Selbyville, Delaware, Jan. 15, 2024 (GLOBE NEWSWIRE) --
The textured soy protein ingredient market valuation is projected to be worth over USD 881 million by 2032, as reported in a research study by Global Market Insights Inc.
The increasing vegetarian and vegan population globally is surging the market demand. As per estimates, approximately 22% of the global population were vegetarians as of 2023. With more consumers embracing plant-based lifestyles for health, ethical, and environmental reasons, there is a rising demand for plant proteins. Given its meat-like texture and protein content, textured soy protein ingredient serves as a staple in vegetarian and vegan diets. In response, several food manufacturers are responding by incorporating textured soy protein into a variety of plant-based products, such as meat alternatives and dairy substitutes, fostering the overall market growth.
Textured soy protein ingredient market from the soy protein flour segment is estimated to record considerable growth through 2032. Soy protein flour offers a versatile and plant-based protein source for various food applications. With consumer preferences shifting towards healthier and sustainable diets, soy protein flour is meeting the demand for nutritious, meat-free alternatives. Additionally, the growing focus of food manufacturers on incorporating sustainable protein sources into a diverse range of products due to its affordability and functional properties will propel the product demand.
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Textured soy protein ingredient market from the dairy alternatives end-use segment is set to witness high demand from 2024 to 2032, owing to its rising popularity as a key ingredient in formulating plant-based dairy substitutes. On account of its ability to mimic the texture and protein content of traditional dairy products, these ingredients are recording increasing demand among manufacturers of plant-based milk, yogurt, and other dairy alternatives. The rising consumer demand for vegan and lactose-free options will further amplify the industry growth.
Asia Pacific textured soy protein ingredient market is poised to expand at a notable CAGR between 2024 and 2032, driven by the increasing adoption of plant-based diets, led by health consciousness, and sustainability concerns. Countries like China and India, with their large populations are contributing prominently to the industry demand. Additionally, as of 2023, India had the highest number of vegetarians across the world. The versatile use of textured soy protein in regional cuisines, especially in plant-based meat alternatives coupled with the ongoing shift towards plant-centric diets is expected to accelerate the regional market expansion.
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Some of the major companies operating in the textured soy protein ingredient market are Wilmar International Ltd., Fuji Oil Holdings Inc., Crown Protein Soya Group Company, Fuji Oil Holdings Inc., International Flavors & Fragrances Inc., Cargill, ADM, CHS Inc., Devansoy, AG Processing Inc. The growing emphasis by these firms on innovations and product developments, including improved textures and flavors of textured soy protein, will augment the industry outlook. For instance, in November 2022, International Flavors & Fragrances Inc. introduced ingredients made of plant protein derived from soy with an 80% protein level comparable to that of animal meat.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Textured soy protein ingredient industry 3600 synopsis, 2018 – 2032
2.2 Business trends
2.3 Product trends
2.4 Type trends
2.5 End-use trends
2.6 Regional trends
Chapter 3 Textured Soy Protein Ingredient Market Insights
3.1 Industry ecosystem analysis
3.2 Industry impact forces
3.2.1 Growth drivers
3.2.2 Industry pitfalls & challenges
3.3 Growth potential analysis
3.3.1 By product
3.3.2 By type
3.3.3 By application
3.4 COVID- 19 impact analysis
3.5 Regulatory landscape
3.5.1 U.S.
3.5.2 Europe
3.6 Pricing analysis, 2022
3.7 Technology landscape
3.7.1 Future market trends
3.8 Porter's analysis
3.9 PESTEL analysis
3.10 Impact of Russia-Ukraine war
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
