(Entertainment-NewsWire.com, May 21, 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.
Increased soy crop cultivation in developing regions such as South America and Asia Pacific, in addition to the already widespread cultivation of soybean across the globe, has increased the availability of soy products such as textured soy proteins. Raw materials for deriving textured soy protein are therefore easy to obtain from contract farmers or oilseed crushers offering soy meal. The low processing costs associated with textured soy proteins are suitable for the operational demands of manufacturers and thereby allow the processors to spend adequately on product development. As a result of these trends, the cost of textured soy protein is cheaper when compared to that of other protein sources such as meat, dairy, and whey proteins.
Restraint: Stringent government regulations for genetically modified crops
The European Union (EU) has stringent regulations in place for genetically modified (GM) crops due to the risks associated with humans and the environment. Soy, one of the largest sources of plant protein and the largest plant-based protein ingredient, if genetically modified in seed form, could have adverse effects if consumed and is hence restricted in the European region.
Genetically modified crops are prohibited in developed regions such as Europe, where several countries as part of the European Union have banned their farmers from cultivating genetically modified crops. The key countries include Germany, France, Northern Ireland, and Scotland. This has affected the genetically modified soybean market in the region and is expected to hamper growth in the future owing to the cultivation and adoption of non-GM soybean crops for food processing applications in European countries. It is also likely to affect exports of soybean from developing countries such as Argentina, where soybean crops are mostly GM-based. This would lead to an overall increase in the prices of products incorporating non-GM soybean.
Opportunity: Increase in soybean production and consumption in emerging markets
Changing lifestyles and the shift from processed food to healthy food products has been observed in developing economies over the past decade, leading to the growth in demand for textured soy proteins, not only for food products but also for applications such as animal feed, cosmetics, and personal care products.
The demand for textured soy protein is high in developed markets such as the US and Europe. The trend of consumer preference for healthy products is rising, wherein marketing campaigns are planned for highlighting their use and health benefit claims. Developing countries such as China and India are projected to experience an increase in demand for textured soy protein in the coming years from these regions. The Asia Pacific region provides a cost advantage in terms of production and processing. High demand, coupled with low cost of production, would aid the suppliers, subsequently driving the growth of the market in the region.
Countries such as India, lack in post-harvest management techniques and lack in an efficient supply chain. However, the increase in per-capita income and consumers’ buying capabilities are expected to drive the growth of the textured soy protein market over the next few years.
This report includes a study of marketing and development strategies, along with the product portfolios of the leading companies. It includes profiles of leading companies such as 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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