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Textured Soy Protein Market to Grow at 6.5% CAGR, Reaching $2.13 Billion by 2033

05-20-2024 07:45 PM CET | Food & Beverage

Press release from: Fact.MR

Textured Soy Protein Market to Grow at 6.5% CAGR, Reaching $2.13

The global textured soy protein (TSP) market is projected to achieve a valuation of US$ 2.13 billion by the latter part of 2033, with a steady growth trajectory at a compound annual growth rate (CAGR) of 6.5%. Textured soy protein, derived from soy flour, offers an array of benefits as a plant-based protein. With a protein content ranging from 50% to 70%, it serves as a remarkable alternative to meat, boasting heart-healthy attributes due to its low fat and cholesterol-free composition, aiding in weight management. Its versatility is evident in its applicability across various culinary creations, further complemented by its extended shelf life, rendering it a practical choice. Notably, TSP stands out as an economically sound option, being wallet-friendly. Additionally, its production aligns with eco-conscious practices, requiring fewer resources compared to traditional meat production methods.

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The market's growth is primarily driven by the increasing adoption of plant-based diets due to health and environmental concerns. As more consumers seek protein alternatives, TSP, with its high protein content and versatility, emerges as a popular choice.

Key Takeaways

In the United States, the market is expected to witness a steady rise, with a forecasted compound annual growth rate (CAGR) of 7% during the upcoming years, reaching a value of US $599.3 million. This growth is attributed to heightened involvement in the vegan movement across the country.

Meanwhile, in the United Kingdom, the market is poised for growth at a CAGR of 5.8% during the forecast period (2023-2033), driven by the increasing demand for soy products amid the burgeoning popularity of non-dairy foods and beverages. Additionally, in South Korea, the market is anticipated to expand at a CAGR of 5.4% over the same period, reflecting a gradual but significant growth trajectory in the region.

List of Key Companies Profiled in The Report

DuPont Nutrition & Health
Kerry Group PLC
Cargill Inc.
Solae LLC
Bunge Limited
ADM
International Flavors & Fragrances Inc.
Bremil Group
Sonic Biochem
Victoria Group
Others

Recent Industry News

Staying abreast of the latest industry developments is essential in a market characterized by innovation and changing consumer preferences. This section provides a curated overview of recent industry news, highlighting key events, product launches, partnerships, and market trends that have shaped the Textured Soy Protein market. From collaborations between major food brands to breakthroughs in processing techniques, readers will gain a comprehensive understanding of the current pulse of the Textured Soy Protein industry.

Winning strategies

Leading players should enhance their nutritional value by adding essential vitamins, minerals, or other beneficial ingredients. This helps meet specific dietary needs and align with current health trends. For example, fortifying with vitamins like B12 and minerals like iron caters to those on plant-based diets.

Prominent players in the market should prioritize consistent investment in quality assurance and control measures. This commitment is vital for ensuring the ongoing production of high-quality textured soy protein products, a key factor in establishing and preserving customer trust and loyalty.

Obtaining certifications like gluten-free, kosher, halal, or organic is a smart move in the industry. These certifications cater to specific dietary needs and preferences. For example, being gluten-free is crucial for those with gluten sensitivity.

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Market Competition

In this intensely competitive landscape, the increasing demand for plant-based protein sources has heightened awareness of the health benefits associated with textured soy protein. ADM, Cargill, DowDupont, Wilmar International, Victoria Group, Bremil Group, Linyi Shansong Biological Products, and Shandong Yuxin Bio-Tech are among the prominent participants in the market. Key companies have been adopting various strategies such as expanding customer technical service centers, and production capabilities in various untapped markets.

In 2018, Roquette Frères enlarged its Customer Technical Service Centre (CTS) for food in Tokyo due to the increasing demand for plant-based protein in Japan and other Asian markets.

In 2019, ADM bolstered its production capabilities in Brazil by constructing a new facility dedicated to soy protein production. This unit specializes in crafting a range of functional protein isolates and concentrates to enhance ADM's existing product offerings.

In 2020, ADM ramped up its manufacturing of non-genetically modified organism (non-GMO) vegetable protein to meet the rising market interest in non-GMO soy protein. This expansion took place at its facility located in Europoort, Netherlands.

Regarding CHS Inc., their Ultra-Soy® textured vegetable proteins have received certifications. They are recognized as Kosher Pareve, overseen by the Union of Orthodox Jewish Congregations of America, and Halal, under the supervision of the Islamic Food and Nutrition Council of America (IFANCA).

Contact:

US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583, +353-1-4434-232
Email: sales@factmr.com

About Fact.MR:

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range - from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories.

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