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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