According to a new market 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 textured vegetable proteins market is expected to reach $5.07 Billion by 2030, at a CAGR of 10.5% from 2023 to 2030.
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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.
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 type, nature, form, application, and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.
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Key Findings in the Textured Vegetable Proteins Market Study:
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 many manufacturers and 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. As a protein source, textured soy protein is considered nutritionally beneficial as it contains all the essential amino acids, making it a complete protein. Additionally, it is low in fat and cholesterol-free, making it a healthier alternative to animal-based proteins. However, the pea segment is expected to register the highest CAGR during the forecast period due to a well-balanced nutritional profile and being able to offer nutritional qualities, such as soy free and glutted-free.
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 due to increasing awareness of consumers about the availability of organic products at low cost, clean label trends, and increasing demand for organic products.
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Based on form, the textured vegetable proteins market is segmented into chunks, chunks, flakes, and granules. In 2023, the chunks 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 its benefits, such as being odorless and tasteless with high nutritional value and protein content and easy availability, and increased adoption of soy chunks. However, the flakes segment is expected to register the highest CAGR during the forecast period due to its water retention and defatting property.
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.
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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