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.’
The latest publication from Meticulous Research® indicates that the textured vegetable proteins market is poised to achieve a remarkable CAGR of 10.5% from 2023 to 2030, reaching a value of $5.07 billion by 2030. This growth trajectory is fueled by several factors including heightened demand for processed and convenient foods, the surging popularity of meat alternatives, increasing awareness about the health advantages of plant-based proteins, and substantial investments in the plant-based food sector. Additionally, factors such as a growing intolerance for animal proteins and the emergence of economies offer promising growth prospects for vendors in the textured vegetable protein space. Nevertheless, challenges such as the availability of alternative vegetable proteins and fluctuating raw material prices pose constraints on market expansion.
Market Segmentation:
The textured vegetable proteins market is segmented based on product type, nature, form, application, and geography. The report also includes an assessment of industry competitors and analyzes the market at both regional and country levels.
Product Type:
The market is segmented into soy, wheat, pea, and other types, with the soy segment expected to dominate in 2023 due to factors such as widespread adoption and lower production costs. However, the pea segment is anticipated to witness the highest growth rate during the forecast period.
Nature:
Segments include inorganic and organic, with the inorganic segment expected to lead in 2023, while organic textured vegetable proteins are forecasted to exhibit the highest CAGR.
Form:
Segments encompass chunks, slices, flakes, and granules, with the chunks segment projected to hold the largest share in 2023, although flakes are anticipated to experience the highest growth rate owing to their water retention and defatting properties.
Application:
The market is segmented into food & beverage, animal feed, and other applications, with the food & beverage segment expected to dominate in 2023 and exhibit the highest growth rate throughout the forecast period.
Geography:
North America is projected to lead the market in 2023, attributed to a well-established food and beverage industry and increasing preference for meat alternatives. However, Asia-Pacific is anticipated to register the highest CAGR, driven by a large vegetarian population and advancements in the food & beverages sector.
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Key Players:
The textured vegetable proteins market features moderate competition, with numerous global, regional, and local players. Some of the key players in this market include 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).
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