Global Textured Vegetable Protein market overview 2024, Forecast To 2033
4 Mar, 2024
The textured vegetable protein market size has grown strongly in recent years. It will grow from $1.78 billion in 2023 to$1.91 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to globalization of dietary trends, retail and foodservice adoption, shift in consumer preferences, food security, cost-effectiveness. 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 growth in the forecast period can be attributed to diverse product offerings, nutritional value emphasis, allergen-free and gluten-free attributes, culinary adaptability, expanded market presence. Major trends in the forecast period include product innovations, health and wellness trends, sustainability concerns, technological advancements in food processing, clean label movement.
Global Textured Vegetable Protein Market Key Driver
The textured vegetable protein market is anticipated to witness robust growth fueled by the escalating demand for plant-based ingredients driven by health consciousness and concerns for animal welfare. Plant-based ingredients, sourced from various fruits, vegetables, grains, and pulses, are gaining popularity as alternatives to traditional meat products. Textured vegetable proteins, derived from plants, cater to the increasing demand for plant-based protein sources. In the U.S., the plant-based foods market reached a record value of $7.4 billion in 2021, marking a 6.2% growth compared to the previous year, according to the Plant Based Foods Association. Thus, the growing demand for plant-based ingredients is expected to underpin the growth trajectory of the textured vegetable protein market.
Get A Free Sample Of The Global Textured Vegetable Protein Market ReportGlobal Textured Vegetable Protein Market Segments
The global textured vegetable protein market covered in this report is segmented –
1) By Product Type: Textured Soy Protein, Textured Wheat Protein, Textured Pea Protein, Other Product Types
2) By Nature: Organic, Conventional
3) By Application: Food Products, Animal Nutrition/Pet Food
By Geography: The regions covered in the textured vegetable protein market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
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.
Major Textured Vegetable Protein Industry Players
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
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Textured Vegetable Protein Market Overview
Textured vegetable protein is a soybean-derived synthetic protein used to make burger patties, frankfurters, and others to provide the right quality, texture, binding power, and proper chewiness to firm up the product. The textured vegetable protein is used as a high-protein, low-cost, and functional dietary component to replace meat products or as a meat substitute.
Textured Vegetable Protein Global Market Report 2023 provides data on the global textured vegetable protein market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The textured vegetable protein market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.