CHICAGO, Aug. 8, 2024 /PRNewswire/ -- The 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% from 2024 to 2029 according to a report published by MarketsandMarkets. The textured vegetable protein market is gaining momentum with the trend of shifting consumer preference towards health and green food. With the growing awareness about the health benefits associated with plant-based diets, so has grown the demand for textured vegetable proteins obtained from sources such as soy, wheat, and peas.
These proteins are hale and versatile ingredients applied in huge quantities in meat alternatives, snacks, cereals, and other food applications. Advanced extrusion techniques and precision fermentation in food technology are used to enhance the texture, taste, and general nutritional value of TVP to make it more palatable for a wider population. Moreover, clean label trends and the development of allergen-free formulations are also fueling product innovation to align with the shifting dietary preferences.
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North America is already dominating this market, backed by the well-established food processing industry and enhanced interest from consumers in plant-based protein. However, regions like Asia Pacific are fast emerging in importance as growth markets because of rising disposable incomes and increasing urbanization. Overall, the textured vegetable protein market has wide scope to grow since this market goes in line with global trends moving toward sustainable and healthy nutrition.
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In the nature segment, organic segment to grow at the highest rate during the forecast period in the textured vegetable protein market.
This surge in demand can be related to the consumers shifting toward more organic and natural foods that are perceived as healthier and more environmentally friendly. Organic textured vegetable protein contains absolutely no synthetic pesticides, herbicides, or genetically modified organisms, showing the trend developing in relation to food production transparency and sustainability. The organic certifications, moreover, provide consumers with an assurance of the product's conformance to strict organic standards, thereby improving its demand. With enhanced health and environmental awareness across the world, the market for organic textured vegetable protein is likely to grow as customers are becoming more inclined towards high-end health products in foodstuffs.
In the source segment, pea segment to grow at the highest rate in the textured vegetable protein market.
The pea-based textured vegetable protein will grow at the highest rate in the source segment of the textured vegetable protein market. This is because peas contain a high amount of protein and corresponding nutritional value, making them more attractive to health-conscious customers shifting towards plant-based products. Pea protein is more friendly to allergens, gluten-free, and sustainable, hence able to fit into many diets and environmental considerations. The innovation of food processing technology has improved the texture and flavor of pea-based TVPs that increase the use in many foods. As knowledge about the health benefits and sustainability of pea protein surges among consumers, the market share of pea protein is expected to grow manifold in the textured vegetable protein segment.
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The Europe region holds significant market share in the textured vegetable protein market.
With health, environmental, and ethical concerns, European consumers have been rapidly moving to plant-based diets and are therefore boosting demand for meat alternatives like textured vegetable proteins. The European regulations in terms of promoting sustainability and safety in food add to this momentum. In addition, wide variety in textured vegetable protein products, available across supermarkets, specialty stores, and in food service, also helps toward better market penetration and consumer acceptance.
Key players in this market include ADM (US), Roquette Frères (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).
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Plant-based Protein Market by Source (Soy, Wheat, Pea, Canola Oats, Rice & Potato, Beans & Seeds, Fermented Protein), Type (Concentrates, Isolates, Textured), Form (Dry, Liquid), Nature (Conventional, organic), Application - Global Forecast to 2029
Pea Protein Market by Type (Isolates, Concentrates and Textured), Application (Food, Beverages), Form (Dry, Wet), Source (Chickpeas, Yellow Split Peas, Lentils), Processing Method (Dry, Wet) and Region - Global Forecast to 2029
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