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The Global Textured Vegetable Protein Market Size is valued at 889.60 Mn in 2023 and is predicted to reach 1334.99 Mn by the year 2031 at a 5.40% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- Expanding the product range to include diverse Textured Vegetable Protein formats, such as strips, crumbles, nuggets, and more, allows manufacturers to cater to various culinary applications and consumer preferences.
- Increasing adoption of plant-based diets and the growing number of consumers identifying as vegetarians or flexitarians drive the demand for plant-based protein sources like Textured Vegetable Protein.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- Despite advancements, achieving the exact taste and texture of meat in Textured Vegetable Protein products remains a challenge.
Soy protein is used to create the plant-based meat replacement known as "textured vegetable protein" (TVP). It is a flexible ingredient that may be utilized in many dishes, including burgers, sausages, and ground beef substitutes. The market for textured vegetable protein is expanding due to the rising demand for meat substitutes made from plants.
onsumers concerned about their health will find textured vegetable protein a high-protein, low-fat substitute for meat. Additionally, the development of textured vegetable protein products that more closely resemble the flavor and texture of the meat is now possible because of advancements in food technology, which also increases the attraction of these goods to consumers.
Since TVP is largely derived from soybeans, changes in the price of soybeans may impact the price of TVP, which may restrain market expansion. Other protein sources like pea protein and wheat protein compete with TVP on the market, which could restrain market expansion.
Recent Developments:
- In February 2022, MGP Ingredients Inc., a top supplier of specialty proteins and starches, declared that it would construct a state-of-the-art extrusion factory to manufacture its ProTerra range of texturized proteins. The company's current plant will be next to the new plant in Atchison, Kansas.
- In July 2021, The non-GMO vegetable protein products firm Sojaprotein, with sales in over 65 countries worldwide, was bought by Archer Daniels Midland Company. The acquisition was made to improve the former's capabilities to produce protein components and to establish a solid presence in Eastern Europe.
- In February 2021, Buhler introduced a new method that improves the efficiency of extracting plant-based proteins, including soy protein.
Competitive Landscape
Some of the major key players in the textured vegetable protein market are:
- Archer Daniels Midland Company
- International Flavors & Fragrances Inc.
- Cargill, Incorporated
- Südzucker AG
- MGP Ingredients Inc.
- Roquette Frères
- SHANDONG YUXIN BIO-TECH CO. LTD
- CROWN SOYA PROTEIN GROUP
- The Scoular Company
- Axiom Foods
- AGT Food and Ingredients
Market Segmentation:
The textured vegetable protein market is segmented based on product and application. Based on the product, the market is segmented as textured soy protein, wheat protein, pea protein, and other types. By application, the market is segmented into Food Products and Animal Nutrition/ Pet Food.
Based On The Product, The Textured Soy Protein Segment Is A Major Contributor To The Textured Vegetable Protein Market.
The textured soy protein (TSP) category is expected to hold a major share of the global textured vegetable protein market. This is attributed to the high protein level. TSP is a preferred meat substitute for meatless sausages, meatballs, and burgers. It is manufactured from soybeans, which are readily available and reasonably priced, making it an economical ingredient for producers. Moreover, TSP is adaptable and may be utilized in various food applications, which accounts for its market dominance. Also, it rules the market because it has gained widespread consumer acceptance.
The Food Product Segment Witnessed Growth At A Rapid Rate.
The food industry is anticipated to hold the largest market share throughout the projected period. The food industry's "eat analogs" area is anticipated to exhibit a significant increase in demand for texturized vegetable protein. The need for protein generated from plant-based sources is rising, fostering industrial expansion. The increased spending power of consumers and economies worldwide is to blame for the rise in demand for processed food products. Using protein-rich, texturized vegetables as a flavor booster and thickener in sauces, soups, snacks, and other foods are quite popular.
The North American Textured Vegetable Protein Market Holds A Significant Regional Revenue Share.
The North American textured vegetable protein market is expected to register the highest market share in revenue shortly. Consumer awareness of the health advantages of TVP in North America is a key factor in expanding the industry there. Additionally, due to the widespread use of textured vegetable protein as a meat substitute in goods like meatless burgers, sausages, and meatballs, as well as the growing popularity of vegan diets and brand promotion on social media platforms, textured vegetable protein is in high demand in the food and beverage industry in North America. In addition, expanding urbanization, rising disposable income, and increased investment in developing natural components are all projected to contribute to Asia Pacific's growth.
Textured Vegetable Protein Market Report Scope
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 889.60 Mn |
|
Revenue forecast in 2031 |
USD 1334.99 Mn |
|
Growth rate CAGR |
CAGR of 5.40% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments covered |
Product And Application |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Archer Daniels Midland Company, International Flavors & Fragrances Inc., Cargill, Incorporated, Südzucker AG, MGP Ingredients Inc., Roquette Frères, SHANDONG YUXIN BIOTECH CO. LTD, CROWN SOYA PROTEIN GROUP, The Scoular Company, Axiom Foods, and AGT Food and Ingredients. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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