Expanding vegan consumer base in countries across the globe, increasing use of textured soy products as meat analogues, and rising awareness regarding benefits of textured vegetable proteins are some key factors expected to drive market revenue growth
NEW YORK, Nov. 25, 2021 /PRNewswire/ — Reports and Data has published its latest report titled “Textured Soy Protein Market Size, Share & Analysis, By Form (Concentrates, Isolates, and Flour), By Type (Non-GMO, Conventional, and Organic), By Application (Food [Meat Substitutes, Dairy Alternatives, Infant Nutrition, Bakery] and Feed), and By Region Forecast To 2028.”
According to the latest report by Reports and Data, the global textured soy protein market size was USD 2,235.5 million in 2020 and is expected to reach USD 4,303.5 million in 2028 and register a revenue CAGR of 8.40% during the forecast period, 2021-2028.
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Drivers, Restraints, and Opportunities
Textured soy protein is an extruded and fibrous structured product, which is widely used as a meat analogue or extender. It can be used to extend ground meat in canned products to lower the cost while maintaining the nutritional value of the food items. Textured soy protein absorbs fat, thereby reducing fat content in canned products, and helps to extend shelf-life of such products. Growing consumption of meat in countries across the globe has resulted in sharp increase in the price of meat and this has boosted the use of textured soy proteins in canned meats and related food items. Textured soy proteins have been transformed from a flour-type material to a product that has meat-like texture and is used to bulk up or add extra proteins to meat-based dishes. Increasing demand for and consumption of protein-rich foods, expanding vegan consumer base and resultant demand for plant-based meat products, and rising awareness regarding various health benefits of textured soy protein are other key factors expected to continue to drive market revenue growth over the forecast period.
Textured soy protein, also referred to as textured vegetable protein, is a product made of soy flour, which is produced as a byproduct during soybean oil extraction. It can be quickly cooked and has a protein content similar to certain meat products. High level of protein and lesser carbohydrate content makes soy an ideal vegetable protein source over other legumes. Soy proteins are the most commonly used base materials for textured vegetable proteins, which are produced using two common methods – thermoplastic extrusion and fiber spinning. Colors, flavors, nutritional additives, and seasonings are added to textured soy protein used in the canned food products industry. Soy protein also contains all the essential amino acids, and the techniques for producing textured vegetable proteins provides opportunity to incorporate essential nutrients in various food products, thereby improving nutritional value. Soy protein analogues are generally sold frozen as ham, chicken, fish, beef, or bacon slices, and extruded soy flour products are used to totally replace meat in meatless entrees. Soyfoods are rich sources of high-quality proteins and good fats, but over the recent years, have been continually investigated for their role and benefits in prevention and treatment of chronic diseases. Textured soy protein is an excellent source to increase fiber intake and enhance gut microbiome health. Fibers slow down absorption of sugar in the bloodstream and helps in stabilizing blood sugar levels. Textured soy protein can also reduce cholesterol and triglyceride levels, in turn, decreasing risk of heart disease and stroke. Increasing interest in proteins from plant sources and availability of a wide-range of soy-based food products in the market has contributed significantly to market growth in the recent past, and the trend is expected to continue going ahead.
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Vegetarian diets have become more widely available in the global market owing to ethical, ecological, and health-related goals. Rapid shift from omnivore to vegetarian diet has resulted in increased intake of nutrients from plant sources with sustainable and well-managed dietary plans. Textured soy protein or soy-based food products used as analogues or surrogates of meat and dairy products have gained increasing importance as viable alternatives in the shift to vegan diet and this is expected to continue to contribute to revenue growth of the market going ahead.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Non-GMO Segment to Account for Largest Revenue Share:
Non-GMO segment is expected to dominate other type segments in terms of revenue share over the forecast period owing to increasing consumption and availability of non-GMO textured soy proteins in the market. Non-GMO textured soy proteins are rich in high-quality proteins, dietary fibres, and minerals and are devoid of cholesterol, casein, or lactase.
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Soy Protein Concentrates Segment to Register Robust Revenue Growth:
Soy protein concentrates segment is expected to register robust revenue growth over the forecast period attributable to increasing use of soy protein concentrates to improve mouthfeel, textures, and nutritional value of meat and poultry products. Soy protein concentrates are cost-effective and are used in a wide range of applications from meat to nutritional beverages. They also offer a nutritionally balanced, low-cost, and high-quality and this has further boosted its use in beverages and food items and is expected to further drive revenue growth of this segment over the forecast period.
North America to Lead in Terms of Revenue Share:
North America is expected to account for a significantly large revenue share over the forecast period, attributable to expanding vegan consumer base, shift towards plant-based meat products, increasing number of health-conscious consumers, and presence of major players in countries in the region.
Asia Pacific to Register Fastest Revenue CAGR:
Asia Pacific is expected to register robust revenue CAGR over the forecast period, attributable to significantly higher consumption of soy and soy-based products in countries in the region, large vegetarian consumer base, availability of extensive range of soy-based products in supermarkets and stores, increasing number of R&D initiatives to develop more cost-effective nutritional foods and beverages, and rising awareness regarding health benefits of soy proteins.
Major Companies in the Market Include:
- Archer Daniels Midland Company
- Victoria Group
- Wilmar International
- Bremil Group
- Shandong Yuxin Bio-Tech
- Sonic Biochem
- Linyi Shansong Biological Products
- Crown Soya Protein Group
- Hung Yang Foods
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For the purpose of this report, Reports and Data has segmented the global textured soy protein market based on type, form type, application, and region:
Type Outlook (Revenue, USD Million; 2018–2028)
Form Type Outlook (Revenue, USD Million; 2018–2028)
- Soy flour
Application Outlook (Revenue, USD Million; 2018–2028)
o Meat Substitutes
o Dairy Alternatives
o Infant Nutrition
Regional Outlook (Revenue, USD Million; 2018–2028)
- North America
o Rest of Europe
- Asia Pacific
o South Korea
o Rest of APAC
- Latin America
o Rest of LATAM
- Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of MEA
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