitutes.
Regional Analysis
The global textured soy protein market share is studied across four major regions: Asia-Pacific, Europe, North America, and RoW.
The North American region has further been segmented into Mexico, Canada, and the US. The region is projected to record the largest market share across the global textured soy protein market over the forecasted era. The regional market’s growth is being driven by the high demand for a vegan diet with healthier and similar nutrition ingredients. Furthermore, the factors such as a healthier lifestyle, increasing per capita disposable income, and rising demand for high protein & meat substitute products.
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The European region is further divided into Spain, Italy, France, Germany, the UK, and the rest of Europe. The regional market is likely to record significant growth over the forecasted era due to growing vegan and vegetarian consumers across the region.
The Asia-Pacific region has further been classified into Australia & New Zealand, Japan, India, China, and the rest of Asia-Pacific.
The rest of the world has been split into the Middle East & Africa, and South America.
Competitive Analysis
The global textured soy flour market has a strong and competitive landscape. The players across the market are making heavy investments in research & development activities to launch the latest and innovative products across the market worldwide. The list of prominent players in the textured soy protein market includes Hung Yang Foods Co., Ltd. (Netherlands), Crown Soya Protein Group (China), Linyi Shansong Biological Products Co., Ltd. (China), Victoria Group (Serbia), Dow DuPont (US), Archer-Daniels-Midland Co. (US), Sonic Biochem Extractions Ltd. (India), Shandong Yuxin Bio-Tech Co., Ltd. (China), Bremil Group (Brazil), Wilmar International Ltd. (Singapore), Cargill, Inc. (the US), and several others.
Recent Developments
- January 2022- Benson Hill, Inc. has announced that it is acquiring a recognized soy flour and food-grade white flake production operation based in southwest Iowa, ZFS Creston, LLC, for over USD102 million, initially funded via the latest debt facility. The investment meets the last step in Benson Hill’s ability to transform its proprietary soybeans into value-added soy protein ingredients for the underserved pet and human food categories.
- October 2021- InnovoPro, an Israel-based food technology company, announced the first-ever textured vegetable protein across the globe derived from chickpeas this month at the SupplySide West conference in Las Vegas. The firm disclosed that its chickpea and pea-based Textured Chickpea Protein would be gluten-free, non-GMO, free from allergens, soy-free, and clean label.
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