PORTLAND, OR, May 14, 2020 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global textured soy protein industry garnered $1.1 billion in 2018, and is estimated to reach $2.1 billion by 2026, at a CAGR of 8.7% from 2019 to 2026. The report offers an extensive analysis of Porter’s Five Forces, top impacting factors, top investment pockets, market players, growth scenario, and risk factors.
Rise in number of vegan populations, surgein its usage as meat substitute or extender, and increase in demand from the feed industry augment the growth of the global textured soy protein market. Whereas, potential threats regarding substitutes and formulation challenges for textured soy protein products impede the market growth. On the other hand, increase in lactose-intolerant population and rise in millennial population present new opportunities in the market.
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COVID_19 Scenarios:
- The global lockdown has significantly disrupted both the supply chain and value chain in the food industry.
- However, in the UK the Foods Standards Agency has delivered advice to manufacturers regarding reopening of food business during COVID-19. Furthermore, the precautionary measures have been provided to aid employers, employees and the self-employed to proceed safely during this pandemic.
- Moreover, also, in India, the companies are gradually beginning to reopen their manufacturing processes in the areas marked as green zones.
Based on application, the food & beverage segmentaccounted for more than 90%of the global textured soy protein market in 2018, and is expected to maintain its dominant position during the forecast period. However, the feed segment is anticipated to register the fastest CAGR of 10.3% from 2019 to 2026.
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Based on nature, the conventional segment contributed to the largest share in 2018, accounting for nearly half of the total market share, and will dominate in terms of revenue throughout the forecast period. However, the organic segment is projected to manifest the fastest CAGR of 9.3% from 2019 to 2026.
Based on region, North America held the largest market share in 2018, accounting for more than one-third of the global textured soy protein market, and will maintain its headship status during the forecast period. On the other hand, Asia-Pacific is anticipated to grow at the highestCAGR of 9.8% from 2019 to 2026. The report also analyzes regions including LAMEA and Europe.
Key market players in the report include DuPont,Wilmar International Ltd., Cargill, Incorporated, Archer Daniels Midland Company,Gushen Biological Technology Group Co., Ltd., CHS Inc., Kellog Company, Bob’s Red Mill Natural Foods, Pacific Soybean & Grain, Gremount International Company Limited.
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