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Textured Soy Protein Market

Textured Soy Protein Market

Consumer Consciousness Regarding Healthy Lifestyle & Nutritional Food Benefits to Propel the Demand for Textured Soy Protein during 2021-2031

Textured Soy Protein Market
FACT527MR
  • Aug-2021
  • List of Tables : 111
  • List of Figures : 87
  • 170 Pages
  • Food & Beverage

Market Snapshot

Latest released industry analysis on the textured soy protein market by Fact.MR estimates global sales of textured soy protein at US$ 880 Mn at present, which is expected to witness a CAGR 6.4% to surpass a value of US$ 1.6 Bn by 2031.

Textured vegetable protein has a protein content and vital muscle building properties that range from 50% to 85% in terms of concentration. Texturized vegetable protein stands out when compared to other protein sources since it is environment friendly.

The market is also witnessing a healthy growth rate due to increase in demand from various end-use industries such as dairy alternatives, bakery, and others.

Textured soy protein business research performed by Fact.MR includes key findings such as latest and speculative production capacity, capacity utilisation rates of each manufacturer, recent and speculative pricing, and price optimization strategy across the value chain, as well as an economic evaluation of textured soy protein production.

Key Points Covered in Textured Soy Protein Industry Survey:

  • Market Estimates and Forecasts (2016-2031)
  • Production Capacity Analysis of Prominent Manufacturers
  • Textured Soy Protein Pricing Analysis
  • Product Pricing Optimization Strategy
  • Associated Industry Analysis (Food & Beverage Market Overview)
  • Key Drivers and Restraints Shaping Market Growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Market Share Analysis
  • COVID-19 Impact on Demand for Textured Soy Protein and How to Navigate
  • Exclusive Sales Assessment of Textured Soy Protein
  • Recommendation on Key Winning Strategies

Sales Analysis of Textured Soy Protein from 2016 to 2020 Vs. Future Market Projections for 2021 to 2031

Consumer awareness about healthy lifestyles and benefits of nutritional food is rising, causing them to gravitate towards natural food products, which is boosting the growth of the global textured soy protein (TSP) market.

According to The National Soybean Research Laboratory (NSRL) of the University of Illinois, the soybean plant provides complete protein required for the human body. Thus, the nutrition properties of soybean are driving demand for textured soy protein among health-conscious consumers.

According to the Fact.MR consumer survey, nearly 40% of customers purchased plant-based products because they believe plant-based products are healthier. 35% purchased products because they wanted to try them, and 25% purchased because someone in their family has lactose intolerance. Plant-based alternatives hold a smaller share of the overall market than the product.

However, the plant-based category has expanded dramatically in recent years. The market for plant-based foods and beverages shows no signs of slowing down. According to the Plant-based Foods Association (PBFA), retail sales of plant-based foods increased 11.4% in 2019. Despite the COVID-19 pandemic, sales have not slowed.

Demand for healthy supplements in daily life to combat escalating health concerns is driving sales of textured soy protein globally. The global market is expected to remain stable, expanding at a CAGR of 6.4% through 2031, compared to a CAGR of 4.8% for 2016 to 2020, according to Fact.MR.

Many countries such as Switzerland, Mexico, Bulgaria, Germany, and others have restricted (fully/partially) farmers from planting genetically modified crops. Requiring obligatory GM content safety testing at various levels of the food value chain which has led to the adoption of non-GM soy crops in the European market.

Natural textured soy proteins are derived from organic soy in various forms such as concentrates, isolates, and others, and are widely used in snacks, meat substitutes, and nutritional supplements.

Is Continuous Development by Key Players Driving Market Growth?

To meet increasing demand for high-quality vegetable protein, key manufacturers are expanding their production capacity by establishing new manufacturing facilities.

  • In 2019, ADM expanded its production line in Brazil by building a new soy protein production unit. The unit produces a variety of functional protein isolates and concentrates for ADM's current products.
  • ADM increased its production of non-GMO vegetable protein to cater to emerging demand for non-GMO textured soy protein, at its Europoort, Netherlands facility, in 2020.
  • Roquette Frères expanded the Food Customer Technical Service Centre (CTS) Tokyo in 2018 in response to rising demand for plant-based protein in Japan and other Asian markets.

Textured soy protein market pricing by Fact.MR

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How are Product Claims Positively Impacting Demand for Textured Soy Protein?

Nutrition and health claims are viewed as a means of endorsing a food's healthy qualities. Manufacturer claims such as fat-free food, vegan, gluten-free, kosher, and non-GMO influence consumer purchasing decisions when comparing products among competitors, as they are focused on value-based purchasing.

Manufacturers operating in the textured soy protein for food segment are focusing on offering products with various claims.    

  • Wilmar International, a soy protein manufacturer, makes claims such as ISO certification, halal, and kosher.
  • ADM provides a variety of textured soy proteins that are non-allergenic and naturally non-GMO, meeting consumer demand for added protein and positive nutrition.

Will Rising Vegetarianism, Veganism, and Demand for Plant-based Protein Drive Sales of Textured Soy Protein?

Growing trend of health-conscious foods and customer interest in plant-based protein have influenced the textured soy protein (TSP) market. In recent years, vegetarianism has grown in popularity. The product's importance in reducing the incidence of heart disease, osteoporosis, and some types of cancer is of particular relevance.

Due to the product’s high protein content and adaptability in the development of meat analogues and milk substitutes, textured soy protein is a nutritious solution for vegetarians.

An Adaptive Approach to Modern-day Research Needs

Which Regional Market is Lucrative for the Sales of Textured Soy Protein?

In 2021, total sales of textured soy protein in Europe are expected to be US$ 614 Mn, accounting for roughly 45% of global sales. In 2020, Y-O-Y growth for the product in the region was around 4.2%, and it is predicted to expand at a CAGR of 4.4%.

Textured soy protein products appeal to a large percentage of European consumers, including those pursuing rigorous vegetarian or vegan diets, those wishing to exclude certain items from their diet, and those trying to boost the daily intake of plant-based meals.  New product development options are thus limitless in the European market, ranging from totally replacing animal-derived products with plant-based alternatives.

Growing popularity of non-dairy foods and beverages in Europe is also expected to drive demand for soy products.

Due to risks to consumers and the environment, the European Union (EU) has enacted strict rules for genetically modified (GM) crops. Soy is the most common vegetable protein source. However, if genetically engineered seeds are consumed, it may have negative consequences on humans. As a result, its use in the European region is restricted, and is therefore driving demand for non-GMO textured soy protein.

Country-wise Analysis

Is Rising Veganism Helping in Driving Sales of Textured Soy Protein in the U.S.?

North America is one of the major regions in the global market, according to FACT.MR, and it is predicted to develop at a healthy rate throughout the forecast period. The United States is expected to account for more than 90% of the North American market in 2021, according to the most recent analysis.

The United States is a leader in the vegan movement. The country's largest vegan population is between the age of 30 and 49. The United States Department of Agriculture (USDA) researched meat stews, chilli, barbecue sauces, and meat sauces to develop labelling guideline for the use of textured soy protein based on the ratio of fresh meat to dried soy equivalent in product formula

Why is China a Dominant Market in East Asia? 

Demand for textured soy protein in China is estimated to be valued at US$ 32.2 Mn in the year 2021. The country's demand for soy protein is extremely high. Protein processing firms in China are fast expanding as more and more players enter the market intending to capture a market share.

Rapidly expanding demand for textured vegetable protein products among health-conscious consumers in the country is one of the major drivers for the China textured soy protein market.

How is Demand for Plant-based Protein Driving the Market of Germany?  

In 2021, Germany had a market share of 16.5% in Europe. Various textured vegetable protein manufacturers are marketing their products while also attempting to resonate with the attitude of today's value-driven customers, opening up more options for both, legacy corporations and start-ups to enter the textured vegetable protein market.

Furthermore, numerous sources from which textured soy protein can be derived is enabling greater room for players to invest in the multiplicity of applications for which plant-based proteins can be used. Simultaneously, the industry has succeeded in creating more appealing meat analogues manufactured from rehydrated textured soy protein, either alone or in conjunction with wheat gluten.

These offerings are advertised as completely prepared, flavoured, and refrigerated ready-to-eat entrées. The current textured soy protein chunks marketing strategy aims to show them to the public as innovative, high-quality products rather than as low-cost meat alternatives. So far, this technique appears to be working, leading to the growth of the textured soy protein market in Germany.

How is Increased Soybean Production in India Fuelling Growth of the Global Market?

India accounts for 29% of the South Asia market for texturized soy protein, and is expected to expand at a CAGR of 8.2% to reach a value of US$ 68.8 Mn by 2031.

Indian farmers are likely to increase their soybean planting area by more than a tenth in 2021, as record-high prices for the oilseed and increased consumption of soy products may persuade some to abandon competing crops.

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Category-wise Insights

Why Do Soy Protein Isolates Dominate the Market for Textured Soy Protein?

According to Fact.MR, soy protein isolate sales are expected to account for more than 59% market share, and are expected to witness increase at a CAGR 6.8% during the forecast period.  

Increase in demand from aquaculture companies for soy protein isolates is expected to boost the global market. Demand and usage of textured soy protein in feed has been rising. The health benefits of adding textured soy protein isolates to animal diets have been discovered by livestock producers, which is expected to drive revenue from soy protein isolates.

Aquaculture manufacturers are looking for more efficient and long-term solutions to raise healthy species to meet rising market requirements in a world where population and food scarcity are increasing. As a protein alternative in aqua feed, textured soy protein concentrates can also meet the diverse nutritional needs of aquaculture around the world. It has the potential to minimize strain on natural fishery stocks and has augmented consumption of textured soy protein in feed.

Soy protein concentrate is also utilized as a texturant, food emulsifier, water, and fat absorbent, and to boost the nutritional content of food. The tendency to absorb fat and water leads to more juiciness in the meal and allows the use of meat with greater fat content.

Another factor driving demand is textured soy protein concentrate’s low price. Cargill is one of the biggest soy protein concentrate suppliers globally.

Which is the Most Attractive Form of Textured Soy Protein?

Sales analysis of textured soy protein chunks recorded rising numbers due to use in various meat foods such as sausages, bangers, etc. In 2021, the chunk segment accounted for 25.1% of the global market, and is expected to rise at a CAGR of 6.7% from 2021 to 2031.

Demand for textured soy protein chunks is rising due to application in various end-use industries such as meat substitutes, bakery products, and cereals & snacks. Organic textured soy protein chunks are also gaining traction due to richness in protein and other nutritious minerals. These take considerably less time to cook and are popularly used in mid-day meal programmes.

Textured soy protein granules and textured soy protein slices jointly accounted for nearly 50% of the overall market share in 2021.

Is the Organic Trend Aiding Market Expansion?

High demand for organic food & beverage products containing textured soy proteins all over the world has opened up opportunities for producers globally.

Due to its diverse agro-climatic conditions, India has a lot of potential for producing a wide range of organic products such as organic textured soy protein to meet the growing demand for organic soy protein. The inherent heritage of organic farming is an added advantage in some sections of the country.

It therefore holds opportunity for product innovation in organic textured soy protein as an opportunity for producers in a market that is gradually expanding, both, domestically and internationally, which is estimated to drive sales of organic textured soy protein.

Conventional textured soy protein is estimated to account for US$ 705.5 Mn in 2021. Majority of products in the food industry are generated utilising commodity crops and traditional agricultural processes, such as soybean farming.

How is Demand for Textured Soy Protein as a Meat Substitute Faring?

On the basis of application, meat substitutes accounted for more than 38% of the overall market in 2021, but bakery products are expected to witness a lucrative growth rate at a CAGR 8.2% during the forecast period.

Increased applications of textured soy proteins in various end-use industries is driving the growth of the global market. Textured soy protein for feed is also one of the fastest-growing applications.

How Has COVID-19 Impacted Revenue Generation from Textured Soy Protein?

Impact of nutrition on the immune system has been well documented. Recent research has underlined the need of getting enough of certain nutrients such as protein in COVID-19, increasing the importance of textured soy protein consumption. Nonetheless, due to the disease's novelty, knowledge of the effects of certain nutrients is limited.

According to Fact.MR, sales of plant-based food products in the United States increased by more than 90% during the peak of pandemic buying at the end of March when compared to the same period the previous year, with sales of plant-based meat increasing 148%.

Competition Landscape

Presence of multinational players such as ADM, DuPont, and others characterizes the global market. In comparison to global manufacturers, local and regional players are focusing on strengthening their distribution channel in the local market Furthermore, regional players are attempting to expand their global influence. On the other hand, established players are bolstering their positions by acquiring local players. This making the global market a highly competitive space.

Textured soy protein market competition by Fact.MR

Fact.MR has provided detailed information about price points of textured soy protein of manufacturers positioned across regions, sales growth, production capacity, and speculative production expansion in the recently published report.

  • CHS Inc., Ultra-Soy® textured vegetable proteins are certified Kosher Pareve under the supervision of the Union of Orthodox Jewish Congregations of America, and Halal under the supervision of the Islamic Food and Nutrition Council of America (IFANCA).

Similar, recent developments related to companies offering textured soy protein have been tracked by the team at Fact.MR, which are available in the full report.

Textured Soy Protein Industry Report Scope

Attribute

Details

Market size value in 2020

USD 880 Million

Market forecast value in 2031

USD 1.6 Billion

Growth Rate

CAGR of 6.4% from 2021 to 2031

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

MT for Volume and US$ Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • MEA

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Mexico
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • China
  • Japan
  • South Korea
  • India
  • Indonesia
  • Malaysia
  • Singapore
  • Australia
  • New Zealand
  • Turkey
  • South Africa
  • GCC Countries

Key Market Segments Covered

  • Product Type
  • Nature
  • Form
  • Application
  • Region

Key Companies Profiled

  • Archer Daniels Midland
  • DuPont Nutrition & Health
  • The Good Scents Company
  • Abbott Nutritionals
  • Kerry Group Plc.
  • Friesland Campina
  • Cargill Inc.
  • Costantino Special Protein
  • New Alliance Dye Chem Pvt. Ltd
  • Solae LLC
  • Bunge
  • Others

Pricing

Available upon Request

Market Segments Covered in Textured Soy Protein Industry Research

  • By Product Type

    • Soy Protein Concentrates
    • Soy Protein Isolates
    • Others
  • By Nature

    • Organic Textured Soy Protein
    • Conventional Textured Soy Protein
  • By Form

    • Dry Textured Soy Protein
    • Liquid Textured Soy Protein
  • By Application

    • Meat Substitutes
    • Dairy Alternatives
    • Infant Nutrition
    • Bakery Products
    • Cereals & Snacks
    • Animal Feed
    • Other Applications

Textured Soy Protein Market: Report Scope

A recent market study published by Fact.MR on the textured soy protein market offers global industry analysis for 2016-2020 and opportunity assessment for 2021-2031. The study offers a comprehensive assessment of the most important market dynamics. After conducting thorough research on the historical and current growth parameters, the growth prospects of the market are obtained with maximum precision.

Report Chapters

Executive Summary

The executive summary of the textured soy protein includes the market country analysis, technology roadmap analysis, demand-side and supply-side trends, opportunity assessment, and recommendations on the global textured soy protein.

Chapter 01 – Market Introduction

Readers can find the detailed segmentation and definition of the textured soy protein in this chapter, which will help them understand basic information about the textured soy protein. This section also highlights the inclusions and exclusions, which help the reader understand the scope of the textured soy protein report.

Chapter 02 – Product Innovation and Developement Trends

This chapter readers can find the details analysis of recent trends which elevate the textured soy protein. Also, this chapter includes the effectiveness of the trend in the forecast period.

Chapter 03 – Market Background and Associated Industry Analysis

The associated industry assessment of the textured soy protein is carried out in this section. The macroeconomic factors affecting growth of the textured soy protein are provided in this section and the impact of these macroeconomic indicators on the textured soy protein is analyzed. This section also included policy developments and regulatory scenario, global forecast factor-relevance and impact and value chain analysis. In this section reader also find the market dynamics like drivers, restrains and the opportunities of the Textured Soy Protein in globe.

Chapter 04 – Policy and Regulatory Landscape

The key regulations of the textured soy protein market are also explained in this chapter. The reader can find details for regulation and policies of different governments in different region for textured soy protein.

Chapter 05 – Forecasts 2016-2031

This chapter includes detailed analysis of the historical textured soy protein (2016-2020), along with an opportunity analysis for the forecast period (2021-2031). Readers can also find the absolute $ opportunity for the current year (2019– 2020) and incremental opportunity for the forecast period (2021-2031).

Chapter 06 – Pricing Analysis

This chapter includes global as well as regional pricing analysis by nature.  The pricing influencing factors are also explained in this chapter. The readers can understand the manufacturer level, distributor level pricing analysis for 2021 and 2031.

Chapter 07 – Global Analysis 2016-2020 and Forecast 2021-2031 by Product Type

Based on product type, the textured soy protein is segmented into Soy protein concentrates, Soy protein isolates, and others. This section also offers market attractiveness analysis based on product type.

Chapter 08 – Global Analysis 2016-2020 and Forecast 2021-2031, by Nature

Based on forms, the textured soy protein is segmented into Organic and Conventional. This section also offers market attractiveness analysis based on form. In this chapter, readers can find information about key trends and developments in the textured soy protein market and market attractiveness analysis based on nature.

Chapter 09 – Global Analysis 2016-2020 and Forecast 2021-2031, by Form

Based on forms, the textured soy protein is segmented into Chunks, slices, flakes and granules. This section also offers market attractiveness analysis based on form. In this chapter, readers can find information about key trends and developments in the textured soy protein market and market attractiveness analysis based on form.

Chapter 10 – Global Analysis 2016-2020 and Forecast 2021-2031, by Application

This chapter provides details about the textured soy protein on the basis of application, and has been classified into animal Feed, bakery products, cereals & snacks, dairy alternatives, infant nutrition, meat substitutes, other application, in this chapter, readers can understand market attractive analysis based on applications.

Chapter 11 – Global Analysis 2016-2020 and Forecast 2021-2031 by Region

This chapter explains how the textured soy protein is anticipated to grow across North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East and Africa (MEA).

Chapter 12 – North America Market Analysis 2016-2020 and Forecast 2021-2031

This chapter includes a detailed analysis of the growth of the textured soy protein in the North America region, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find regional trends, regulations, and market growth based on different segment and countries in the North America region.

Chapter 13 – Latin America Market Analysis 2016-2020 and Forecast 2021-2031

This chapter includes a detailed analysis of the growth of the textured soy protein in the Latin America region, along with a country-wise assessment that includes the Brazil, Mexico, Argentina, and the rest of Latin America. Readers can find detailed information about several factors, such as the pricing analysis and regional trends, which are impacting growth of the textured soy protein in the Latin America region.

Chapter 14 – Europe Market Analysis 2016-2020 and Forecast 2021-2031

Important growth prospects of the Textured Soy Protein based on different segments in several countries such as Germany, Italy, France, U.K., Spain, BENELUX, Russia, Poland and the Rest of Europe are included in this chapter. Readers can find detailed information about several factors, such as the pricing analysis and regional trends, which are impacting growth of the textured soy protein in the Europe region.

Chapter 15 – East Asia Market Analysis 2016-2020 and Forecast 2021-2031

Important growth prospects of the textured soy protein based on different segments in several countries such as in Japan, China, South Korea and the rest of East Asia. Readers can find detailed information about several factors, such as the pricing analysis and regional trends, which are impacting growth of the textured soy protein in the East Asian region.

Chapter 16 – South Asia Market Analysis 2016-2020 and Forecast 2021-2031

Important growth prospects of the textured soy protein based on different segments in several countries such as India, Thailand, Indonesia, Malaysia, Singapore, and Rest of South Asia. Readers can find detailed information about several factors, such as the pricing analysis and regional trends, which are impacting growth of the textured soy protein in the South Asian region.

Chapter 17 – Oceania Market Analysis 2016-2020 and Forecast 2021-2031

Important growth prospects of the textured soy protein based on different segments in several countries such Australia, New Zealand, Fiji and the rest of Oceania are included in this chapter. Readers can find detailed information about several factors, such as the pricing analysis and regional trends, which are impacting growth of the textured soy protein in the Oceania region.

Chapter 18 – Middle East and Africa Market Analysis 2016-2020 and Forecast 2021-2031

This chapter includes a detailed analysis of the growth of the textured soy protein in the MEA region, along with a country-wise assessment that includes the GCC Countries, North Africa, South Africa, and Central Africa. Readers can find detailed information about several factors, such as the pricing analysis and regional trends, which are impacting growth of the textured soy protein in the MEA region.

Chapter 19 – Competition Assessment

In this chapter, readers can find detailed information about tier analysis and market concentration of the key players in the textured soy protein along with their market presence analysis by region and product portfolio.

Chapter 20 – Company Profiles

In this chapter, readers can find a comprehensive list of leading manufacturers in the textured soy protein, along with detailed information about each company, which includes company overview, revenue shares, strategic overview, and recent company developments. 

Chapter 21 - Assumptions and Acronyms

This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the Textured Soy Protein report.

Chapter 22 – Research Methodology

This chapter helps readers understand the research methodology followed to obtain various conclusions, as well as important qualitative and quantitative information, on the textured soy protein.

- FAQs -

Currently, the global textured soy protein market is worth more than US$ 880.6 Mn.

Textured soy protein consumption is expected to increase at a CAGR of around 6.4% during the period of 2021-2031.

In terms of revenue, demand for textured soy protein increased at a CAGR of around 4.8% during 2016-2020.

Market players are opting for collaborations to upgrade their technologies in order to increase production and product quality, and penetrate the market in a better way.

Top 5 textured soy protein producers hold around 50% of the market share.

The U.S., Germany, Italy, France, and U.K. are countries driving most of the demand for textured soy protein.

East Asia holds around 8% of global textured soy protein revenue share.

The U.S. textured soy protein sector is projected to progress at a CAGR of around 5.5% over the next ten years.

The report presents detailed cost analysis of textured soy protein on the basis of nature, i.e. organic textured soy protein and conventional textured soy protein.

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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

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