(Food-Beverage-News.Com, September 17, 2020 ) The global textured soy protein market is estimated at USD 1.58 Billion in 2016; it is projected to grow at a CAGR of 9.5% from 2017, to reach USD 2.73 Billion by 2022. The base year considered for the study is 2016, and the forecast period is from 2017 to 2022. The basic objective of the report is to define, segment, and project the global market size for the textured soy protein market based on type, source, application, and region.
According to the Soyfoods Association of North America (SANA), “textured soy protein (TSP) may be unflavored or meat/chicken flavored, may appear in chunks, slices, flakes, crumbles, or bits, and is sold at natural food supermarkets, food cooperatives, buying clubs, health food stores, or the natural foods section of traditional supermarkets.
Among consumer soy foods, functional foods, and dairy replacers are projected to be the fastest-growing segments in North America. The demand for textured soy protein is growing at a high rate; changing consumer preference from meat to plant protein is one of the main reasons driving the market for soy protein. Also, soy-based proteins are a major source of protein for vegans worldwide. The high nutritional profile, low carbon footprint, and low price of plant-sourced protein are driving the consumption of these proteins in food applications. The global demand for textured soy protein is increasing significantly, especially in developed countries such as the US and countries in the European Union.
The global textured soy protein market is competitive. It comprises major players such as ADM, Cargill, DuPont, Wilmar International, and Victoria Group, which focus on expansions & investments, agreements, joint ventures, and acquisitions to strengthen their base in the textured soy protein market. Apart from these companies, there are other textured soy protein companies such as Bremil Group, Linyi Shansong Biological Products, Shandong Yuxin Bio-Tech, Crown Soya Protein Group, Sonic Biochem, and Hung Yang Foods, which are also strengthening their position through new product launches and expansions.
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