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(Health-NewsWire.Net, April 13, 2021 ) The textured soy protein market is estimated at USD 1.73 Billion in 2017 and is projected to reach a value of USD 2.73 Billion by 2022, at a CAGR of 9.5% from 2017 to 2022. The market is driven by factors such as an increase in demand for protein-rich foods and growing health-conscious population.
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Organic soy protein is projected to be the fastest-growing segment from 2017 to 2022
Owing to the increase in demand for organic products, the market for organic textured soy protein is expected to grow at the highest CAGR. The busy schedules of consumers have led to the rise in demand for organic food & beverage products containing textured soy protein. Manufacturers are focusing on product innovation in organic soy protein in order to meet the rising demand. The non-GMO segment account for the largest market share in 2016as it is a natural product which does not contain additives or preservatives.
The soy protein concentrate segment accounted for the largest share in the textured soy protein market in 2016.
Soy protein concentrates are widely used as functional and nutritional ingredients in various food products such as baked products, breakfast cereals, and meat products. They are widely used in meat and poultry products to increase water and fat retention and to improve the nutritional value of the food due to their high protein content. Hence, the demand for soy protein concentrates is high in textured soy protein market.
The food segment accounted for the largest share in the textured soy protein market in 2016.
Textured soy protein has been of immense importance in the food processing industry. Its use in food applications such as meat processing, functional foods, and dairy replacements is driving the market. This has increased the application of textured soy protein in the food industry.
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North America dominated the textured soy protein market in 2016.
The North American region was the largest market for textured soy protein market in 2016 owing to the increase in demand for vegan food products in the US and Canada. The consumer awareness regarding the benefits of textured soy protein products consumption in this region is very high.
Leading companies are ADM (US), Cargill (US), DowDuPont (US), Wilmar International (Singapore), Victoria Group (Serbia), Bremil Group (Brazil), Linyi Shansong Biological Products (China), Shandong Yuxin Bio-Tech (China), Crown Soya Protein Group (China), Sonic Biochem (India), and Hung Yang Foods (Netherlands).
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