Textured Soy Protein Market Size, Share & Trends Analysis Report By Product (Textured Defatted Soy Flour (TSF), Textured Soy Protein Concentrate (TSPC), Textured Soy Protein Isolate), By Type, By Application, By Region, And Segment Forecasts, 2023 - 2030

Textured Soy Protein Market Size & Trends

The global textured soy protein market size was valued at USD 842.5 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 13.2% from 2022 to 2030. Increasing demand for protein-rich food is expected to drive the growth. Owing to increasing health awareness, consumers are opting for low-carb and low-fat foods, thereby driving product demand. Moreover, the rising demand in the functional drinks industry is expected to support the industry’s growth over the forecast period. Increasing demand for Ready-to-Eat (RTE) food products owing to a hectic lifestyle is projected to drive the market further. Also, the growing popularity of textured soy protein as a meat substitute is likely to contribute to the market’s expansion.

Textured soy protein is a popular meat substitute made from defatted soy flour that has been extruded into various shapes and sizes. It has gained popularity in recent years due to the increasing demand for plant-based protein. As more people become aware of the environmental and health benefits of a plant-based diet, the demand for plant-based protein sources has been increasing, and TSP has been an attractive option for consumers.

In addition to its plant-based protein content, TSP also offers several health benefits. It is a low-fat, low-calorie, and cholesterol-free protein source that is rich in essential amino acids. It is also a good source of dietary fiber, which can help to promote satiety and support digestive health. These health benefits have contributed to the growing popularity of TSP as a meat alternative.

Another factor driving the market for TSP is its cost-effectiveness. TSP is relatively inexpensive compared to other protein sources such as meat, making it an attractive option for manufacturers who want to create affordable meat alternatives. This has made TSP a popular ingredient in a wide range of products, from veggie burgers to meatless meatballs.

Product Insights

The textured soy protein concentrate segment dominated the market with over 47.05% of the revenue share in 2022 and is also projected to maintain its dominance with the fastest volume-based CAGR of over 11.0% over the forecast period. This is owing to its high protein content and increasing demand across the food & beverages end-use industry. Thus, manufacturers are providing a variety of TSPC for end-use applications, contributing to segmental dominance in the global market.

TSPC is used in making high-protein snacks containing 70% protein. It is widely used to extend meat in canned meat products and can efficiently be used with around 25% replacement level in ground beef. The low bacteria count in TSCP compared to meat is expected to support its demand in the global market. In addition, TSPC products can be colored, flavored, and sized to fit into a wide variety of food applications such as meat sausages and patties among others. It has good water and fat absorption quality, which is another major factor bolstering the growth of the industry.

Concentration Type Insights

The market for conventional concentration type was the largest in 2022 and is anticipated to expand at a revenue-based CAGR of over 12.0% over the forecast period. This segment is projected to maintain its dominance in the market from 2022 to 2030. The health benefits associated with the consumption of textured soy proteins owing to their nutritional composition fuel the growth of the conventional type segment. According to the USDA Food Data Central, soybeans contain vitamin K, riboflavin, folate, vitamin B6, thiamin, and vitamin C. They have significant quantities of iron, phosphorus, copper, potassium, magnesium, zinc, selenium, and calcium as well. The nutrient composition of textured soy proteins is the prime factor driving the growth of the conventional type segment. Health-conscious consumers are adopting vegan food products and vegetarian alternatives that can provide nutrients and taste comparatively similar to meat. This also leads to the growth of this segment of the market worldwide.

The organic type segment is projected to grow at a higher CAGR of 13.1%, in terms of revenue, as compared to the conventional type segment from 2022 to 2030. The continuous rise in demand for organic food products due to health benefits associated with organically grown soybeans is supporting the growth of this segment of the market. According to the Appropriate Technology Transfer for Rural Areas (ATTRA), the addition of organic matter and its stimulating biological activity in the soil make mineral nutrients increasingly available to plants. This leads to the microbial production of plant beneficial chemicals, which results in the development of high-quality textured soy proteins through further processing.

 Moreover, organically grown food and feed typically command premium prices in the marketplace. This acts as a challenge to the growth of the conventional type segment in underdeveloped and developing economies. However, the increasing awareness about healthy eating habits among millennials is anticipated to result in a surged demand for food products that possess essential nutrients despite being costlier than their alternatives. According to the Organic Trade Association, approximately 52% of consumers of organic textured soy proteins are millennials from across the globe and they are highly aware of their eating habits.

Application Insights

The food & beverages segment had the highest revenue of USD 659.7 million in 2022 and the application segment is also projected to maintain its dominance with the fastest volume-based CAGR of 13% from 2022 to 2030. The increasing demand for textured soy protein in food products from end-users owing to its nutritional composition is primarily supporting its growth. More health-conscious individuals across the globe are opting for high-protein products. Furthermore, factors such as ease of application and the availability of high protein content give textured soy protein the potential to push itself into the mainstream marketplace over the forecast period.

The food & beverages industry consists of a wide product portfolio, constituting consumer food, food additives, and dietary supplements. Similarly, the beverages industry constitutes products such as aerated drinks, alcoholic drinks, juice or health drinks, and non-alcoholic drinks. Therefore, the high demand for textured soy proteins owing to their ability to act as a complexing/stabilizing agent, emulsifying salt, and flavor enhancer in the food & beverages sector is expected to spur the market over the forecast period.

Regional Insights

North America held the highest market share of 35.9% in 2022, in terms of revenue and is projected to continue dominating over the forecast period. Textured defatted soy flour (TSF) and textured soy protein concentrate (TSPC) are the major product segments in North America’s textured soy protein market. This can be attributed to the rising fitness awareness among consumers in the U.S., Canada, and Mexico, which is expected to drive the demand for functional food and beverages over the forecast period.

The textured soy protein industry in North America is expected to grow at a CAGR of 12.5% over the forecast period on account of the increasing consumption of energy bars, cold cereals, and snacks infused with textured soy protein. Product innovations by major regional companies, including those focused on consumer needs for high-protein, low-fat, and cholesterol-free products, are further augmenting the market growth.

Asia Pacific is projected to exhibit the fastest revenue-based CAGR of 14.5% from 2022 to 2030. The growth can be attributed to the rising product demand from countries such as China, India, Singapore, South Korea, Australia, and Japan. The penetration of protein products in the daily diet, coupled with increasing health awareness among consumers, is expected to augment the demand for textured soy protein in the region. The Asia Pacific is expected to register the fastest growth owing to the growing exports and domestic production of protein-rich products. The exponential growth of the food & beverage industry in Japan, China, India, and South Korea has led to increasing domestic demand for textured soy protein.

Key Companies & Market Share Insights

The increasing focus on vegan or vegetarian diets across the globe, due to their health benefits, is the prominent factor responsible for the continuous development of the textured soy protein industry. According to an article published by the U.K.-based charity foundation, The People for the Ethical Treatment of Animals (PETA), the vegan diet has several health benefits, including:

• It is rich in nutrients such as fiber, antioxidants, potassium, magnesium, folate, and vitamins A, C, & E

• It reduces the risk of suffering from cancer and other diseases

• It can uplift mood, vegans, and vegetarians had better scores on depression tests and mood profiles compared to those who consume fish and meat

• Vegan diet helps achieve a healthy body weight

• It can prevent type 2 diabetes • Vegan diet can reduce the pain of arthritis

Some prominent players in the global textured soy protein market include:

• Archer Daniels Midland Company (ADM)

• Cargill Inc

• Bunge Limited

• International Flavors & Fragrances Inc.

• Bremil Group

• Sonic Biochem

• Victoria Group

• Crown Soya Protein Group

• Shandong Yuxin Biotechnology Co., Ltd.

• Linyi Shansong Biological Products Co., Ltd.

Textured Soy Protein Market Report Scope

Global Textured Soy Protein Market Report Segmentation

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global textured soy protein market report based on product, type, application, and region:

• Product Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

  • Textured Defatted Soy Flour (TSF)

  • Textured Soy Protein Concentrate (TSPC)

  • Textured Soy Protein Isolate

• Type Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

  • Organic

  • Conventional

• Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

  • Food & Beverages

  • Animal Feed

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

  • Asia Pacific

    • China

    • Japan

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa

    • Saudi Arabia