Global textured soy protein market is anticipated to grow significantly in the forecast period owing to the increasing awareness about healthy lifestyle. Textured soy protein or TVP (textured vegetable protein) contains soybeans derivative instead of the actual vegetables. It is normally used as a substitute for meat or meat extender. TVP or textured soy protein is also commonly used in cafeterias with limited financials like prisons and schools. Textured soy protein is cost effective, has longer shelf like and can be adopted by vegetarians.
Textured soy protein market is driven by low cost of protein source, high nutritional soy value, use as a substitute for dairy and meat food products and increase in number of health conscious consumers. Moreover, increasing use of textured soy proteins in multiple food products, consumers’ inclination toward meat and vegan foods are accelerating the demand of TVP, thereby affecting the market growth.
However, stringent government regulations regarding genetically improved crops are obstructing the growth of market. Moreover, market players are emphasizing on product development in organic soy protein to meet the flexible demand from industries.
The market is categorized on the basis of product type, form, application, and geography. On the basis of product type, market is divided into soy protein isolates, soy protein concentrates and others. Soy protein concentrates segment is expected to lead the market since they are used as nutritional ingredients in most bakery products, meat and cereals products. They are also used poultry foods to increase retention of fat and water and to improve nutritional value due to high content of protein, which raises their demand.
Based on form, market is bifurcated into liquid and dry. Dry segment is expected to hold larger share of the market since it is protein rich, contains no fat and is an excellent alternative to meat. In terms of application, textured soy protein market is split into daily alternatives, meat substitutes, bakery foods, snacks & cereals, animal feed, infant nutrition and others. Meat substitutes followed by bakery products, infant nutrition, dairy alternatives and cereal & snacks are expected to register significant growth owing to increase in demand from these segments.
Geographically, market is segmented as North America, Latin America, Europe, Asia Pacific and Middle East & Africa. North America is expected to dominate textured soy protein market owing to increasing consumer awareness, rise in demand for vegan foods and benefits associated with textured soy proteins. The prominent market players profiled here are ADM, Cargill, Sonic Biochem, Hung Yang Foods, DowDuPont, Dutch Protein & Services, Victoria Group, Linyi Shansong Biological Products, Bremil Group, Wilmar International, etc.
• North America
• Asia Pacific
• Middle East and Africa
• South America
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Key Questions Answered in this Report
• What will the market size be in 2023?
• What are the key factors driving the global textured soy protein market?
• What are the challenges to market growth?
• Who are the key players in the textured soy protein market?
• What are the market opportunities and threats faced by the key players?
Research Support Specialist, USA