Textured Soy Protein Market to Showcase Continued Growth in the Coming Years
Textured Soy Protein Market: Overview
The global textured soy protein market is projected to experience an outstanding growth in the next few years. These products are also called as soya chunks or soya meat and they are defatted soy flour products. Textured soy protein is produced as a by-product during the extraction of soya bean oil. Usually, textured soy protein is used as an alternative for meat. These textured soy proteins are quick and easy to cook. They have high protein content and have high health benefits.
Textured Soy Protein Market: Notable Developments
Some of the recent notable developments in the global textured soy protein market are given below:
- In September 2019, Bunge, a leading player in the global textured soy protein market, announced that the company has agreed to purchase around 30% Agrofel Grãos e Insumos, a Rio Grande do Sul based agricultural inputs reseller. This investment in Agrofel Grãos e Insumos will help Bunge to concentrate more on its core business, and thus bolstering its grain origination position in Brazil.
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Textured Soy Protein Market: Drivers and Restraints
The growth of the global textured soy protein market is influenced by a broad range of micro as well as macroeconomic factors. One of the primary driving factors for the market growth has been the growing demand for food products that are protein-rich in nature. With the ever growing trend of physical fitness and healthy living, the market is expected to witness a considerable growth during the mentioned forecast period of 2019 to 2027.
A recent trend that has been particularly successful in driving the growth of the global textured soy protein market is of the growing demand for functional drinks. These drinks use textured soy protein as a key ingredient and thus rise in their demand directly reflects on the growth of the global textured soy protein market. Furthermore, the rising demand for on the go or ready to eat food items because of the hectic and busy lifestyles of people is helping to drive the market growth to newer heights.
The textured soy protein is now being treated as a viable vegan substitute for meat. Naturally, its demand is quite high among vegetarians as well as vegan population. This too is projected to help the market growth.
Textured Soy Protein Market: Geographical Outlook
The global textured soy protein market features a geographical landscape with five key regional segments. These regions are Europe, North America, Middle East and Africa, Latin America, and Asia Pacific. Of these segments, the global textured soy protein market is currently dominated by the North America region. This segment accounted for nearly half of the overall market share in recent years. Such eye-catching growth of the regional market is primarily attributed to the increasing vegan population in the region. This factor coupled with growing health awareness among the people is also expected to act as key contributor for the growth of the textured soy protein market in North America.
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On the other side, the regional segment of Asia Pacific is expected to show most promising rate of growth over the course of the given forecast period of 2019 to 2027. The growth of the textured soy protein market in the region is mainly because of the growing production of soya beans. Moreover, increasing awareness about the health advantages of soya bean in the region is also acting as a significant factor to drive the textured soy protein market growth.