Global Textured Vegetable Protein Market Grows Steadily at a CAGR of 9.2%

Introduction

A plant-based protein from pea, soybean, wheat and other sources is called textured vegetable protein. TVP is increasingly being used as a meat substitute since it has a texture and flavor comparable to meat. Additionally, textured soy protein, wheat protein, and pea protein are numerous forms of textured vegetable proteins available on the market. The percentage of health-conscious consumers who prefer plant-based protein as a nutrient-dense filling food is increasing.

Market Dynamics

Rising Vegan Population Worldwide Drives the Global Market

A vegan diet requires abstaining from any goods derived from animals, including dairy, eggs, meat, and fish. The fact that many consumers are transitioning to a plant-based diet drives the demand for plant-based proteins like textured soy protein, pea protein, and textured wheat protein, which has a texture like meat and promotes the market's overall expansion. The vast majority of these consumers prefer plant-based or vegetable proteins, which promotes the market expansion of textured vegetable protein in value sales. Due to the aging population, longer life expectancies, and an increase in chronic disease cases, consumer eating patterns have changed, benefiting the textured proteins market's growth.

Rising Demand for Organic Products Creates Tremendous Opportunities

Creating, processing, and preserving organic textured vegetable protein uses a minimum amount of synthetic chemicals, preservatives, or non-organic components. These products are produced from organic raw ingredients, including wheat, peas, and soybeans. Essential market players actively advertise the organic status of textured vegetable products. Additionally, a surge in demand for organic textured vegetable protein is projected in the market due to rising health concerns and growing consumer knowledge of the advantages of consuming organic food.

Regional Analysis

North America is the most significant shareholder in the global textured vegetable protein market and is expected to grow at a CAGR of 7.9% during the forecast period. The market for textured vegetable protein in North America is the most developed due to the region's expanding population of health-conscious customers. Vegan diets are more likely to be adopted by consumers who are more concerned about their health and are aware of the benefits of eating plant-based meals. The fact that the United States is thought to be the world's largest consumer of soybeans has increased the need for textured soy protein. Additionally, the market is anticipated to grow as customers increasingly convert from convenience meals to plant-based proteins, such as textured protein products.

Europe is expected to grow at a CAGR of 8.3%, generating USD 729.56 million during the forecast period. The market for textured vegetable protein is estimated to grow significantly over the projected period due to the rise of vegans in this region. Additionally, given the surge in soy consumption and manufacturers' continual product innovations, there is still space for growth in Europe's demand for textured soy protein. Additionally, the market for textured vegetable protein is anticipated to expand significantly due to the number of health-conscious consumers in this region over the forecast period.

Asian consumers have been going beyond food and drink to functional foods to boost their well-being in response to the region's growing interest in health and wellness. As a result, it is predicted that the Asia-Pacific market for textured vegetable protein will expand significantly. In addition, certain countries in central Asia have increased their soy production in response to a sharp growth in the consumption of soy products. China also plans to increase soybean production to 18–20 MMT. Therefore, it is evident that the increase would fuel consumer demand for textured vegetable protein in soy food products.

Key Highlights

• The global textured vegetable protein market was valued at USD 1,263.3 million in 2021. It is projected to reach USD 2,789.4 million by 2030, growing at a CAGR of 9.2% during the forecast period (2022–2030).
• Based on product type, the global textured vegetable protein market is bifurcated textured soy protein and others. The textured soy protein segment is the highest contributor to the market and is expected to grow at a CAGR of 9.1% during the forecast period.
• Based on end-users, the global textured vegetable protein market is bifurcated into business to business and business to customer. The business-to-consumer segment owns the highest contributor market share and is expected to grow at a CAGR of 8.8% during the forecast period.
• Based on form, the global textured vegetable protein market is bifurcated granules, flakes, chunks, and others. The chunks segment is the highest contributor to the market and is expected to grow at a CAGR of 7.7% during the forecast period.
• North America is the most significant shareholder in the global textured vegetable protein market and is expected to grow at a CAGR of 7.9% during the forecast period.

Competitive Players

1. Archer-Daniels-Midland Company
2. Cargill
3. Incorporated, CHS Inc.
4. Du Pont De Nemours and Company
5. Foodchem International Corporation
6. Hung Yang Foods
7. Sonic Biochem Extraction Pvt Ltd
8. Südzucker Group
9. Victoria Group
10. Wilmar International Limited

Recent Developments

• February 2024 - A sustainable, high-protein cereal called "beef rice" was developed by scientists at Yonsei University in South Korea. This rice is generated by growing cow cells inside rice grains. The cell culturing procedure gives the hybrid food a slight pink tint. It has a minimal carbon footprint and more protein and fat than regular rice, and its designers are considering it a meat substitute of the future.
• May 2024 - With the addition of Plantspired Plant-Based Chick'n, Nasoya announced that they are broadening its selection of plant-based meats. These pre-seasoned, pre-cut bites are made from textured vegetable and soy proteins and follow the tofu maker's 2022 steak alternative. The protein content is 22 grams, and the total fat content is 3.5 grams per serving.

Segmentation

1. By Product Type
   1. Textured Soy Protein
   2. Others
2. By End-Users
   1. Business to Business
   2. Business to Consumer
3. By Form
   1. Granules
   2. Flakes
   3. Chunks
   4. Others