Textured Soy Protein Market to See Huge Growth | Expected to Collect $2.1 Billion by 2026

Rise in number of vegan populations, surge in its usage as meat substitute or extender, and increase in demand from the feed industry augment the growth of the global textured soy protein market. North America held the largest market share in 2018, accounting for more than one-third of the global textured soy protein market. The global lockdown has significantly disrupted both the supply chain and value chain in the food industry.

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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.

Rise in number of vegan populations, surgein its usage as meat substitute or extender, and increase in demand from the feed industry augment the growth of the global textured soy protein market. Whereas, potential threats regarding substitutes and formulation challenges for textured soy protein products impede the market growth. On the other hand, increase in lactose-intolerant population and rise in millennial population present new opportunities in the market.

Based on nature, the conventional segment contributed to the largest share in 2018, accounting for nearly half of the total market share, and will dominate in terms of revenue throughout the forecast period. However, the organic segment is projected to manifest the fastest CAGR of 9.3% from 2019 to 2026.

Leading Key Players

The key players operating in the textured soy protein industry are 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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Soybean meal is one of the major source of protein sources of feed and is being traded on commercial level on the basis of protein content. Soy protein concentrate (SPC) contains 63-65% of protein, and is the prime raw material in farmed salmon feeds. Textured soy protein is expected to endure significant growth of value sales due to rise in awareness about the higher protein (60-85%) composition of the product among feed formulators.

According to the Food and Agriculture Organization (FAO), soybean remains the most important and preferred source of high-quality vegan protein for animal feed production. This fact has driven the growth of the textured soy protein market. Moreover, India, China and some of the key European countries have witnessed higher number of vegan population in the recent past. This is attributed to rise in awareness about the health benefits associated with consumption of plant-based protein such as textured soy protein. Thus, all these factors are anticipated to boost the growth of the global textured soy protein market in the forthcoming years.

Based on application, the food & beverage segmentaccounted for more than 90%of the global textured soy protein market in 2018, and is expected to maintain its dominant position during the forecast period. However, the feed segment is anticipated to register the fastest CAGR of 10.3% from 2019 to 2026.

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Key Findings of the Textured Soy Protein Market:

By nature, the conventional segment accounted for the highest textured soy protein share in 2018, growing at a CAGR of 8.3% from 2019 to 2026.

On the basis of application, the food & beverages industry segment accounted for about 89.3% of the textured soy protein market share in 2018, and is expected to experience growth at the highest CAGR of 8.5%.

Region wise, North America accounted for about 36.6% of share in 2018, and is expected to grow at a CAGR of 8.3% during the forecast period.

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