PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1533192
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1533192
The global textured vegetable protein market is estimated at USD 1.7 billion in 2024 and is projected to reach USD 2.3 billion by 2029, at a CAGR of 6.8% during the forecast period. The textured vegetable protein market is growing due to emerging consumer demand that helps drive sales of plant-based diets for health, environmental, and ethical reasons. TVP finds extensive application as a meat substitute or extender in such a wide area of foodstuffs, produced from sources like soy, wheat, and peas through its high value of meatiltro and meat research and development capacity. New developments in extrusion technology, precise fermentation, and clean label ingredients are constantly innovating the market and raising product quality and appeal. North America represents the largest market share on the back of a mature food processing industry and high interest from customers.
Scope of the Report | |
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Years Considered for the Study | 2024-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD), Volume (KT) |
Segments | By Type, Source, Nature, Application, and Region |
Regions covered | North America, Europe, South America, Asia Pacific, and RoW |
"Rising consumer demand for plant-based diets to drive the textured vegetable protein market globally"
The people have become more aware of the fact that consumption of less meat has extremely long health benefits associated with a lowered risk of chronic diseases and improved health in general, hence adopting plant-based proteins in their diets. Moreover, people are more concerned about animal welfare and the harm caused to the environment by meat production; hence, they seek foods that are sustainable and cruelty-free. This trend in consumer preference has contributed to the growing demand for textured vegetable proteins for varied and healthy meat analogue applications.
"In 2023, flakes constituted significant share within the type segment of the textured vegetable protein market. "
Their popularity is attributed to the relatively versatile and easily usable ways they come in for a variety of food applications. Flakes are generally included in products like cereals, snacks, and baked items to provide them with enriched nutritional value and texture. Their desirous properties of flavor penetration and textural diversity make them highly accepted in the development of meat analogs, soups, and stews. Growth in consumer interest in plant-based and high-protein foods will enhance the utilization of these flakes in the textured vegetable protein industry's market share and product application because of its wide functionality.
"Within the application segment, cerals and snacks segment will grow at highest rate."
In terms of application, cereals and snacks are likely to show the fastest growth rate in the textured vegetable protein market. This may continue on account of the increasing consumer demand for healthier high-protein snack options and fortified breakfast food products. There is increased integration of textured vegetable proteins into cereals and snacks to increase their nutritional makeup by behaving like a plant-based protein booster, which has tremendous appeal among health-conscious consumers. Moreover, due to their diversity, the uses of textured vegetable proteins are very handy for a host of new snack products, from protein bars to savory bites, in a trend toward foods that are convenient, nutritious, and sustainable. This trend is most probably going to help boost high growth in the cereals and snacks segment for the textured vegetable protein market.
"The textured vegetable protein market in Europe is projected to grow at consistent rate during the forecast period."
The European textured vegetable protein market is expected to grow steadily during the forecast period, driven by some factors. Firstly, rising awareness about health and environmental benefits associated with plant-based diets is shifting consumer demand towards meat alternative products. Moreover, European consumers are highly conscious about health, and there is a rising demand for low-fat and high-protein foodstuffs. Governmental policies and initiatives are also taken to encourage sustainable agriculture and food production. Moreover, the progress of innovation in the food industry does not stand still in Europe, where new products are developed continuously, and new products based on textured vegetable protein enter the market therein. All these factors, coupled with strong retail infrastructure and rapidly growing consumer interest in plant-based foods, propel steady growth of the textured vegetable protein market in this region.
By Company Type: Tire 1- 35%, Tire 2- 40%, Tire 3- 25%
By Designation: CXOs - 30%, Managers - 50%, Executives - 20%
By Region: North America - 25%, Europe - 25%, Asia Pacific - 30%, South America - 10%, RoW - 10%
Key players in this market include ADM (US), Roquette Freres (France), Ingredion (US), DSM (Netherlands), The Scoular Company (US), Beneo (Germany), International Flavors & Fragrances, Inc. (US), Cargill, Incorporated (US), MGP (US), PURIS (US), Shandong Yuxin Bio-Tech Co., Ltd. (China), Gushen Biological Technology Group, Co., Ltd. (China), Axiom Foods, Inc. (US), Foodchem International Corporation (China), and Dacsa Group (Spain).
The report segments the textured vegetable protein market based on type, source, nature, application, and region. In terms of insights, this report has focused on various levels of analyses-the competitive landscape, end-use analysis, and company profiles, which together comprise and discuss views on the emerging & high-growth segments of the textured vegetable protein market, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, services, key strategies, Contracts, partnerships, and agreements. New product launches, mergers and acquisitions, and recent developments associated with the textured vegetable protein market. Competitive analysis of upcoming startups in the textured vegetable protein market ecosystem is covered in this report.