Global Textured Soy Protein Market to Reach US$ 2.9 Billion by 2028, Stimulated by Increasing Vegan Population

July 05, 2023 | Food & Beverages

According to the latest report by IMARC Group, titled “Textured Soy Protein Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global textured soy protein market size reached US$ 1.7 Billion in 2022. Textured soy protein is a processed soy product commonly used as a meat substitute or extender in vegetarian and vegan diets. It is prepared using defatted soy flour or protein isolate and widely available in chunks and granule forms. It is a rich source of iron, dietary fiber, magnesium, phosphorus, copper, thiamin, and folate. It is low in calories and fortified with essential minerals that offer numerous health benefits, such as repairing tissues, healing wounds, and growing muscles. Besides this, as it aids weight loss and helps in reducing cholesterol and triglyceride levels, the demand for textured soy protein is increasing globally.

Global Textured Soy Protein Market Trends:

The rising prevalence of chronic and acute health conditions due to unhealthy dietary patterns and hectic schedules is catalyzing the demand for plant-based nutrition sources. Additionally, increasing awareness among individuals about the health benefits offered by a protein-rich meal and shifting preferences for vegetarian and vegan diets are propelling the demand for textured soy protein worldwide. Apart from this, the easy product availability across online distribution channels at discounted rates is strengthening the market growth. The increasing utilization of textured soy protein in the food and beverage (F&B) industry to prepare burgers, sausages, nuggets, meatballs, and ready-to-eat (RTE) meals is also offering lucrative opportunities to manufacturers. Furthermore, the growing influence of social media platforms and food vlogging channels is creating a positive market outlook. Moreover, advancements in extrusion technology and processing methods are enhancing the quality of textured soy protein. Looking forward, the market value is projected to reach US$ 2.9 Billion by 2028, expanding at a CAGR of 8.7 % during 2023-2028.

Market Summary:

  • Based on the nature, the market has been segmented into organic, conventional, and non-GMO. At present, non-GMO represents the largest market segment.
  • On the basis of the source, the market has been classified into soy protein concentrates, soy protein isolates, and soy flour.
  • Based on the application, food currently accounts for the largest market share, followed by feed.
  • Region-wise, the market has been divided into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, North America enjoys the leading position in the market.
  • The competitive landscape of the market has also been examined, with some of the key players being Archer-Daniels-Midland Company, Bob's Red Mill Natural Foods, Bunge Limited, Cargill Incorporated, CHS Inc., Crown Soya Protein Group Company, International Flavors & Fragrances Inc., Fuji Oil Holdings Inc., Shandong Yuxin Biotechnology Co. Ltd., Sonic Biochem Extraction Pvt Ltd, and Wilmar International Limited.

Report Scope:

Report Features Details
Base Year of the Analysis 2022
Historical Period 2017-2023
Forecast Period 2023-2028
Units US$ Billion
Segment Coverage Nature, Source, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Archer-Daniels-Midland Company, Bob's Red Mill Natural Foods, Bunge Limited, Cargill Incorporated, CHS Inc., Crown Soya Protein Group Company, International Flavors & Fragrances Inc., Fuji Oil Holdings Inc., Shandong Yuxin Biotechnology Co. Ltd., Sonic Biochem Extraction Pvt Ltd and Wilmar International Limited.
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Global Textured Soy Protein Market to Reach US$ 2.9 Billion by 2028, Stimulated by Increasing Vegan Population
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