Textured soy protein is made with soy concentrates, soy isolates, or soy flour. It is also known as textured vegetable protein. Major factor driving growth of the global textured soy protein market is growing awareness regarding low cost and plant-based protein among individuals. Additionally, growing vegan population is another factor fueling growth of the global market. However, lack of flavors regarding textured soy protein is a challenging factor that could affect growth of the target market.
The global textured soy protein market has been segmented on the basis of source, type, application, and region. On the basis of source, the market is segmented into soy flour, soy protein concentrates, and soy protein isolates.
On the basis of type, the market is segmented into organic, conventional, and non-GMO. Currently, the organic segment expected to hold major share in terms of revenue, owing to rising preference for organic products among consumers as it does not contain preservatives and additives. On the basis of application, the market is segmented into feed and food. The food segment is sub-segment into bakery products, dairy alternatives, cereals and snacks, meat substitutes, and infant nutrition.
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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Currently, market in North America is dominating the global market in terms of revenue, and is expected to register significant growth over the forecast period. High soybean cultivation in US and Canada and growing demand for vegan food among consumers are factors fueling growth of the global market in this region. Market in Asia Pacific is expected to register fastest growth in terms of revenue in the next 10 years, owing to growing awareness regarding health benefits of soy protein among individuals in this region.
Key players operating in the global textured soy protein market include Archer-Daniels-Midland Company, Cargill, Incorporated, DowDuPont Inc., Wilmar International Ltd., Victoria Group A.D., Bremil Group (Brazil), Linyi Shansong Biological Products Co., Ltd., Shandong Yuxin Bio-Tech Co., Ltd, Crown Soya Protein Group, and Sonic Biochem Extractions Limited, and Hung Yang Foods Co. Ltd.