Textured Soy Protein Market

Global Textured Soy Protein Market:

The global textured soy protein market size reached US$ 1.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 3.8 Billion by 2032, exhibiting a growth rate (CAGR) of 8.1% during 2024-2032. The growing consumer preference towards vegetarian and vegan diets is bolstering the market.

Textured Soy Protein Market Analysis:

• Major Market Drivers: The rising usage of meat substitutes, along with the elevating consumer health awareness, is fueling the market.
• Key Market Trends: The growing requirement for protein-based meals as a result of the expanding fitness culture is one of the factors contributing to the textured soy protein market growth.
• Competitive Landscape: Some of the major market companies include 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, among many others.
• Geographical Trends: The demand for plant-based proteins and increased health awareness are driving the market in North America. Asia-Pacific is developing due to increased vegetarianism and the expanding food industry. In Europe, consumers are increasingly interested in plant-based diets and sustainability. Latin America is experiencing an increase in urban health consciousness and vegetarianism. In the Middle East and Africa, growing awareness of nutritional advantages and better dietary options is augmenting market growth.
• Challenges and Opportunities: The belief of soy as a food allergen and its association with genetically modified organisms (GMOs) is hampering the market. However, promoting non-GMO certifications and raising customer awareness about the health benefits and safety of soy products will continue to catalyze the market over the forecast period.
   

Textured Soy Protein Market Trends:

Growing Plant-Based Diets

The popularity of vegan and vegetarian diets is increasing the usage of textured soy protein as a flexible meat alternative, appealing to health-conscious customers looking for sustainable protein sources. In July 2024, Nestlé launched Maggi Rindecarne, a plant-based meat alternative designed to extend meals in Chile. This largely contributes to the textured soy protein market share.

Widespread Awareness of Health and Nutrition Awareness

Increased knowledge of the health advantages of plant-based proteins influences consumer choices, resulting in increased demand for textured soy protein in a variety of food products. In July 2024, plant-based coconut yogurt brand The Coconut Collab introduced Protein Yog, a dairy-free yogurt that delivers 10 grams of protein per serving.

Rising Focus on Product Innovation

The textured soy protein market size continues to expand rapidly as companies are designing unique textures and flavors for soy protein products to increase sensory appeal, cater to various culinary preferences, and broaden market reach. In May 2024, Otsuka Pharmaceutical Co., Ltd. (Otsuka) and Korea Otsuka Pharmaceutical Co., Ltd. (KOP), a subsidiary of Otsuka, announced online sales of the whole-soy nutrition bar SOYJOY, which is made from gluten-free dough derived from whole soybeans.

Global Textured Soy Protein Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with the market forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on nature, source, and application.

Breakup by Nature:

• Organic
• Conventional
• Non-GMO
   

The report has provided a detailed breakup and analysis of the market based on the nature. This includes organic, conventional, and non-GMO.

Organic textured soy protein is becoming popular among health-conscious customers looking for sustainable alternatives. Conventional soy protein prevails because of its cheaper pricing and extensive availability. Non-GMO soy protein is becoming more popular as customers become more aware of genetic engineering, boosting demand for clean-label goods that prioritize transparency and health advantages. These segments play a significant role in the textured soy protein market growth.

Breakup by Source:

• Soy Protein Concentrates
• Soy Protein Isolates
• Soy Flour
   

The report has provided a detailed breakup and analysis of the market based on the source. This includes soy protein concentrates, soy protein isolates, and soy flour.

Soy protein concentrates are preferred for their balanced amino acid profile, while soy protein isolates have a greater protein concentration, which appeals to fitness fanatics. Soy flour, which is commonly used as a baking component, gives flexibility, making these sources necessary for a variety of food applications and formulations.

Breakup by Application:

• Food
• Feed
   

The report has provided a detailed breakup and analysis of the market based on the application. This includes food and feed.

The textured soy protein market share is expanding as in food; it is an important element in plant-based goods. At the same time, in feed, it provides a nutritious protein source for cattle, promoting sustainable animal husbandry techniques.

Breakup by Region:

• 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
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.

The market in North America is flourishing, owing to a high demand for plant-based protein and health-conscious consumers. Asia-Pacific is quickly developing as the vegetarian population grows and soy products are being used in food preparation. Europe is experiencing substantial growth as people adopt sustainable diets and seek better food options. Latin America offers potential, with metropolitan regions adopting vegetarian diets and raising health awareness. Meanwhile, in the Middle East and Africa, the market is expanding as consumers become more aware of the nutritional benefits of soy protein and seek better alternatives. These regions significantly contribute to the textured soy protein market share.

Competitive Landscape:

The report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major market companies have also been provided. Some of the key players in the market include:

• 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
• Wilmar International Limited
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Textured Soy Protein Market Recent Developments:

• July 2024: Nestlé launched Maggi Rindecarne, a plant-based meat alternative designed to extend meals, in Chile.
• July 2024: Plant-based coconut yogurt brand The Coconut Collab introduced Protein Yog, a dairy-free yogurt that delivers 10 grams of protein per serving.
• May 2024: Otsuka Pharmaceutical Co., Ltd. (Otsuka) and Korea Otsuka Pharmaceutical Co., Ltd. (KOP), a subsidiary of Otsuka, announced online sales of the whole-soy nutrition bar SOYJOY, which is made from gluten-free dough derived from whole soybeans.

Textured Soy Protein Market Report Scope:

Key Questions Answered in This Report

• How has the global textured soy protein market performed so far, and how will it perform in the coming years?
• What has been the impact of COVID-19 on the global textured soy protein market?
• What are the key regional markets?
• What is the breakup of the market based on the nature?
• What is the breakup of the market based on the source?
• What is the breakup of the market based on the application?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the global textured soy protein market, and who are the key players?
• What is the degree of competition in the industry?

Key Benefits for Stakeholders:

• IMARC's industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the textured soy protein market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global textured soy protein market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the textured soy protein industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.