Market Trends of Global Textured Soy Protein Industry
The Organic Segment is Expected to be the Fastest Growing Segment
The organic segment is anticipated to grow at a faster rate during the forecast period. The continuous rise in demand for organic food products due to health benefits associated with organically grown soybeans is fueling the expansion of this market segment. 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.
The growing vegetarian population is linked to the increasing consumption of organic soy-based protein. As more people adopt vegetarian and vegan diets, there is a higher demand for plant-based proteins. For instance, according to ProVeg International, around 9% of consumers in the United Kingdom are plant-based eaters. Organic soy proteins are readily becoming a part of the functional foods that help compensate for dietary imbalances due to a tiring lifestyle. Furthermore, organic soy protein products are low in carbohydrate content, gluten-free, and come in multiple flavors, giving consumers a handful of options. The manufacturing companies, therefore, have a wide scope of innovation to expand their product offering range.
North America is the Largest Market
North America is anticipated to dominate the global textured soy protein market owing to the high demand for a vegan diet with similar nutrition and healthier ingredients compared to meat and meat products. The market for textured soy protein is growing at a fast rate, owing to changes in lifestyle, lack of balanced dietary intake, and improved R&D to develop new kinds of textured plant-protein enriched products. The demand for processed and low-cholesterol foods has paved the way for the textured soy protein market in the region. Moreover, there is an increasing demand for high protein and meat substitute products among vegan and vegetarian consumers in North America, which is expected to boost the demand in the market.
Moreover, as more people become interested in fitness and health, there is an increased demand for high-protein foods to support muscle building and overall wellness. Textured soy protein, a high-quality, plant-based protein source, fits well into this demand. For instance, according to the Sports & Fitness Industry Association, participation in fitness activities among Americans has grown an impressive 5.3%, or by 10.4 million people since 2017. The number of total fitness participants rose to 205.8 million in 2022, allowing the country’s fitness participation rate to hit a high-water mark of 67.4%. Hence, these factors are expected to fuel the demand for textured soy protein across North America.
