The growth of the textured vegetable protein market is driven
by factors such as rise in plant-based diet adoption, health, and
sustainability awareness, expanding veganism, and advancements in
food processing technology.
WILMINGTON, DEL., Aug. 19, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Textured
Vegetable Protein Market by Product Type (Textured Soy
Protein and others), End User (Business to and
Business and Business to Consumer),
and Form (Granules, Flakes, Chunks, Others): Global
Opportunity Analysis and Industry Forecast, 2024-2035".
According to the report, the "textured vegetable protein market"
was valued at $1.5 billion in 2023,
and is estimated to reach $4.3
billion by 2035, growing at a CAGR of 9.4% from 2024 to
2035.
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Prime determinants of growth
The textured vegetable protein market is primarily driven by
rise in consumer shift towards plant-based diets due to increased
health awareness and environmental concerns, thus boosting demand
for meat alternatives like textured vegetable protein. The
expanding vegan and vegetarian population globally contributes
significantly to market growth. Moreover, textured vegetable
protein has high protein content, nutritional benefits, and ability
to mimic meat texture make it an attractive option for
health-conscious consumers. Advancements in food processing
technologies enhance taste and texture of textured vegetable
proteins, further driving its adoption. Furthermore, the
convenience of textured vegetable protein products, with their long
shelf life and easy preparation, appeals to busy lifestyles and
drives the growth of the market.
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2035
|
Base
Year
|
2023
|
Market Size in
2023
|
$1.5 Billion
|
Market Size in
2035
|
$4.3 Billion
|
CAGR
|
9.4 %
|
No. of Pages in
Report
|
280
|
Segments
Covered
|
Type, Form, End User,
and Region.
|
Regional
Scope
|
North America, Europe,
Asia-Pacific, Latin America, And Middle East &
Africa
|
Country
Scope
|
U.S., Canada, Mexico,
Germany, France, UK, Italy, Spain, China, Japan, India, South
Korea, Brazil, Argentina, Colombia, GCC and South
Africa.
|
Drivers
|
Rising Demand for
Plant-Based Protein
|
Health
Consciousness
|
Changing Consumer
Preferences
|
Opportunities
|
Expansion of Vegan and
Vegetarian
|
Innovative Product
Development
|
Foodservice Industry
Growth
|
Restraints
|
Taste and
Texture
|
Allergen
Concerns
|
Competition from Meat
Substitutes
|
The textured soy protein segment to maintain its leadership
status during the forecast period
By type, the textured soy protein segment held the highest
market share in 2023, accounting for more than three-fifths of the
textured vegetable protein market revenue and is estimated to
maintain its leadership status during the forecast period. Soy is
one of the most widely cultivated and economically significant
legumes globally, providing a readily available and cost-effective
source for textured protein production. Moreover, soy protein
possesses excellent functional properties, including high protein
content, desirable texture, and ability to absorb flavors, making
it a versatile ingredient for food manufacturers. Textured soy
protein is a complete protein, containing all essential amino acids
necessary for human health, thus appeals to consumers seeking
nutritious meat substitutes. Furthermore, soy's neutral flavor
profile allows for easy utilization into various dishes and enables
the creation of a wide range of meat analogs, such as burgers,
sausages, and nuggets.
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The chunks segment to maintain its leadership status during
the forecast period
By form, chunks segment held the highest market share in 2023,
accounting for nearly one third of the global textured vegetable
protein market revenue and is estimated to maintain its leadership
status during the forecast period. Textured vegetable protein
chunks offer a meat-like texture and appearance which makes them a
popular choice for consumers seeking plant-based alternatives to
meat products. This resemblance to meat enhances the acceptability
of textured vegetable protein chunks among both vegetarians and
flexitarians looking to reduce their meat consumption without
sacrificing texture or taste. Textured vegetable protein
chunks are highly versatile and are used in a wide range of dishes,
including stir-fries, stews, casseroles, and pasta sauces,
providing consumers with numerous options for incorporating
plant-based protein into their diets. Moreover, textured vegetable
protein chunks are convenient to store and prepare and require
minimal cooking time and offer a longer shelf life compared to
fresh meat alternatives.
The business-to-consumer segment to maintain its leadership
status throughout the forecast period
By end user, the business-to-consumer segment held the highest
market share in 2023, accounting for nearly three-fifths of the
global textured vegetable protein market revenue and is estimated
to maintain its leadership status during the forecast period.
Direct interaction with end consumers facilitates designed
marketing strategies and brand positioning. B2C channels include
supermarkets, online retail platforms, specialty stores, and
convenience stores, offering a wide reach to a diverse consumer
base. B2C channels provide a platform for brands to communicate
directly with health-conscious consumers seeking plant-based
alternatives. Moreover, these channels allow for effective product
placement, packaging, and labeling to highlight the nutritional
benefits and versatility of textured vegetable protein.
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North America to maintain
its dominance by 2035
Based on region, Asia-Pacific
is anticipated to dominate the market with the largest share during
the forecast period. Asia-Pacific
has a large and diverse population with varying dietary
preferences, including a significant vegetarian and vegan
population. This demographic shift towards plant-based diets drives
the demand for textured vegetable protein as a meat alternative,
particularly in countries such as China, India,
and Japan. In addition, the region
is a major hub for soybean cultivation, which serves as a primary
raw material for textured vegetable protein production. Moreover,
the abundant supply of soybeans ensures a steady and cost-effective
source of ingredients for textured vegetable protein manufacturers
which contributes in the growth of textured vegetable protein
market in the Asia-Pacific
region.
Leading Market Players: -
- Archer Daniels Midland Company
- Axiom Foods
- Cargill Incorporated Inc.
- Du Pont de Nemours and Company
- Foodchem International Corporation
- Hung Yang Foods Co., Ltd.
- Sonic Biochem Extraction Pvt Ltd
- Sudzucker Group (Beneo)
- Victoria Group A.D.
- Wilmar International Limited
The report analyzes government regulations, policies, and
patents to provide information on the current market trends and
suggests future growth opportunities globally. Furthermore, the
study highlights Porter's five forces analysis to determine the
factors affecting market growth.
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