Global textured soy protein market is projected to grow at a CAGR of 7.54% during the forecast period (2021 -2026).
- Increasing demand for protein-rich food among the consumers is expected to drive the market for textured soy protein. Consumers are opting for low-carb and low-fat foods pertaining to increasing health awareness, which is further boosting the market demand. Textured soy protein is ideal meat substitute in spaghetti sauce, peppers, tacos and hamburgers.
- It can be used in meat dishes as an additive to meat dishes. It is commonly used in the cafeteria of institutions that do not have sufficient financial resources, such as schools and prisons. For instance, In January 2018, Canadian Bio-Systems Inc. (CBS Inc.) launched Feed Check Soy at the International Production and Processing Expo in Atlanta, Ga. It is a new tool that allows fast, on-site analysis of soybean meal quality. DuPont Nutrition and Health has also launched Sapporo XT55, a specialty soy protein, a new product in the textured soy protein market.
- Over 60% of consumers in the market have become more conscious about their overall health as a result of COVID-19, with 80% also looking to actively improve the latter by consuming more protein, vitamin, mineral rich products, thus, contributing towards the market growth of textured soy protein.
Key Market Trends
Non-GMO Textured Soy Protein to gain Prominence
The high nutritional value of soy makes it preferred alternative for meat and dairy products, and its high consumption among the growing health-conscious population. Further, non-GMO textured soy proteins are high protein products that are also rich in dietary fibres, minerals, contain no cholesterol, lactose, or casein, and are free from microbiological contamination. The demand for this soy protein is increasing rapidly, with more people becoming health conscious and demanding clean label products. Moreover, increasing awareness about the harmful effects of genetically modified crops are fuelling the demand for non-GMO products like textured soy protein. Moreover, restrictions on genetically modified soya beans in India, China, and other countries have fuelled the demand for non-GMO textured soy protein across the globe.
North America is the Largest Market
North America is anticipated to dominate the global textured soy protein market owing to the high demand for a vegan diet with similar nutrition and healthier ingredients as compared to meat and meat products. The market for textured soy protein is growing at a fast rate, owing to change in lifestyle, lack of balanced dietary intake, and improved R&D, to develop new kinds of textured plant-protein enriched products. The United States occupied the largest market share, followed by Canada and Mexico. The demand for processed and low cholesterol foods have paved the way for the textured soy protein market, in the region. Increasing per capita disposable income and a healthier lifestyle will facilitate textured soy protein production in the region. Moreover, there is an increasing demand for high protein and meat substitute products amongst vegan and vegetarian consumers in North America which is further boosting the market demand.
A large number of players drive the global textured soy protein market. At present, there are numerous active players in this industry, such as Cargill, DuPont, and ADM. The leading companies focus on the expansion of their plant protein business, in the local and international markets. Certain players have been expanding their geographical presence by acquiring or merging with the manufacturers in the international markets.
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