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Textured Soy Protein Market Size, Trends, Growth Drivers And Forecast To 2033
Textured Soy Protein Market Size
As per the report, the textured soy protein market size has grown rapidly in recent years. It will grow from $2.8 billion in 2023 to $3.1 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The textured soy protein market size is expected to see rapid growth in the next few years. It will grow to $4.64 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%.
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Rising Global Demand For Protein-Rich Foods Drives Growth In The Textured Soy Protein Market
Increasing demand for protein-rich foods across the globe is expected to propel the growth of the textured soy protein market going forward. Protein-rich food refers to high-protein diets that contain a substantial amount of protein and very little carbohydrate. A high-protein diet using plant proteins such as textured soy proteins helps in muscle gain and improves metabolic health, body composition, and weight maintenance as they are low in calories and higher in fiber and essential nutrients. For instance, in 2022, according to the Plant Based Foods Association, a trade organization that represents the interests of plant-based food companies, Plant-based foods, maintained 6.6% sales growth in 2022, up from 5.9% in 2021, with a 10% increase in average retail price. Therefore, the increase in demand for protein-rich foods is dictating the demand for the textured soy protein market.
Increasing Investments Drive Innovation And Growth In The Textured Soy Protein Market
Increasing investments have emerged as the key trend gaining significant popularity in the textured soy protein market. Major market players are concentrating their efforts on creating innovative products for improving taste and developing the likable flavor of soy proteins. For instance, in 2022, Archer Daniels Midland, a US-based food or feed processing company, announced an investment of $300 million to expand its alternative protein capabilities by establishing a new, cutting-edge Protein Innovation Center in Decatur. The protein innovation center is expected to enhance the company's ability to comply with the demand for innovative products. It will bring together labs, test kitchens, and pilot-scale production capabilities to power new innovations that include novel and diverse ingredients, unique and differentiated texture, taste, appearance, and nutrition solutions.
The textured soy protein market covered in this report is segmented -
1) By Type: Non-GMO, Conventional, Organic, Other Types
2) By Source: Soy Protein Concentrates, Soy Protein Isolates, Soy Flour
3) By Application: Food, Meat Substitutes, Dairy Alternatives, Infant Nutrition, Bakery, Other Applications
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Major companies operating in the textured soy protein market include Archer Daniels Midland Company, Bremil Group, Cargill Incorporated, Crown Soya Protein Group, Du Pont De Nemours and Company, Shandong Yuxin Bio-Tech Co. ltd., Sonic Biochem Extractions Ltd., Wilmar International Ltd., Hung Yang Foods Co. Ltd., Bunge Ltd., Hoya Foods Inc., Solae LLC, Bob's Red Mill Natural Foods., Fuji Oil Asia Pte. Ltd., Linyi Shansong Biological Products Co. Ltd., Food Ingredient Technology Co. Ltd., Victoria Group SRL, Crown Soya Protein Group, Food Chem International Corporation, MGP Ingredients Inc., Batory Foods Inc., CHS Inc., Gushen Biological Technology Group Co. Ltd., Nutra Food Ingredients LLC, Shandong Wonderful Industrial Group Co. Ltd., International Flavors & Fragrances Inc., NOW Health Group Inc., Axiom Foods Inc., Puris
Contents of the report:
1. Executive Summary
2. Textured Soy Protein Market Report Structure
3. Textured Soy Protein Market Trends And Strategies
4. Textured Soy Protein Market - Macro Economic Scenario
5. Textured Soy Protein Market Size And Growth
…..
27. Textured Soy Protein Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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