The global textured vegetable protein market size was valued at USD 1.26 billion in 2021. It is projected to reach USD 2.78 billion by 2030, growing at a CAGR of 9.2% during the forecast period (2022–2030). Textured vegetable protein (TVP) is a plant-based protein derived from pea, soybean, wheat, and others. Textured vegetable protein is becoming increasingly popular as a meat alternative because of its convincing resemblance to real meat in texture and flavor. Other varieties of textured vegetable proteins are available on the market, including textured soy protein, wheat protein, and pea protein. Also, there is a rise in the proportion of health-conscious customers who favor plant-based protein as a nutrient-dense and satiating food. A protein-rich seed meal that is a byproduct of vegetable oil can be used to make TVP. While soybeans are the most common source of TVP, other pulse seeds like lentils, peas, and faba beans can also be used.
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Rising Vegan Population
Many consumers are transitioning to a plant-based diet, supporting the market's overall expansion. This is driving the demand for plant-based proteins, including textured soy protein, pea protein, and wheat protein, which have a texture similar to meat. Consumer health consciousness has increased due to the recognition of lifestyle-related diseases as a significant issue in many nations during the past few years. This, in turn, increases the need for protein-rich, healthful meals. The vast majority of these customers favor plant-based or vegetable proteins, which stimulates the textured vegetable protein market's expansion in terms of value sales. Consumer eating habits have altered due to the aging population, rising life expectancy rates, and a rise in chronic disease cases.
Proliferation of Food Service Industry
Demand for textured vegetable proteins with a comparable flavor and texture to meat has increased due to the rise in flexitarian and health-conscious customers worldwide. As a result, the food service sector has been inspired to include textured vegetable proteins on its menu. This promotes the market expansion for textured vegetable proteins. Furthermore, it is projected that a surge in international investments and an increase in experiments and developments in various foods using textured vegetable proteins would present an excellent potential for market expansion during the forecast period.
Potential Threat of Substitutes
Numerous alternatives to textured vegetable proteins are readily accessible on the market, including tofu, textured vegetable protein, and others. These replacement items provide reasonably comparable benefits to textured vegetable protein and are probably offered on the need for a fair price. As a result, customers can quickly move to these available alternatives, which poses a potential threat to the expansion of the global textured vegetable proteins market.
Rapid Growth of Online Platform
E-commerce is a massive business continuously growing worldwide. Customers of all ages, including members of generation X, millennials, and generation Z, like shopping at various e-stores. Due to the increase in businesses focused on e-commerce, consumers can quickly locate anything in online stores as opposed to physical stores, making online shopping more convenient than physical stores. Therefore, it is projected that the expansion of the digital world and the rising popularity of online shopping across all nations would create growth prospects for the producers of textured vegetable protein.
Rising Demand for Organic Products
The number of synthetic chemicals, preservatives, or non-organic materials used to create, process, and preserve organic textured vegetable protein is minimal. These products are made from wheat, peas, and soybeans that were grown organically. Some of the most prominent players in the market also promote textured vegetable products with an organic label. Additionally, the market is anticipated to see a growth in demand for organic textured vegetable protein due to the rise in health concerns and increased consumer awareness of the health benefits of consuming organic products.
The global textured vegetable protein market is segmented by product type, end-users, and form.
Based on Product Type, the global 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. Defatted soy flour, made by pulverizing defatted soy flakes, is the source of textured soy protein. The textured soy protein has a shallow fat and high protein content and is sold in the market in a dried chunk, flakes, or granular form. Although it has a moderate flavor, adding it to foods can improve their protein content. Textured soy protein is used as a meat substitute or extender with a higher protein level and a texture like beef and other meats. Additionally, textured soy protein is included in a meal to up the protein level and has led to a rise in its appeal to people concerned about their health.
Textured wheat protein and texture pea protein are included in the other category. Textured wheat protein comes from wheat and is a type of textured vegetable protein that looks like meat. When pea proteins are extruded, they get a leafy structure that gives them a fibrous and elastic feel when rehydrated. They are a great source of protein and fiber and have no cholesterol. Additionally, wheat and pea protein are excellent meat substitutes because they are naturally devoid of soy, gluten, and other allergens. Further, the rising popularity of eating nutritious and functional foods is anticipated to significantly increase the demand for textured wheat and pea protein during the projected period.
Based on End-Users, the global 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. Business to consumer describes the residential market's consumption of textured vegetable protein, and this industry is the final consumer or end-user of goods and services produced by various businesses. These businesses influence market demand based on consumer interests and preferences. According to consumer demand, companies develop and offer goods and services in the marketplace. Consumer health consciousness has increased due to the recognition of lifestyle-related diseases as a significant issue in many nations during the past few years. This has increased market demand for healthy diets that include textured vegetable proteins. Additionally, consumers may quickly get textured vegetable protein through various distribution channels, including supermarkets, hypermarkets, convenience stores, and internet retailers, which is believed to fuel market expansion.
In the textured vegetable segment market, "business to business" refers to the food service and catering industry. Global demand for textured vegetable proteins, which have a flavor and texture comparable to meat, has increased due to the rise in flexitarian and health-conscious customers. As a result, the food service sector has been inspired to include textured vegetable proteins on its menu. This, in turn, increases the market for textured vegetable proteins. A significant market growth driver is the rise in restaurants that use textured vegetable protein ingredients in their recipes. Additionally, the number of universities, hospitals, and other organizations that supply textured vegetable protein is driving the market's expansion.
Based on Form, the global 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. Chunks of textured vegetable protein measure 15–25 mm in diameter and 30–70 mm in length. These chunks can be purchased dry and typically have 50–70% protein content. Textured vegetable protein is simple to make with a protein level similar to some meats. Large textured veggie protein chunks are available for meat stews, meals, and other dishes. Vegetable protein that has been textured can be found in chunk form in the market through various distribution channels, including supermarkets, internet retailers, grocery stores, and others. This, in turn, fuels the textured vegetable protein market's expansion.
Granulated vegetables with a texture are anticipated to expand significantly over the projection period. Granularized textured vegetable protein is an unflavored, adaptable, non-GMO protein that may be used in various dishes, including veggie burgers, chili, stews, soups, and casseroles. Additionally, the availability of organic textured vegetable protein granules, derived from solely organic soya without any chemical additives, is projected to present enormous prospects for expanding the market.
The global textured vegetable protein market is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.
North America Dominates the Global Market
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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 region's growing population of health-conscious consumers is North America's most developed market for textured vegetable protein. Consumers who are more health concerned and aware of the advantages of consuming plant-based foods are more likely to adopt a vegan diet. This has increased demand across the nation for various plant-based foods, including textured vegetable protein. The need for textured soy protein has been fueled by the fact that the United States is widely regarded as the world's largest consumer of soybeans. Additionally, as consumers gradually switch from convenience foods to plant-based proteins, such as textured protein products, the market is expected to rise.
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 during the projected period due to the rise of vegans in this region. Additionally, the need for textured soy protein in Europe has room to grow due to the rise in soy consumption and manufacturers' ongoing product innovations. Additionally, the market for textured vegetable protein is expected to experience tremendous growth due to the increase in the number of health-conscious customers in Europe.
In response to the growing interest in health and wellness in the region, Asian consumers have been looking beyond food and drink to functional foods to improve their well-being. As a result, Asia-Pacific's market for textured vegetable protein is anticipated to experience tremendous growth over the forecast period. Additionally, some central Asian nations have increased their soy output in response to a surge in the use of soy products. For example, China wants to raise soybean production to 18 to 20 MMT. Thus, it is clear that the spike would drive the market demand for textured vegetable protein in soy food product consumption. Additionally, the market for textured vegetable proteins is projected to expand as more restaurants in this region include textured soy protein on their menus.
It is anticipated that LAMEA will experience significant growth in the consumption of textured vegetable protein during the forecast period. According to the Food and Agriculture Organization of the United Nations, more people in Latin America have turned to plant-based diets due to rising obesity rates. Due to the increase in vegans in the area, textured soy protein has been gaining popularity. Despite having a smaller value share in the global market for textured vegetable protein, Latin America is predicted to have considerable value sales growth throughout the forecast period due to the anticipated increase in demand for plant-based foods.
The global textured vegetable protein market’s major key players are