Texturized Vegetable Protein Market Size (2023 - 2030)
The global Texturized Vegetable Protein Market size was valued at USD 1.4 billion in 2022. The market is projected to grow with a CAGR of 6.6% to reach USD 1.7 billion by 2030 during the forecasted period.
Textured vegetable protein is a type of plant-based protein extracted from wheat, pea, soybean, and others. Textured vegetable proteins are easily digestible compared with other animal-derived proteins. The textured vegetable protein is a clean-label ingredient.
The demand for texturized vegetable protein market is fueling due to the growing number of omnivores are driving the market growth. Consumers are highly preferring a high protein diet with rising awareness about health. The popularity of textured vegetable protein is hiking in food manufacturers.
People are increasingly focusing on textured vegetable proteins for healthy living to overcome chronic diseases. As per the World Health Organization (WHO), diabetes is one major cause of heart attacks, kidney failure, and other chronic diseases. In some of the countries, consumers are more demanding more of clean labeled protein as sports nutrition. The demand for natural ingredients.
However, the easy availability of its substitutes in the market hinders the market growth throughout the foretold period.
On December 09, 2022, Cargill has extended its plant-based solutions to include pea protein varieties. The pea protein includes RadiPure and Puris. The proteins are invented to address the functional and sensory challenges across alternative emerging applications.
On July 09, 2022, DuPont launched a plant-based Danisco Plant portfolio to broaden product options.
On April 07, 2022, MGP Ingredients broadcasted the ProTerra line of textured proteins. ProTerra expands MGP's offerings with a new textured pea option joining its proven textured wheat series, giving food formulators. ProTerra is suited for use in vegan applications in combined products as an expansion or partial alternative for meat.
As per the VirtueMarketResearch report, the global Texturized Vegetable Protein Market is based on the application, type, source, and form.
The soy segment is estimated to hold the largest share. Soy has been a low-calorie and low-fat source of vegetable protein. Soy is used as a meat alternative or meat extender because of its less cost compared to animal-based protein sources.
Textured soy protein acts as a perfect replacement for meat and is achieving higher traction among vegan and freegan consumers. Natural soy products like tofu, tempeh, soy milk, and edamame are supplementing the market with quick expansion in the market.
Soy protein is easily available to consumers globally due to different distribution channels like online stores, grocery stores, supermarkets, and others.
The slices type segment is accounted for the largest share in the market during the forecast period. The textured vegetable protein slices are acquired by processing varied beans with high protein content. Slices used in meat alternatives are constantly used as an alternative for traditional meat products.
Moreover, slices are mainly used in meat alternatives like patties and burgers that are used across diverse consumer applications.
The flakes segment is anticipated to grow with the highest CAGR growth rate during the forecast period. The rising adoption of textured vegetable protein in form of flakes in restaurants in various meals including meals, soups, burgers, and more.
*Other applications include dairy alternatives, soups, stews, and ready meals.
By form, the demand for meat alternatives is rising on a large scale and has triggered the textured vegetable protein market. It is one of the quickest growing markets.
North America is considered to have a major share in the global textured vegetable protein throughout the period. Factors like the growing vegan population are driving the market growth. The significance of plant-based food in hospitals as the healthcare facilities providing vegan meals over-processed meat food surges the market growth.
In the U.S., the retail sales of the plant-based have surged by 11.6% compared to the past year as per the Plant-Based Foods Association.
Europe is considered to have plentiful growth in the textured vegetable protein market. The market penetration for vegan food is accumulating and a rising number of food allergens upsurge the market growth.
The German texturized vegetable market has experienced a quick due to the growing vegan population. The advent of major companies like Cargill Inc. has been supporting the market expansion in Germany. Most of the German residents are vegans and see veganism as a lifestyle choice and a surge in wanted wellness led to changes in consumer diets.
The United Kingdom is expected to remain as one of the key markets for texturized vegetable protein market. Concentrating on plant-based sources of protein as a primary material in food products has risen. Also, this has created immense opportunities for sales in the U.K.
However, Asia-Pacific is considered to be the quickest growing region with the highest CAGR growth rate. Consumers in Asia are seeking food beyond food and drink to functional foods to multiply their wellbeing with the increase in health and wellness trend.
Latin America and the Middle East and African regions are anticipated to have a noticeable growth over the upcoming years. The growing demand for animal by-products led to a rising focus on animal by-products leading to the rising attention for animal care and welfare drives the consumption of textured vegetable protein market.
2. Cargill (US)
3. CHS (US)
4. Roquette Freres (France)
5. DuPont (US)
6. Wilmar International (Singapore)
7.The Scoular Company (US)
8. Puris Foods (US), VestKorn (Norway)
9. MGP Ingredients (US)
10. Beneo GmbH (Germany)
11. Shandong Yuxin Bio-Tech (China)
12. FoodChem International (China)
113. Shandong Wonderful Industrial Group (China)
14. Axiom Foods (US)
15. AGT Food & Ingredients (Canada)
16. Sun NutraFoods (India)
17. Crown Soya Protein Group (China)
18. La Troja (Spain)
19. Hung Yang Foods (Taiwan)
COVID-19 Impact On Texturized Vegetable Protein Market
The food and beverages industry is slightly impacted due to the quickly increasing cases of COVID-19. The temporary closure of restaurants and other food outlets has experienced huge losses. However, the textured vegetable protein market has witnessed a positive impact due to the COVID-19 pandemic period. During the pandemic crisis, consumers are inclined towards the textured vegetable protein market. Consumers are avoiding meat and meat products and are substituting having similar texture and taste throughout the pandemic period. This, in turn, booms the textured vegetable protein market growth throughout the pandemic crisis.
Chapter 1. Global Texturized Vegetable Protein Market – Scope & Methodology
1.1. Market Segmentation
1.3. Research Methodology
1.4. Primary Sources
1.5. Secondary Sources
Chapter 2. Global Texturized Vegetable Protein Market – Executive Summary
2.1. Market Size & Forecast – (2021 – 2027) ($M/$Bn)
2.2. Key Trends & Insights
2.3. COVID-19 Impact Analysis
2.3.1. Impact during 2022 - 2027
2.3.2. Impact on Supply – Demand
Chapter 3. Global Texturized Vegetable Protein Market – Competition Scenario
3.1. Market Share Analysis
3.2. Product Benchmarking
3.3. Competitive Strategy & Development Scenario
3.4. Competitive Pricing Analysis
3.5. Supplier - Distributor Analysis
Chapter 4. Global Texturized Vegetable Protein Market Entry Scenario
4.1. Case Studies – Start-up/Thriving Companies
4.2. Regulatory Scenario - By Region
4.3 Customer Analysis
4.4. Porters Five Force Model
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Powers of Customers
4.4.3. Threat of New Entrants
4.4.4. Rivalry among Existing Players
4.4.5. Threat of Substitutes
Chapter 5. Global Texturized Vegetable Protein Market - Landscape
5.1. Value Chain Analysis – Key Stakeholders Impact Analysis
5.2. Market Drivers
5.3. Market Restraints/Challenges
5.4. Market Opportunities
Chapter 6. Global Texturized Vegetable Protein Market – By Application
Chapter 7. Global Texturized Vegetable Protein Market – By Type
Chapter 8. Global Texturized Vegetable Protein Market – By Source
Chapter 9. Global Texturized Vegetable Protein Market – By Form
9.1. Meat alternatives
9.2. Meat extenders
9.3. Cereals & snacks
9.4. Other applications
Chapter 10. Global Texturized Vegetable Protein Market, By Geography - Market Size, Forecast, Trends & Insights
10.1. North America
10.2.7. Rest of Europe
10.3. Asia Pacific
10.3.2. South Korea
10.3.5. Australia & New Zealand
10.3.6. Rest of Asia-Pacific
10.4. Rest of the World
10.4.1. Middle East
10.4.3. South America
Chapter 11. Global Texturized Vegetable Protein Market – Company Profiles – (Overview, Product Portfolio, Financials, Developments)
11.1. Company 1
11.2. Company 2
11.3. Company 3
11.4. Company 4
11.5 Company 5
11.6. Company 6
11.7. Company 7
11.8. Company 8
11.9. Company 9
11.10. Company 10
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