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.
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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.
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.