Textured Soy Protein Ingredient Market Worth to Reach USD 881.5 Mn by 2032

The textured soy protein ingredient market is predicted to witness more than 7% CAGR from 2023 to 2032. The increasing awareness of the plant-based diets and the associated health benefits, including a lower environmental impact and reduced risk of chronic diseases are influencing the market growth. Consumers are increasingly seeking protein alternatives, with textured soy protein emerging as a versatile and nutritious option.

The demand for meat alternatives is skyrocketing as consumers seek ethical and sustainable choices. Companies are launching new products to meet the evolving needs. In January 2023, Japan Keystone introduced the SoyJock Organic Dried Soy Beans Protein Strips, designed in the shape of chicken wings as an alternative for meat protein.

There is a rise in vegan and vegetarian diets globally which is boosting the demand for plant-based protein sources, further propelling the textured soy protein market’s expansion. As of January 2022, nearly 6% of U.S. population was found to be vegan as per the data by The Food Institute and this is expected to increase in the coming years.

The concentrate product segment is expected to generate higher revenue by 2032, due to the high protein content. They offer excellent functionality in meat substitutes, dairy alternatives, and snack products. Manufacturers are investing in R&D to enhance the texture and flavor of concentrate products, thereby widening their applications. As consumer preferences continue to evolve toward healthier and sustainable diets, the concentrate product segment is poised for continued growth.

The food processing segment is anticipated to witness substantial growth from 2023 to 2032. Food processors are increasingly incorporating textured soy protein into a wide range of products, including burgers, sausages, dairy-free cheeses, and baked goods. The soy protein ingredient’s ability to mimic the texture and taste of meat makes it a vital ingredient in meat analogs and plant-based protein formulations. As food manufacturers strive to cater to the growing demand for meat alternatives and healthier options, the food processing segment is expected to flourish.

Asia Pacific textured soy protein market size is predicted to expand at a robust pace through 2032 owing to the rising population, changing dietary preferences, and a growing middle-class with higher disposable incomes. Countries like China and India are witnessing a surge in vegetarian and flexitarian diets. This factor, along with government initiatives promoting sustainability and reducing meat consumption are further propelling the market’s growth in the Asia Pacific region.