Textured Soy Protein Market Is Expected To Experience Robust Growth Due To Growing Vegan Population

The global textured soy protein market size is estimated at USD 1.73 billion in 2017 and is projected to grow at a CAGR of 9.5% from 2017 to 2022. The market is segmented based on type, application, source, and region. The types of textured soy protein include non-GMO, conventional, and organic textured soy protein.

The Global market has also been segmented based on application into food which includes meat substitutes, dairy alternatives, bakery products, infant nutrition, cereals & snacks, and feed. The market has been segmented based on source into soy protein concentrates, soy protein isolates, and soy flour. Based on key regions, the textured soy protein market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW).     

The textured soy protein market is driven by factors such as the high nutritional value of soy and initiatives undertaken by the government and regulatory bodies to increase consumer awareness. As a result, the protein-enriched food products market is booming, with infant nutrition and meat alternative products being identified as preferred carriers of protein fortification. 

Based on the source, the soy protein isolates segment is projected to be the fastest-growing market from 2017 to 2022. Soy protein isolates have the highest protein content (up to 90%) and are made from defatted soy meal by removing the fats and carbohydrates. Soy protein isolates have a very neutral flavor compared to other soy products and hence witness high demand in meat substitute applications.

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On the basis of type, the organic textured soy protein segment is projected to be the fastest-growing from 2017 to 2022, due to the increase in awareness of the beneficial characteristics of organic products which carry high protein content. Due to the growing technological advancements in extraction processes and the investment of key companies in sourcing soy protein concentrates which contain a large amount of protein, this segment is projected to grow at a significant rate. 

Based on the application, the food segment is projected to be the fastest-growing during the forecast period. The inclusion of textured soy protein in food products leads to the prevention of health disorders, which acts as a driving factor for the market. Due to the changing diet patterns and the rising health concerns, textured soy protein has begun to form an integral part of processed and packaged foods to meet nutritive requirements.

The Asia Pacific region is expected to be the fastest-growing market for textured soy protein between 2017 and 2022. The food & beverage market in the Asia Pacific region is currently undergoing a significant transformation in response to rapid urbanization and diet diversification.

The North American region was the largest market for the textured soy protein market in 2016 owing to the increase in demand for vegan food products in the US and Canada. The consumer awareness regarding the benefits of textured soy protein products consumption in this region is very high.

This report includes a study of marketing and development strategies, along with the product portfolios of the leading companies. It includes profiles of leading companies such as ADM (US), Cargill (US), DowDuPont (US), Wilmar International (Singapore), Victoria Group (Serbia), Bremil Group (Brazil), Linyi Shansong Biological Products (China), Shandong Yuxin Bio-Tech (China), Crown Soya Protein Group (China), Sonic Biochem (India), and Hung Yang Foods (Netherlands).

ADM is a well-established manufacturer of food & beverages and animal feed products. It operates in the food ingredients business through its 250 ingredients plants in multiple locations globally.  ADM is one of the major players in the global textured soy protein market. The company has been focusing on agreements and acquisitions. For instance, in February 2016, ADM signed an agreement with Harvest Innovations (US), a manufacturer of textured soy protein. This agreement helped the company expand its protein product portfolio.

Cargill is involved in the manufacture and marketing of food ingredients, agricultural products, risk management, financial, and industrial products & services around the globe. Cargill operates in 70 countries through its subsidiaries and affiliates. Cargill strengthened its position in the textured soy protein market through expansions and acquisitions. The company adopted acquisitions as a strategy to strengthen its market position and invests substantially in the research & development of new products. In June 2017, Cargill acquired Colombian-based Pollos El Bucanero, one of the leading producers of chicken and processed meat products.

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