Meticulous Research® forecasts robust growth for the textured vegetable proteins market from 2024 to 2030

The global textured vegetable proteins market is projected to grow at a compound annual growth rate (CAGR) of 10.5%, reaching $5.07 billion by 2030, according to a new report by Meticulous Research®. This significant growth is fueled by increasing consumer demand for processed and convenience foods, the rising popularity of meat alternatives, and heightened awareness of the health benefits of plant-based proteins. The growing plant-based food industry and increasing intolerance for animal proteins further present substantial opportunities for vendors in the textured vegetable protein market.

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However, market growth may be restrained by the availability of alternative vegetable protein sources and fluctuating raw material prices, posing challenges for manufacturers.

Key Market Players
The textured vegetable proteins market is characterized by moderate competition, with the presence of both large and small global, regional, and local players. Leading companies in the 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)

Additional players, including those from the U.S., France, Germany, and China, contribute to the competitive landscape through product innovation and strategic investments in plant-based foods.

Market Segmentation and Growth Drivers
The textured vegetable proteins market is segmented based on product type, nature, form, application, and geography:

1. By Type: The soy segment is expected to dominate the market in 2024, driven by its wide availability, cost-effectiveness, and high adoption in food products. Soy-based proteins are commonly used in a variety of dishes, such as tacos, burgers, and stews, due to their versatility and flavor absorption. The pea segment, however, is poised for the highest growth during the forecast period due to increasing demand for alternative plant-based proteins.

2. By Nature: Inorganic textured vegetable proteins will account for the largest share of the market in 2024, thanks to the cost-effective production methods and availability of plant protein sources. Meanwhile, the organic segment is expected to experience the highest growth rate as consumer demand for organic and sustainable food options continues to rise.

3. By Form: In 2024, the chunks segment will hold the largest market share due to its widespread use in food production. However, the flakes segment, known for its water retention and defatting properties, is expected to register the highest CAGR during the forecast period.

4. By Application: The food and beverage segment is projected to dominate the market, driven by increasing demand from meat substitute manufacturers, growing consumer awareness of sustainable food production, and rising demand for convenient, functional food products. This segment is also forecast to achieve the highest growth rate during the period.

Regional Insights
North America is expected to lead the textured vegetable proteins market in 2024, attributed to its well-established food and beverage industry, growing investment in plant-based foods, and increasing consumer preference for meat alternatives. The presence of key manufacturers and rising concerns over animal-based products further bolster market growth in the region.

Meanwhile, the Asia-Pacific region is set to register the highest CAGR through 2030, driven by a large vegetarian population, advancements in food and beverage technology, growing availability of raw materials, and increased awareness of protein-rich diets.

For more detailed insights, the full report includes an analysis of historical market data, current estimates, and forecasts through 2030, providing a comprehensive outlook on the global textured vegetable proteins market trajectory.

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About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

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