The global market for the Textured Vegetable Protein is anticipated to develop at a compound annual growth rate (CAGR) of 6.2% throughout the course of the forecast, to reach USD 2.59 billion by 2029.
.jpg "The Global Textured Vegetable Protein Market 2019-2029 (USD Billion)")
Textured vegetable protein is a byproduct obtained from the processing of various vegetable ingredients that is used as a meat substitute due to its similar protein content to meats. It is a defatted version of vegetable proteins that are cooked in a very simple manner. These proteins are distinguished by their texturized structural integrity, which improves the chewiness and texture of the food products in which they are used.
Considering the growing health awareness among consumers, various food products such as meat patties and sausages are being replaced by plant-based/plant-infused meat products, which is expected to have a positive impact on the demand for plant based protein. According to The Food Science and Health Database Organization, in 2018, “22 million UK citizens now identify as being a ‘flexitarian,’ viewed not as a fad diet, but a permanent lifestyle choice, notably most popular among highly influential millennials.” Thus, the increasing vegan and flexitarian population is projected to drive the textured vegetable protein market during the forecast period. Increased soy and wheat crop cultivation in developing regions such as South America and the Asia Pacific has augmented the widespread cultivation of soybean and wheat grains across the globe, resulting in the availability of soy and wheat products such as textured vegetable proteins.
The global textured vegetables protein market size is predicted to reach over USD XX billion by 2028. This can be ascribed to the changes in the taste of consumer resulting in higher demands for healthier nutritional diet; this factor is anticipated to fuel the growth of the market.
However, allergies associated with vegetable sources including soy and wheat is restraining the market growth. Moreover, economical & environment-friendly alternative to animal-sourced food service products is likely to create opportunities for the textured vegetable protein market in the forthcoming years.
Textured Vegetable Protein Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2029 |
| Study Period | 2018-2029 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2029 | USD 2.59 billion |
| Growth Rate | CAGR of 6.2% during 2019-2029 |
| Segment Covered | Product, Form, End Use, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | ADM (US), Cargill (US), CHS (US), Roquette Freres (France), DuPont (US), Wilmar International (Singapore), The Scoular Company (US), Puris Foods (US), VestKorn (Norway), MGP Ingredients (US), Beneo GmbH (Germany), Shandong Yuxin Bio-Tech (China), FoodChem International (China), Shandong Wonderful Industrial Group (China), Axiom Foods (US), AGT Food & Ingredients (Canada), Sun NutraFoods (India), Crown Soya Protein Group (China), La Troja (Spain), and Hung Yang Foods (Taiwan). |
Key Segments of the Global Textured Vegetable Protein Market
Type Overview
Slices
- Flakes
- Chunks
- Granules
Application Overview
- Cereals & Snacks
- Meat alternatives
- Others
Source Overview
- Peas
- Soy
- Wheat
Regional Overview
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Middle East and Africa
- UAE
- South Africa
- Rest of Middle East and Africa
South America
- Brazil
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global textured vegetable protein market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global textured vegetable protein market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the textured vegetable protein industry and their strategic initiatives for product development.
- The study covers a qualitative and quantitative analysis of the market segmented based on component, application, and industry vertical. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global textured vegetable protein market. The report will benefit Every stakeholder involved in the textured vegetable protein market.
- Managers within the textured vegetable protein industry looking to publish recent and forecasted statistics about the global textured vegetable protein market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global textured vegetable protein market.
- Analysts, researchers, educators, strategy managers, and government institutions looking for insights into the market to determine future strategies.
Frequently Asked Questions (FAQ) :
The North American region is likely to account for the maximum market contribution during the forecast years.
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The major players of the global textured vegetable protein market are ADM (US), Cargill (US), CHS (US), Roquette Freres (France), DuPont (US), Wilmar International (Singapore), The Scoular Company (US), Puris Foods (US), VestKorn (Norway), MGP Ingredients (US), Beneo GmbH (Germany), Shandong Yuxin Bio-Tech (China), FoodChem International (China), Shandong Wonderful Industrial Group (China), Axiom Foods (US), AGT Food & Ingredients (Canada), Sun NutraFoods (India), Crown Soya Protein Group (China), La Troja (Spain), and Hung Yang Foods (Taiwan).
Based on the type segment, the market is bifurcated into slices, flakes, chunks, and granules where the slices segment accumulated the maximum market share and it is likely to continue its dominance throughout the forecast years.
Texturized vegetable protein has emerged as a vegan-friendly alternative to proteins including whey protein, meat protein, egg protein, and others. Some of the major brands in the food industry have already joined the bandwagon, paving the way for the growth of the market.
The growing demand for texturized vegetable protein has resulted in the emergence and presence of a plethora of domestic and small-scale texturized vegetable protein manufacturers all over the world. Furthermore, their growing presence on online platforms bodes well for the overall market.
Type Segment
Based on the type segment, the market is bifurcated into slices, flakes, chunks, and granules. In 2020, the slices segment accumulated the maximum market share and it is likely to continue its dominance throughout the forecast years. The growth of this segment is largely ascribed to the growing application of sliced texture vegetable protein as meat substitute as burger patties, which are used in various consumer applications
Application Segment
Based on the application, the market is segmented into cereals & snacks, meat alternatives, and others. The meat alternatives segment seized the maximum market share in 2020 and it is likely to maintain its place throughout the forecast years. The growth of this segment is largely ascribed to the surging demand for protein obtained from plant-based sources.
Source Segment
Based on the industry vertical, the market is segmented into peas, soy, and wheat. The soy segment gathered the major market share in 2020 and it is likely to continue its dominance throughout the forecast years. Soy has been a low-calorie and low-fat source of vegetable protein. It is often used as a meat alternative owing to its low cost as compared to animal-based sources of protein.
The North American region is likely to account for the maximum market contribution during the forecast years. The domination of this region is largely ascribed to the However, the Asia-Pacific is likely to gather noteworthy growth through the forecast years 2021-2028. The textured vegetable protein market in this region is anticipated to observe robust growth fueled by the economic developments of countries including China, India, Japan, and Australia. The shift of industrialization and investments in Asia Pacific regions has grown substantially over the past decade, especially in China, which contributes to rapid economic growth.
.png "North American Textured Vegetable Protein Market 2019-2028 (USD Million)")
The major players of the global textured vegetable protein market are CHS Inc.; Company; Cargill, Incorporated; Roquette Frères, Inc.; Sonic Biochem Extractions Ltd.; DuPont de Nemours, SOTEXPRO; Bob’s Red Mill Natural Foods; BENEO; MGP; Victoria Group, and Archer Daniels Midland