The global textured soy protein market size was valued at $1.1 billion in 2018, and is projected to reach $2.1 billion by 2026, registering a CAGR of 8.7% from 2019 to 2026. Textured soy protein or textured vegetable protein is obtained from defatted soy flour. Defatted soy flour is made by grinding defatted soy flakes, which is obtain by removing oil from soybeans. Textured soy protein is available in dried chunks, powder, or granular form in the market. It is used as a meat analog or extender, which consists of higher protein content. It has a similar texture to beef meat or other meat products.
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Textured soy protein acts as an ideal substitute to meat, it is gaining higher traction among consumers who do not consume meat. This fact has driven the growth of the global textured soy protein market.
Moreover, upsurge in vegan population due to increase in consumer awareness about the health benefits associated with plant-based proteins and rise in awareness about the issues associated with animal slaughter have driven the growth of the global textured soy protein market.
However, availability of various substitutes such fava beans, chickpeas, chia, and quinoa offering similar nutritional value as that of textured soy protein is expected to restrict the growth of the market during the forecast period. On the contrary, plant-based products serve as an ideal substitute to dairy products. Thus, increase in lactose-intolerant population is anticipated to offer immense opportunity for market expansion in the near future.
The global textured soy protein market is segmented into nature, application, and region. On the basis of nature, the market is classified into organic, conventional, and non-GMO. By application, it is divided into food & beverages industry and feed industry.
Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major players in the global textured soy protein industry analyzed in this report include DuPont ,Archer Daniels Midland Company, Cargill, Incorporated., CHS INC, Kellog Company, Wilmar International Ltd, Bob’s Red Mill Natural Foods., Gushen Biological Technology Group Co., Ltd, Pacific Soybean & Grain, and Gremount International Company Limited.
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Key Market Segments
• By Nature
• By End User
o Food & Beverages Industry
o Feed Industry
• By Region
o North America
§ Rest of Europe
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§ South Korea
§ Rest of Asia-Pacific
§ Saudi Arabia
§ South Africa
§ Rest of LAMEA