The Latin America, Middle East and Africa Textured Soy Protein Market would witness market growth of 18.1% CAGR during the forecast period (2023-2029).
The expansion of the market is affected by a wide variety of microeconomic and macroeconomic factors. However, the increasing demand for functional drinks is one recent trend that has been especially effective in driving the growth of the market. This success can be attributed to the fact that this trend is relatively new. Because textured soy protein is an essential component of these beverages, an increase in consumer demand for these beverages directly affects the expansion of the market. In addition, people's hectic and busy lifestyles are helping to drive market growth to newer heights.
As the principal component, textured soy protein is an inexpensive commodity and an option. They are not pricey, and their processing fees are far lower. It allows manufacturers to turn soy into more refined items that are easier to market to customers. In addition, its price is more affordable than meat products and alternatives to meat. The fact that it can be consumed in place of dairy products is another element driving the market. Because lactose intolerance affects many individuals, many consumers are looking for alternatives to traditional milk products. One of the most suitable is soy milk.
Proteins from cereals can be substituted with soybeans because of their distinctive amino acid profile. Soybean meal is utilized by both the animal fodder and human food industries. The rising livestock population, which includes ruminants, cattle, and other animals fed animal feed containing soybean protein, and the health benefits of this protein-rich diet are the primary reasons for the increasing demand for soybeans. The restrictions on slaughterhouse byproducts, which have boosted the market, are the second factor driving the demand for textured soy protein products aiding the market growth in the region. The region's consumption and exports of textured soy protein will expand due to its increased soybean production, boosting the market growth in LAMEA.
The Brazil market dominated the LAMEA Textured Soy Protein Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $51.7 Million by 2029. The Argentina market is exhibiting a CAGR of 18.7% during (2023 - 2029). Additionally, The UAE market would showcase a CAGR of 17.5% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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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