Textured Vegetable Protein Market by Source (Soy, Wheat, Pea, and Others), Category (Organic, Conventional), Application (Food and Beverages, Animal Nutrition): Global Market Size Estimates and Forecast (2022–2030)
The market crossed US$ 1.50 billion mark in 2022 and is expected to hit US$ 2.50 billion by 2030, recording a CAGR of 6.6% during the forecast period.
Textured vegetable protein market has been significantly growing with higher adoption of meat alternative products.
Significant consumer shift to vegan diet and products with high protein content, increased health awareness about the use of textured vegetable protein, and innovation and development in textured vegetable protein market are some of the major factors driving the growth of the market. The wheat segment is expected to pace up with its adoption in wide range of application owing to its excellent binding characteristics. Further, other segments such as soy, and pea textured protein is also expected to gain traction during the forecasted year.
Within the report, the market is segmented into source, category, application, and geography. By source, the market is further segmented into soy, wheat, pea, and others. On the basis of category, the market is bifurcated into organic and conventional. By application, the market is categorized into food and beverages, and animal nutrition. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Increasing consumer health awareness about healthy food option has empowered the growth of futuristic innovations.
Textured vegetable protein is type of plant-based protein which are used to replace the animal protein such as meta, egg, and others. Increased popularity of cereals and snacks which have high protein content and low fat has surged the use of textured vegetable proteins owing to its beneficial properties such as excellent binding characteristic, and others has surged its demand. Further, populations are becoming vegan or flexitarian which has posed a opportunity for the market growth. Strong consumer demand for more protein from their food and beverages is driving innovation in textured vegetable protein products.
Rising adoption in various industries is one of the major factors accelerating the market growth.
The industries for textured vegetable protein are food and beverages and animal nutrition. Within these industries, food and beverages industry is one such industry, wherein the use of textured vegetable protein is increasing owing to rising consumer demand for wellness-focused organic food and beverages, increasing consumer preference for meat alternatives, rising awareness about health benefits associated with use of textured vegetable protein, increasing vegan population and others. The animal nutrition industry has also witnessed an extensive use of textured vegetable protein in feed products owing to increased demand for clean label and sustainable feed options.
Recent strategic developments in textured vegetable protein market
The textured vegetable protein market has undergone several significant developments, and a few of these have been mentioned below:
- In October 2021, InnovaPro announced the launch of first textured vegetable protein derived from chickpea.
- In November 2021, Roquette Frères opened the world’s largest pea protein plant, with an aim to meet the growing demand for alternative proteins.
The textured vegetable protein market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. ADM, Cargill, Incorporated, Ingredion, BENCO, and Roquette Frères are among the prominent players operating in the market.
Target audience for the report:
- Raw material providers
- Textured vegetable protein related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policy makers
- Venture capitalists, private equity firms, and start-up companies
- Application industry of textured vegetable protein industry
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the market has been segmented on the basis of:
- Food and Beverages
- Animal Nutrition
- North America
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- Cargill, Incorporated
- Roquette Frères
- Cargill, Incorporated
- Roquette Frères