(I-BusinessNews.Com, February 02, 2020 ) The textured soy protein market is estimated at USD 1.73 billion in 2017 and is projected to grow at a CAGR of 9.5% from 2017 to 2022. The textured soy protein market is segmented on the basis of type, application, source, and region. The types of textured soy protein include non-GMO, conventional, and organic textured soy protein. This market has also been segmented on the basis of application into food which includes meat substitutes, dairy alternatives, bakery products, infant nutrition, cereals & snacks, and feed. The market has been segmented on the basis of source into soy protein concentrates, soy protein isolates, and soy flour. On the basis of key regions, the textured soy protein market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).
The textured soy protein market is driven by factors such as the high nutritional value of soy and initiatives undertaken by the government and regulatory bodies to increase consumer awareness. As a result, the protein-enriched food products market is booming, with infant nutrition and meat alternative products being identified as preferred carriers of protein fortification.
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Based on source, the soy protein isolates segment is projected to be the fastest-growing market from 2017 to 2022. Soy protein isolates have the highest protein content (up to 90%) and are made from defatted soy meal by removing the fats and carbohydrates. Soy protein isolates have a very neutral flavor compared to other soy products and hence witness a high demand in meat substitute applications.
On the basis of type, the organic textured soy protein segment is projected to be the fastest-growing from 2017 to 2022, due to the increase in awareness of the beneficial characteristics of organic products which carry high protein content. Due to the growing technological advancements in extraction processes and the investment of key companies in sourcing soy protein concentrates which contain a large amount of protein, this segment is projected to grow at a significant rate.
Based on application, the food segment is projected to be the fastest-growing during the forecast period. The inclusion of textured soy protein in food products leads to the prevention of health disorders, which acts as a driving factor for the market. Due to the changing diet patterns and the rising health concerns, textured soy protein has begun to form an integral part of processed and packaged foods in an attempt to meet nutritive requirements.
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The Asia Pacific region is expected to be the fastest growing market for textured soy protein between 2017 and 2022. The food & beverages market in the Asia Pacific region is currently undergoing a significant transformation in response to rapid urbanization and diet diversification. Leading companies such as Cargill (US) have expanded their facilities in Asian countries to meet the increasing demand for textured soy protein.
The US accounted for the largest share of the North American textured soy protein market in 2016. The market is also characterized by the presence of large-scale textured soy protein manufacturers such as Cargill (US), ADM (US), and DowDuPont (US).
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