PUBLISHER: The Business Research Company | PRODUCT CODE: 1425871
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425871
Textured Vegetable Protein Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on textured vegetable protein market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for textured vegetable protein? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The textured vegetable protein market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Textured vegetable protein, derived from soybeans, is a synthetic protein utilized in the production of items like burger patties, frankfurters, and other food products. It offers essential qualities such as texture, binding power, and chewiness, enhancing the consistency and firmness of the final product. This protein serves as a high-protein, cost-effective, and functional dietary component, often replacing or substituting meat products.
The primary types of textured vegetable protein include textured soy protein, textured wheat protein, textured pea protein, and other variations, which may include both organic and conventional options. Textured soy proteins specifically function as meat analogues or extenders, serving as a substitute derived from defatted soy flour, a by-product of soybean oil production. Textured vegetable protein finds application in food products for human consumption as well as in animal nutrition and pet food.
The textured vegetable protein market research report is one of a series of new reports from The Business Research Company that provides textured vegetable protein market statistics, including textured vegetable protein industry global market size, regional shares, competitors with a textured vegetable protein market share, detailed textured vegetable protein market segments, market trends and opportunities, and any further data you may need to thrive in the textured vegetable protein industry. This textured vegetable protein market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The textured vegetable protein market size has grown strongly in recent years. It will grow from $1.78 billionin 2023 to $1.91 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth witnessed in the historical period can be attributed to several factors, including the globalization of dietary trends, increased adoption within retail and foodservice sectors, shifts in consumer preferences towards alternative dietary choices, concerns regarding food security, and the cost-effectiveness of textured vegetable protein as a substitute for meat-based products. These factors collectively contributed to the growth and adoption of textured vegetable protein during that period.
The textured vegetable protein market size is expected to see exponential growth in the next few years. It will grow to $10.65 billion in 2028 at a compound annual growth rate (CAGR) of 53.8%. The anticipated growth in the forecast period can be attributed to various factors, such as the expansion of diverse product offerings, a focus on nutritional value, the emphasis on allergen-free and gluten-free attributes, the adaptability of textured vegetable protein in culinary applications, and an increased presence in the market. Major trends expected in the forecast period encompass ongoing product innovations, the influence of health and wellness trends, growing concerns about sustainability, advancements in technology within food processing, and the rising prominence of the clean label movement. These trends are anticipated to significantly impact the growth and evolution of the textured vegetable protein industry in the upcoming period.
The escalating demand for plant-based ingredients is poised to drive the growth of the textured vegetable protein market in the foreseeable future. Plant-based ingredients, sourced from various plant parts like roots, fruits, vegetables, grains, and pulses, are gaining popularity due to increasing health consciousness and heightened concerns for animal welfare. Textured vegetable proteins, derived from plants as a meat product alternative, are at the forefront of meeting this demand. Notably, the Plant Based Foods Association reported that the market value of plant-based foods in the U.S. reached $7.4 billion in 2021, experiencing a 6.2% growth compared to 2020. This robust demand for plant-based ingredients is a key driver propelling the growth of the textured vegetable protein market.
The surge in the vegan population is anticipated to be a significant factor fueling the growth of the textured vegetable protein market. The vegan population, characterized by individuals adopting a lifestyle that excludes both animal products and by-products, seeks versatile and protein-rich alternatives like textured vegetable protein. This plant-based substitute aligns with vegan dietary preferences, offering a sustainable and ethical option to meet nutritional needs. Notably, as of January 2023, Germany had the highest rate of vegetarianism, with over 1.5 million vegans in 2022, marking a significant increase from a decade ago when only 0.1 million individuals identified as vegans. This rise in the vegan population contributes to the growing demand for textured vegetable protein.
Product innovation stands out as a prominent trend in the textured vegetable protein market, with major companies in the plant-based ingredients sector focusing on developing innovative products. In February 2022, KMC, a Denmark-based ingredients company, introduced the first textured potato protein powder designed as an alternative to meat. This powder transforms into a textured ingredient with meat-like structure, high nutritional value, and a desirable frying crust. The emphasis on product innovation demonstrates a commitment to meeting consumer preferences and expanding the applications of textured vegetable protein in the market.
Key players in the textured vegetable protein market are intensifying their efforts to introduce innovative plant-based proteins, exemplified by products such as Vertis Textured Pea Canola Protein, with the aim of securing a competitive advantage. Vertis Textured Pea Canola Protein represents a cutting-edge plant-based protein solution that caters to the growing demand for alternative protein sources in diverse food applications. A notable instance is DSM, a Netherlands-based chemical company, launching the world's first textured vegetable protein (TVP) in December 2022. This innovative product is distinguished by its inclusion of all nine essential amino acids required to be a complete protein, making it a nutritionally comprehensive option. Notably, it is soy-free, gluten-free, and dairy-free, enhancing its versatility for applications in meat alternatives and plant-forward products. The design of Vertis Textured Pea Canola Protein supports formulations with low fat and salt concentrations, exhibits excellent processing capabilities, and boasts a short hydration time, making it suitable for large-scale production.
In a strategic move in November 2021, Archer Daniels Midland Company, a prominent US-based food processing company, completed the acquisition of Sojaprotein for an undisclosed amount. This acquisition is geared towards strengthening Archer Daniels Midland's production capabilities in the protein ingredients sector and establishing a robust presence in the European market. Sojaprotein, a Serbia-based manufacturer, specializes in non-GMO vegetable protein ingredients, including soy concentrates. This strategic acquisition enhances Archer Daniels Midland's portfolio and positions the company to meet the increasing demand for textured vegetable proteins and other plant-based ingredients in Europe and beyond.
Major companies operating in the textured vegetable protein market report are Archer Daniels Midland Company, Cargill Incorporated, DuPont de Nemours Inc., Roquette Freres SA, Shandong Yuxin Biotechnology Co. Ltd., Axiom Foods Inc., Kansas Protein Foods LLC, Foodchem International Corporation, Dacsa Group, Victoria Group A.D., Crown Soya Protein Group, Wilmar International Ltd., Fuji Oil Co. Ltd., Vestkron A/S, Ingredion Inc., Tereos Syral, Agridient B.V., Beneo GmbH, CerealVeneta S.r.l., CHS Inc., Cosucra Groupe Warcoing SA, Devansoy Inc., Emsland Group, Gushen Biological Technology Group Co. Ltd., Harvest Innovations LLC, World Food Processing, Kerry Group PLC, MGP Ingredients Inc., Nutri Pea Ltd., Puris Proteins LLC
North America was the largest region in the textured vegetable protein market in 2023. The regions covered in the textured vegetable protein market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the textured vegetable protein market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The textured vegetable protein market consists of sales of chunks, flakes, slices and granules. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.