Textured Soy Protein Global Market Report 2024

Textured soy protein is employed to enhance both the texture and nutritional profile of various dishes. This term refers to processed food products created from soy proteins and isolates, either with or without added nutritional ingredients, which are then compressed into granules or chunks. Its application extends to improving the texture and nutritional value of a wide range of foods, finding common use as a nutritious component in baked goods, breakfast cereals, animal feed, and certain meat products.

The primary types of textured soy protein include non-GMO, conventional, organic, and others. Non-GMO variants are predominantly intended for human consumption as a meat substitute. In the context of the textured soy protein market, non-GMO signifies production without genetic engineering, ensuring that its ingredients are not derived from genetically modified organisms. It is derived through a cold-water microfiltration process from non-GMO soybeans. The key sources of textured soy protein are soy protein concentrates, soy protein isolates, and soy flour. Its diverse applications span various sectors, including food, meat substitutes, dairy alternatives, infant nutrition, bakery, and feed.

The textured soy protein market research report is one of a series of new reports that provides textured soy protein market statistics, including textured soy protein industry global market size, regional shares, competitors with textured soy protein market share, detailed textured soy protein market segments, market trends, and opportunities, and any further data you may need to thrive in the textured soy protein industry. This textured soy protein market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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 growth observed during the historical period can be attributed to several factors, including an increase in health consciousness and the demand for plant-based proteins, the expansion of vegetarian and vegan diets, cost-effectiveness compared to animal proteins, a heightened awareness of the nutritional benefits of soy protein, and an increased adoption of soy protein in various applications within the food and beverage industry.

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%. The anticipated growth in the forecast period can be attributed to several factors, including the expansion of meat alternatives and plant-based diets, a heightened focus on sustainable and ethical sourcing practices, growing consumer interest in clean label and natural ingredients, an increasing demand for sports nutrition and protein supplements, and market penetration in emerging economies. Key trends expected during this period encompass technological advancements in soy protein processing, innovation in product formulations and texture improvement, the blending of soy protein with other plant proteins, fortification, and nutritional enrichment, as well as considerations related to soy protein isolate versus concentrate.

The textured soy protein market is poised for growth due to the increasing global demand for protein-rich foods. Protein-rich diets, characterized by a substantial protein intake and low carbohydrate content, have gained popularity, especially those incorporating plant proteins like textured soy protein. These diets are associated with benefits such as muscle gain, improved metabolic health, enhanced body composition, and weight maintenance, given their low-calorie content, higher fiber levels, and essential nutrient content. In 2022, the Plant Based Foods Association reported a 6.6% sales growth in plant-based foods, up from 5.9% in 2021, indicating a growing demand for such products. This surge in the demand for protein-rich foods is a key driver for the textured soy protein market.

The textured soy protein market is also expected to witness growth due to the increasing demand for ready-to-eat food products. Ready-to-eat foods are fully cooked and require no further preparation, offering convenience to consumers. Textured soy protein serves as a meat substitute in these products, replicating the texture and protein content of meat. This makes it a valuable plant-based protein source for vegetarian or vegan ready-to-eat meals. In 2022, the total value of US processed food product exports reached $38 billion, reflecting a 10.96% increase from the previous year. Canada and Mexico also saw increased exports of processed food products valued at $11.43 billion and $5.65 billion, respectively, in 2022. The growing demand for ready-to-eat food products is expected to contribute significantly to the textured soy protein market.

An emerging trend in the textured soy protein market is the increasing focus on investments by major players. Companies are investing in creating innovative products to improve the taste and enhance the likable flavor of soy proteins. For instance, in 2022, Archer Daniels Midland announced a $300 million investment to expand its alternative protein capabilities, establishing a Protein Innovation Center in Decatur. This center is anticipated to meet the demand for innovative products by bringing together labs, test kitchens, and pilot-scale production capabilities.

Major players in the textured soy protein market are also concentrating on product innovation to enhance efficiency, precision, and sustainability in manufacturing processes, gaining a competitive edge. This involves developing novel processes, formulations, or applications to improve the texture, taste, nutritional value, or sustainability of textured soy protein within the food industry. For example, in January 2023, International Flavors & Fragrances launched Supro Tex, a soy-based plant protein that mimics meat texture and can be used in various plant-based meat dishes when rehydrated. This dried protein can be easily stored and rehydrated with a variety of colors and flavors, making it versatile for plant-based recipes.

In November 2021, Archer Daniels Midland acquired Sojaprotein, a Serbia-based non-GMO soybean processing company, for an undisclosed amount. This strategic acquisition aimed to strengthen Archer Daniels Midland's plant-based protein production capabilities in response to global demands for plant-based products.

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

North America was the largest region in the textured soy protein market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the textured soy protein market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the textured soy protein market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The textured soy protein market consists of sales of meat analogue, soy protein, soya milk, meat product, tofu, soybean. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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