Textured Soy Protein Market Size, Trends, Report 2023-2032
The global textured soy protein market was valued at USD 842.52 million in 2022 and it is predicted to surpass around USD 2,926.48 million by 2032 with a CAGR of 13.26% from 2023 to 2032. The textured soy protein market in the United States was accounted for USD 221.9 million in 2022.
Key Pointers
Report Scope of the Textured Soy Protein Market
| Report Coverage | Details |
| Revenue Share of North America in 2022 | 35.95% |
| CAGR of Asia Pacific | 14.55% |
| Revenue Forecast by 2032 | USD 2,926.48 million |
| Growth rate from 2023 to 2032 | CAGR of 13.26% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Companies Covered | 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. |
The growth is primarily driven by the increasing demand for plant-based protein alternatives, particularly in the food and beverage industry. As more consumers adopt vegetarian or vegan diets or reduce their meat consumption for health or environmental reasons, there is a growing need for high-quality, affordable, and versatile sources of protein.
Textured soy protein, also known as textured vegetable protein, provides a viable solution to this demand, as it is derived from soybeans and offers a meat-like texture and flavor when rehydrated. Additionally, the rising awareness about the health benefits of soy protein, such as its ability to lower cholesterol levels and reduce the risk of heart disease, has further boosted the market growth.
Food and beverage manufacturers are incorporating textured soy protein into a wide range of products, including meat substitutes, snacks, bakery, and confectionery products, to cater to the changing dietary preferences of consumers. Furthermore, the increasing popularity of soy-based products in emerging economies, such as China and India, due to their cost-effectiveness and nutritional value, is also driving the global market for textured soy protein.
Moreover, the increasing investment by manufacturers in R&D activities to develop innovative products and formulations using textured soy protein is driving the market’s growth. For instance, manufacturers are developing new varieties of textured soy protein with improved texture, flavor, and nutritional value to meet the changing demands of consumers. The rising demand for organic and non-GMO soy-based products is also driving the growth, as consumers are willing to pay a premium for products that are free from harmful chemicals and genetically modified organisms.
In November 2022, IFF introduced Supro Tex, an ingredient made from soy-based plant protein that can replicate the texture of meat. With a protein content of 80%, it is suitable for creating plant-based alternatives for beef, chicken, pork, and lamb dishes. The launch of Supro Tex is a key aspect of IFF's Re-Imagine Protein initiative, which aims to drive growth in the plant-based industry.
Product Insights
The textured soy protein concentrate segment dominated the market with over 47.07% of the revenue share in 2022 and is also projected to maintain its dominance with the fastest volume-based CAGR of over 11.02% 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 12.02% over the forecast period. This segment is projected to maintain its dominance in the market from 2022 to 2032. 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 13.12%, in terms of revenue, as compared to the conventional type segment from 2023 to 2032. 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 659.73 million in 2022 and the application segment is also projected to maintain its dominance with the fastest volume-based CAGR of 13.04% from 2023 to 2032. 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 35.95% 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 12.51% 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 14.55% from 2023 to 2032. 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.
Textured Soy Protein Market Segmentations:
By Product
By Type
By Application
By Regional
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Product Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Textured Soy Protein Market
5.1. COVID-19 Landscape: Textured Soy Protein Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Textured Soy Protein Market, By Product
8.1. Textured Soy Protein Market, by Product, 2023-2032
8.1.1 Textured Defatted Soy Flour (TSF)
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Textured Soy Protein Concentrate (TSPC)
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.3. Textured Soy Protein Isolate
8.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 9. Global Textured Soy Protein Market, By Type
9.1. Textured Soy Protein Market, by Type, 2023-2032
9.1.1. Organic
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Conventional
9.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 10. Global Textured Soy Protein Market, By Application
10.1. Textured Soy Protein Market, by Application, 2023-2032
10.1.1. Food & Beverages
10.1.1.1. Market Revenue and Forecast (2020-2032)
10.1.2. Animal Feed
10.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 11. Global Textured Soy Protein Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Product (2020-2032)
11.1.2. Market Revenue and Forecast, by Type (2020-2032)
11.1.3. Market Revenue and Forecast, by Application (2020-2032)
11.1.4. U.S.
11.1.4.1. Market Revenue and Forecast, by Product (2020-2032)
11.1.4.2. Market Revenue and Forecast, by Type (2020-2032)
11.1.4.3. Market Revenue and Forecast, by Application (2020-2032)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Forecast, by Product (2020-2032)
11.1.5.2. Market Revenue and Forecast, by Type (2020-2032)
11.1.5.3. Market Revenue and Forecast, by Application (2020-2032)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Product (2020-2032)
11.2.2. Market Revenue and Forecast, by Type (2020-2032)
11.2.3. Market Revenue and Forecast, by Application (2020-2032)
11.2.4. UK
11.2.4.1. Market Revenue and Forecast, by Product (2020-2032)
11.2.4.2. Market Revenue and Forecast, by Type (2020-2032)
11.2.4.3. Market Revenue and Forecast, by Application (2020-2032)
11.2.5. Germany
11.2.5.1. Market Revenue and Forecast, by Product (2020-2032)
11.2.5.2. Market Revenue and Forecast, by Type (2020-2032)
11.2.5.3. Market Revenue and Forecast, by Application (2020-2032)
11.2.6. France
11.2.6.1. Market Revenue and Forecast, by Product (2020-2032)
11.2.6.2. Market Revenue and Forecast, by Type (2020-2032)
11.2.6.3. Market Revenue and Forecast, by Application (2020-2032)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Forecast, by Product (2020-2032)
11.2.7.2. Market Revenue and Forecast, by Type (2020-2032)
11.2.7.3. Market Revenue and Forecast, by Application (2020-2032)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Product (2020-2032)
11.3.2. Market Revenue and Forecast, by Type (2020-2032)
11.3.3. Market Revenue and Forecast, by Application (2020-2032)
11.3.4. India
11.3.4.1. Market Revenue and Forecast, by Product (2020-2032)
11.3.4.2. Market Revenue and Forecast, by Type (2020-2032)
11.3.4.3. Market Revenue and Forecast, by Application (2020-2032)
11.3.5. China
11.3.5.1. Market Revenue and Forecast, by Product (2020-2032)
11.3.5.2. Market Revenue and Forecast, by Type (2020-2032)
11.3.5.3. Market Revenue and Forecast, by Application (2020-2032)
11.3.6. Japan
11.3.6.1. Market Revenue and Forecast, by Product (2020-2032)
11.3.6.2. Market Revenue and Forecast, by Type (2020-2032)
11.3.6.3. Market Revenue and Forecast, by Application (2020-2032)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Forecast, by Product (2020-2032)
11.3.7.2. Market Revenue and Forecast, by Type (2020-2032)
11.3.7.3. Market Revenue and Forecast, by Application (2020-2032)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Product (2020-2032)
11.4.2. Market Revenue and Forecast, by Type (2020-2032)
11.4.3. Market Revenue and Forecast, by Application (2020-2032)
11.4.4. GCC
11.4.4.1. Market Revenue and Forecast, by Product (2020-2032)
11.4.4.2. Market Revenue and Forecast, by Type (2020-2032)
11.4.4.3. Market Revenue and Forecast, by Application (2020-2032)
11.4.5. North Africa
11.4.5.1. Market Revenue and Forecast, by Product (2020-2032)
11.4.5.2. Market Revenue and Forecast, by Type (2020-2032)
11.4.5.3. Market Revenue and Forecast, by Application (2020-2032)
11.4.6. South Africa
11.4.6.1. Market Revenue and Forecast, by Product (2020-2032)
11.4.6.2. Market Revenue and Forecast, by Type (2020-2032)
11.4.6.3. Market Revenue and Forecast, by Application (2020-2032)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Forecast, by Product (2020-2032)
11.4.7.2. Market Revenue and Forecast, by Type (2020-2032)
11.4.7.3. Market Revenue and Forecast, by Application (2020-2032)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Product (2020-2032)
11.5.2. Market Revenue and Forecast, by Type (2020-2032)
11.5.3. Market Revenue and Forecast, by Application (2020-2032)
11.5.4. Brazil
11.5.4.1. Market Revenue and Forecast, by Product (2020-2032)
11.5.4.2. Market Revenue and Forecast, by Type (2020-2032)
11.5.4.3. Market Revenue and Forecast, by Application (2020-2032)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Forecast, by Product (2020-2032)
11.5.5.2. Market Revenue and Forecast, by Type (2020-2032)
11.5.5.3. Market Revenue and Forecast, by Application (2020-2032)
Chapter 12. Company Profiles
12.1. Archer Daniels Midland Company (ADM)
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Cargill Inc.
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Bunge Limited
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. International Flavors & Fragrances Inc.
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Bremil Group
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Sonic Biochem
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. Victoria Group
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Crown Soya Protein Group
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. Shandong Yuxin Biotechnology Co., Ltd.
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Linyi Shansong Biological Products Co., Ltd.
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers