Vineri, 13 Octombrie 2023 07:15

Textured Soy Protein Market to Reach USD2.13bn by 2033

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The global market for textured soy protein is expected to grow from a valuation of USD1.13bn in 2023 to USD2.13bn by 2033, according to the most recent market study conducted by Fact.MR. From 2023 to 2033, the global market for textured soy protein is expected to grow at a compound annual growth rate (CAGR) of 6.5%.

“Defatted soy flour is used to create textured soy protein, usually referred to as a textured vegetable protein. Defatted soy flakes, which are obtained by squeezing oil from soybeans, are crushed to create defatted soy flour. With its high protein level, textured soy protein is utilized as a meat substitute or extender,” according to a recent press release received by newsdesk.

Key Takeaways from the Market Study:
• The market in the U.S. is slated to reach USD599.3m by 2033.
• Demand for textured soy protein in the United Kingdom is valued at USD89.4m in 2023.
• Sales of textured soy protein in China are estimated to rise at a CAGR of 6.8% through 2033.
• At present, soy protein isolates are the most sought-after, holding 59% market share.

Rising Vegetarianism, Veganism, and Demand for Plant-based Protein

Growing trend of health-conscious foods and customer interest in plant-based protein have influenced the market. In recent years, vegetarianism has grown in popularity. The product's importance in reducing the incidence of heart disease, osteoporosis, and some types of cancer is of particular relevance. Due to the product’s high protein content and adaptability in the development of meat analogs and milk substitutes, textured soy protein is a nutritious solution for vegetarians.

Growing Consumer Focus on Protein-rich Food Products

The market is fueled by rising consumer demand for protein-rich foods. Due to customers' preference for low-carb and low-fat foods as a result of growing health consciousness, product demand is rising. The market is anticipated to increase over the projection period due to the constantly expanding trend of physical fitness and healthy living. Due to a busy lifestyle, there is forecasted to be an increase in demand for ready-to-eat (RTE) food products

Start-ups Using Textured Soy Protein to Produce Animal Feed Products

Wild fish is typically present in high concentrations in aquaculture diets. This, however, does not support marine ecosystem sustainability since it results in overfishing, habitat loss, and water pollution. Start-ups are using plant protein ingredients such as soybeans to provide sustainable ingredients for fish and animal feed to address these concerns. In addition to fostering fish growth, soy protein is a rich source of omega-3 fatty acids that also aid in the growth of livestock.

Rapid Increase in Vegan Population in the Country

The U.S. is a leader in the vegan movement. In the country, the vegan population is between the ages of 30 and 49. The United States Department of Agriculture (USDA) researched meat stews, barbecue sauces, and meat sauces to develop labeling guidelines for the use of textured soy protein based on the ratio of fresh meat to dried soy equivalent in the product formula. The medical industry is greatly impacted by plant-based diets since many hospitals are substituting vegan meals for processed meat products.

Rapid Expansion of Food & Beverage Industry

The surging popularity of non-dairy foods and beverages in the United Kingdom is also estimated to drive demand for soy products. A rise in fitness centers due to consumers' increasing health awareness, is predicted to spur demand for functional meals and drinks throughout the projection period. Domestic demand for textured soy protein is rising as a result of the rapid expansion of the food and beverage industry.

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