The global textured soy protein market size valued at USD 3.53 billion in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 9.1% from 2019 to 2025. Increasing demand for protein-rich food is expected to drive the market for textured soy protein over the forecast period. Owing to increasing health awareness, consumers are opting for low-carb and low-fat foods, which is also driving the product demand.
Moreover, the rising demand in the functional drinks industry is expected to support market 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 market expansion.
According to studies published in 2018, demand for meat substitutes and other plant-based substitutes for animal-based products, such as milk, yogurt, and cheese, increased by 25% and 17%, respectively. Furthermore, on account of increasing environmental concerns and awareness about animal cruelty manufacturers are introducing meat analog products, which is likely to fuel product demand.
Non-GMO soy protein was the largest product segment in 2018 and is expected to maintain its dominant position throughout the forecast period. North America was the largest regional market in 2018; however, Asia Pacific is expected to be the fastest-growing market at a CAGR of 11.4% over the forecast period.
Non-GMO product type held a 53.9% share of the global textured soy protein market in 2018 and is expected to maintain its dominance over the forecast period. Increasing awareness about the harmful effects of Genetically Modified (GM) crops and demand for non-GMO products are likely to drive the segment. Moreover, restrictions on genetically modified soya beans in India, China, and other countries have fueled the demand for non-GMO crops.
The organic segment is expected to register the fastest CAGR of 9.4% from 2019 to 2025. The segment is driven by the increase in demand for organic food products across the globe. Hectic work schedule has fueled the demand for organic foods & beverages containing textured soy protein. Furthermore, rising health consciousness has increased the demand for preservative- and additive-free products.
Food application led the global market in 2018 and is projected to expand further at the fastest CAGR of 9.3% from 2019 to 2025. Textured vegetable proteins are becoming popular due to increasing demand for meat alternatives, which is likely to fuel the segment growth. Soya proteins play an important role as a source of complementary & supplementary proteins and help enhance the solubility, water absorption, viscosity, emulsification, texture, and anti-oxidation, which in turn, boosts their demand.
Moreover, soya helps in preventing various chronic diseases, such as heart disease, hypertension, certain cancers, diabetes, and osteoporosis. In also helps in maintaining body function and is a source of major amino acids. Thus, it has a huge demand in the food application segment. Feed segment is expected to witness a CAGR of 8.5% over the forecast period. Soya bean meal is widely used as a protein source in poultry and other livestock industry due to its unique combination of essential amino acids required for the growth of livestock.
North America was the largest region in 2018 and accounted for half of the overall market share. Increasing the vegan population and health awareness in the region are the key factors driving its growth. On the other hand, Asia Pacific is expected to register the fastest CAGR of 11.4% over the forecast period. Increasing soya bean production coupled with the rising awareness about the health benefits of soya bean is boosting the regional market growth. China is one of the largest consumers in this region. It accounted for more than a 20% share of the Asia Pacific market.
The global market is highly competitive. Most of the companies have undertaken business strategies, such as merger & acquisition and product innovation to acquire a greater market share. Some of the prominent players in the textured soy protein market include:
Archer Daniels Midland Company
Cargill, Inc.
Wilmar BioEthanol
Victoria Group
Bremil Group
Sonic Biochem
CROWN SOYA PROTEIN GROUP
HOYA FOOD
SHANDONG YUXIN BIO-TECH CO., LTD.
Bunge
Report Attribute |
Details |
The market size value in 2020 |
USD 4.16 billion |
The revenue forecast in 2025 |
USD 6.49 billion |
Growth Rate |
CAGR of 9.1% from 2019 to 2025 |
The base year for estimation |
2018 |
Historical data |
2015 - 2017 |
Forecast period |
2019 - 2025 |
Quantitative units |
Revenue in USD million and CAGR from 2019 to 2025 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Type, application, region |
Regional scope |
North America; Europe; Asia Pacific; Central & South America; MEA |
Country scope |
U.S.; Germany; U.K.; China; India |
Key companies profiled |
Archer Daniels Midland Company; Cargill, Inc.; Wilmar BioEthanol; Victoria Group; Bremil Group; Sonic Biochem; CROWN SOYA PROTEIN GROUP; HOYA FOOD; SHANDONG YUXIN BIO-TECH CO., LTD.; Bunge |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For this study, Grand View Research has segmented the global textured soy protein market report based on product type, application, and region:
Product Type Outlook (Revenue, USD Million, 2015 - 2025)
Non-GMO
Conventional
Organic
Application Outlook (Revenue, USD Million, 2015 - 2025)
Food
Feed
Regional Outlook (Revenue, USD Million, 2015 - 2025)
North America
The U.S.
Europe
Germany
U.K.
Asia Pacific
China
India
Central & South America
Middle East & Africa
b. The global textured soy protein market size was estimated at USD 3.83 billion in 2019 and is expected to reach USD 4.16 billion in 2020.
b. The global textured soy protein market is expected to grow at a compound annual growth rate of 9.1% from 2019 to 2025 to reach USD 6.49 billion by 2025.
b. North America dominated the textured soy protein market with a share of 49.7% in 2019. This is attributable to the increasing vegan population and health awareness in the region are the key factors driving its growth
b. Some key players operating in the textured soy protein market include Archer Daniels Midland Company; Cargill, Inc.; Wilmar BioEthanol; Victoria Group; Bremil Group; Sonic Biochem; CROWN SOYA PROTEIN GROUP; HOYA FOOD; SHANDONG YUXIN BIO-TECH CO., LTD.; and Bunge.
b. Key factors that are driving the market growth include the increasing demand for protein-rich food due to the increasing health awareness, consumers are opting for low-carb and low-fat food.
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The demand for nutraceuticals & functional foods is expected to witness an upward surge owing to consumers opting for immunity boosting supplements during the COVID-19 pandemic. Furthermore, a decline in the consumption of poultry, meat and seafood products across the globe is expected to increase the demand for plant and animal-based protein supplements in the near future. The report will account for Covid19 as a key market contributor.
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