The Asia Pacific Textured Soy Protein Market would witness market growth of 13.3% CAGR during the forecast period (2023-2029).
The market is anticipated to be driven by an increase in the demand for food that is high in protein among consumers. As a result of increased awareness of the importance of maintaining a healthy lifestyle, consumers are gravitating toward foods that are low in carbohydrates and fat, which is further driving up market demand. Using textured soy protein as a meat substitute in various culinary products is highly recommended. It can be used as an additive in meat dishes by using it in meat meals. It is frequently utilized in the cafeterias of establishments like schools and jails that do not have adequate financial resources, such as adequate funding for food.
Because of its great nutritional content, soy has become a popular substitute for meat and dairy products, and its use is increasing as the number of people concerned about their health continues to rise. In addition, goods made from non-GMO textured soy proteins have a high protein content, are abundant in dietary fibers and minerals, do not include lactose, cholesterol, or casein, and are free of microbiological contamination.
The increasing preference for convenience foods among the working population, the expansion of the Indian retail chain sector, and the introduction of new products are important growth drivers for the ready-to-eat food industry. Due to their hectic schedules and lack of resources to prepare meals at home, India's working population is becoming increasingly in demand for ready-to-eat food. Due to their hectic lifestyles, many Indians are forced to rely on ready-to-eat items that may be ordered using smartphone applications. These factors are boosting the market growth in the APAC.
The China market dominated the Asia Pacific Textured Soy Protein Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $198.3 Million by 2029. The Japan market is estimated to grow a CAGR of 12.6% during (2023 - 2029). Additionally, The India market would display a CAGR of 14.5% during (2023 - 2029).
Based on Type, the market is segmented into Conventional and Organic. Based on Application, the market is segmented into Food & Beverages and Animal Feed. Based on Product, the market is segmented into Textured Soy Protein Concentrate (TSPC), Textured Defatted Soy Flour (TSF) and Textured Soy Protein Isolate. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Textured Soy Protein Market is Projected to reach USD 1.9 Billion by 2029, at a CAGR of 12.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Archer Daniels Midland Company, Cargill, Incorporated, Bunge Limited, International Flavors & Fragrances, Inc., Wilmar International Limited, Linyi Shansong Biological Products Co., Ltd., Bremil Group, Sonic Biochem Extractions Pvt. Ltd., Shandong Yuxin Bio-Tech Co.,Ltd. and Crown Soya Protein Group Company.
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