Soy Protein Isolates to Account for More than Half of Textured Soy Protein Sales through 2031: Fact.MR

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.

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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.

With the World Health Organization’s REPLACE initiative that aims to expunge trans fats from the global food chain by 2023, manufacturers have already started producing trans-fat-free food products; however, the main challenge is bringing F&B companies across the world up to speed with this initiative.

The global brouhaha over creating a ‘plastic-free’ world is pushing food and beverage manufacturers to adopt biodegradable packaging formats, resulting in increased R&D efforts in the food packaging sector.

The zooming focus on health and well-being through food and drinks highlights the proclivity for high-health-quo, naturally-sourced consumables – translating into the increasing demand for and supply of ready-to-consume organic health foods and beverages.

Manufacturers of food and beverage sector are becoming quick to leverage perpetual innovations in food technologies in an effort to satiate consumer appetency in terms of both quality and quantity – rapid digitization and technological advancements in the production, processing, and packaging of F&B products will continue to hold sway in the future.

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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.

Key Questions Covered in the Textured Soy Protein Market Report

• The market survey also highlights projected sales growth for textured soy protein market between 2021 and 2031
• The report offers insight into textured soy protein demand outlook for 2021-2031
• Textured soy protein market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
• Textured soy protein market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry

Explore Fact.MR’s Coverage on the Food & Beverage Domain

Soy Protein Hydrolysate Market – During 2017-2026, the APEJ region is expected to lead the global soy protein hydrolysate market, with an above-average CAGR. Rising per capita income and the rapid adoption of healthier lifestyles are driving demand for foods containing soy protein hydrolysate. Throughout the evaluation period, dry soy protein hydrolysate will continue to outsell the liquid variant. Dry soy protein hydrolysate sales currently account for more than 2/3^rd of the global market in terms of revenue.

Non-GMO Soy Protein Market – Non-GMO protein demand, in particular, is on the rise, as it encompasses overarching trends like clean label, plant-based protein, better-for-you options, healthful eating, and sustainability. Furthermore, consumer aversion to artificial products is emerging as a key growth driver in the non-GMO soy protein market. Increased keto diet adoption, snacking in place of traditional meals, and clean label have all influenced the growth of the non-GMO soy protein market.

Soy Free Protien Powder Market – The growing importance of a healthy diet and supplements in vegan diets is driving the global market for soy free protein powder. The global market for soy free protein powder supplements is expanding rapidly due to an increase in health and fitness centres and consumer health consciousness. Furthermore, growing functional advantages and various health benefits are expected to drive demand for soy free protein powder in the health market.

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