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Textured Vegetable Protein Market

Textured Vegetable Protein Market Size, Share & Trends Analysis Report by Product (Textured Soy Protein, Wheat Protein, Pea Protein, And Other Types) And Application (Food Products And Animal Nutrition/ Pet Food)- Market Outlook And Industry Analysis 2024-2031

Report ID : 1555 | Published : 2024-02-01 | Pages: 180 | Format: PDF/EXCEL

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.

vegetable protein

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

Forecast Year

2024-2031

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.

Customization scope

Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape.

Pricing and available payment methods

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Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Textured Vegetable Protein Market Snapshot

Chapter 4. Global Textured Vegetable Protein Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: by Product Type Estimates & Trend Analysis
5.1. by Product Type & Market Share, 2019 & 2031
5.2. Market Size (Value (US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Product Type:

5.2.1. Textured Soy Protein
5.2.2. Textured Wheat Protein
5.2.3. Textured Pea Protein
5.2.4. Other Types

Chapter 6. Market Segmentation 2: by Application Estimates & Trend Analysis
6.1. by Application & Market Share, 2019 & 2031
6.2. Market Size (Value (US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Application:

6.2.1. Food Products
6.2.2. Animal Nutrition/ Pet Food

Chapter 7. Textured Vegetable Protein Market Segmentation 3: Regional Estimates & Trend Analysis:

7.1. North America

7.1.1. North America Textured Vegetable Protein Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2024-2031
7.1.2. North America Textured Vegetable Protein Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
7.1.3. North America Textured Vegetable Protein Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

7.2. Europe

7.2.1. Europe Textured Vegetable Protein Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2024-2031
7.2.2. Europe Textured Vegetable Protein Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
7.2.3. Europe Textured Vegetable Protein Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

7.3. Asia Pacific

7.3.1. Asia Pacific Textured Vegetable Protein Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2024-2031
7.3.2. Asia Pacific Textured Vegetable Protein Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
7.3.3. Asia Pacific Textured Vegetable Protein Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

7.4. Latin America

7.4.1. Latin America Textured Vegetable Protein Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2024-2031
7.4.2. Latin America Textured Vegetable Protein Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
7.4.3. Latin America Textured Vegetable Protein Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

7.5. Middle East & Africa

7.5.1. Middle East & Africa Textured Vegetable Protein Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2024-2031
7.5.2. Middle East & Africa Textured Vegetable Protein Market Revenue (US$ Million) Estimates and Forecasts by Application, 2024-2031
7.5.3. Middle East & Africa Textured Vegetable Protein Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

Chapter 8. Competitive Landscape

8.1. Major Mergers and Acquisitions/Strategic Alliances

8.2. Company Profiles


8.2.1. Archer Daniels Midland Company
8.2.2. International Flavors & Fragrances Inc.
8.2.3. Cargill, Incorporated
8.2.4. Südzucker AG
8.2.5. MGP Ingredients Inc.
8.2.6. Roquette Frères
8.2.7. Shandong Yuxin Bio-Tech Co. Ltd
8.2.8. Crown Soya Protein Group
8.2.9. The Scoular Company
8.2.10. Axiom Foods
8.2.11. AGT Food and Ingredients
8.2.12. Other Prominent Players

Segmentation of Textured Vegetable Protein Market-

Textured Vegetable Protein Market By Product Type-

  • Textured Soy Protein
  • Textured Wheat Protein
  • Textured Pea Protein
  • Other Types

Textured Vegetable Protein Market

Textured Vegetable Protein Market By Application-

  • Food Products
  • Animal Nutrition/ Pet Food

Textured Vegetable Protein Market By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • South East Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Frequently Asked Questions

How big is the Textured Vegetable Protein Market?

Textured Vegetable Protein Market expected to grow at 5.40% CAGR during the forecast period for 2024-2031

Archer Daniels Midland Company, International Flavors & Fragrances Inc., Cargill, Incorporated, Südzucker AG, MGP Ingredients Inc., Roquette Frères, S

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