Meticulous Research®—a leading global market research company, published a research report titled, ‘Textured Vegetable Proteins Market by Type (Soy, Wheat, Pea), Nature (Inorganic, Organic), Form (Chunks, Slices, Flakes, Granules), Application (Meat Alternatives, Snacks Foods, Bakery, Animal Feed) - Global Forecast to 2030.’
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According to this latest publication from Meticulous Research®, the textured vegetable proteins market is expected to record a CAGR of 10.5% from 2023 to 2030 to reach $5.07 billion by 2030. The growth of this market is attributed to increased demand for processed & convenience foods, the growing popularity of meat alternatives, rising awareness about the health benefits of plant-based proteins, and growth and investments in the plant-based food sector. Additionally, increasing intolerance for animal proteins and emerging economies offer significant growth opportunities for textured vegetable protein vendors. However, the availability of other types of vegetable protein and fluctuating raw material prices restrain the textured vegetable proteins market growth.
Key Players:
The textured vegetable proteins market is moderately competitive due to many large and small-sized global, regional, and local players. The key players operating in the textured vegetable proteins market are Cargill, Incorporated (U.S.), Rouquette Frères (France), Archer-Daniels-Midland Company (U.S.), Ingredion Incorporated (U.S.), International Flavors & Fragrances Inc. (U.S.), Beneo GmbH (Germany), Sotexpro (France), CHS Inc. (U.S.), Farbest Brands (U.S.), Axiom Foods Inc. (U.S.), Puris Foods (U.S.), and FoodChem International Corporation (China).
The textured vegetable proteins market is segmented based on product type, nature, form, application, and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.
Based on type, the textured vegetable proteins market is segmented into soy, wheat, pea, and other types. In 2023, the soy segment is expected to account for the largest share of the textured vegetable proteins market. This segment's large market share is attributed to the presence of various manufacturers and their high production capacities, increased adoption from the food industry, rising popularity and high adoption of soy-based products among consumers, and low cost than other types of textured proteins. Textured soy protein is used in various dishes, including tacos, chili, burgers, meatballs, and stews. It readily absorbs the flavors of the spices and seasonings it is cooked with, making it a great meat alternative in various recipes. However, the pea segment is expected to register the highest CAGR during the forecast period.
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Based on nature, the textured vegetable proteins market is segmented into inorganic and organic. In 2023, the inorganic segment is expected to account for the largest share of the textured vegetable proteins market. The large market share of this segment is attributed to the high availability of protein through traditional methods and easy accessibility to cost-effective plant protein production. However, the organic segment is expected to register the highest CAGR during the forecast period.
Based on form, the textured vegetable proteins market is segmented into chunks, slices, flakes, and granules. In 2023, the chunks segment is expected to account for the largest share of the textured vegetable proteins market. However, due to its water retention and defatting property, the flakes segment is expected to register the highest CAGR during the forecast period.
Based on application, the textured vegetable proteins market is segmented into food & beverage, animal feed, and other applications. In 2023, the food & beverage segment is expected to account for the largest share of the textured vegetable proteins market. The large market share of this segment is attributed to increased demand from meat and meat substitute manufacturers, increased awareness about sustainable production, and growing demand for convenient and functional food products. Moreover, the food & beverage segment is also expected to register the highest CAGR during the forecast period of 2023–2030.
Based on geography, in 2023, North America is expected to account for the largest share of the textured vegetable proteins market. North America’s major market share is attributed to the well-established food and beverage industry, rising concerns over animal-based products, growing preference for meat alternatives, increasing investment in the plant-based food sector, and the presence of key manufacturers. However, Asia-Pacific is projected to register the highest CAGR during the forecast period. The growth of this regional market is attributed to the huge base of the vegetarian population, growing technological advancements in the food & beverages industry, increasing raw material availability, and increasing awareness regarding the importance of protein-rich diets
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Key questions answered in the report-
• What are the high-growth market segments regarding type, nature, form, application, and country/region?
• What is the historical market for textured vegetable proteins across the globe?
• What are the market forecasts and estimates for 2023 to 2030?
• What are the major drivers, restraints, challenges, opportunities, and trends in the textured vegetable proteins market?
• How is the competitive landscape?
• What are the recent developments in the textured vegetable proteins market?
• What are the different growth strategies adopted by the major players in the market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the textured vegetable proteins market, and how do they compete with other players?
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