Portland, OR, May 19, 2021 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Textured Vegetable Protein Market by Product Type (Textured Soy Protein and Others), Form (Flakes, Granules, Chunks, and Others), and End User (Business To Business and Business To Consumer): Global Opportunity Analysis and Industry Forecast, 2021–2027.” According to the report, the global textured vegetable protein industry generated $987.9 million in 2019, and is expected to generate $2.13 billion by 2027, witnessing a CAGR of 9.2% from 2021 to 2027.
Prime determinants of growth
Increase in vegan population, growth in health-conscious consumers globally, and proliferation of foodservice industry drive the growth of the global textured vegetable protein market. However, potential threat of substitutes and availability of counterfeit products hinder the market growth. On the other hand, rapid growth of online platforms and surge in demand for organic products present new opportunities in the coming years.
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Covid-19 Scenario:
- During the COVID-19 outbreak, health consciousness increased among the consumers. This in turn has boosted the growth of the textured vegetable protein market. However, the disrupted supply chain and suspended manufacturing activities, owing to the lockdown, resulted in shortage of raw material.
- In addition, the popularity of the vegan diet has increased during the pandemic and consumers started avoiding consumption of meat. This has contributed to the growth of the market.
The business to consumer segment to maintain its lead position during the forecast period
Based on end user, the business-to-consumer segment accounted for more than four-fifths of the global textured vegetable protein market in 2019, and is projected to maintain its lead position during the forecast period. The busy lifestyles of consumers is the major driving factor of the segment. However, the business-to-business segment is estimated to grow at the highest CAGR of 10.6% from 2021 to 2027, owing to the growing number of restaurants that are offering textured vegetable protein.
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The chunks segment to maintain its leadership status by 2027
Based on form, the chunks segment contributed to the highest market share in 2019, accounting for more than one-third of the global textured vegetable protein market in 2019, and is expected to maintain its leadership status by 2027. This is due easy availability of textured vegetable protein in chunks through various distribution channels across the globe. However, the flakes segment is projected to portray the largest CAGR of 11.2% from 2021 to 2027. This is due to the rants as textured vegetable protein in flakes form has application in various meals including burgers, soups and others as a meat analog.
North America to maintain its dominance in terms of revenue by 2027
Based on region, North America held the highest market share in 2019, accounting for more than one-third of the global textured vegetable protein market, and is estimated to maintain its dominance in terms of revenue by 2027. This is due to the rise in health-conscious consumers in countries such as the U.S. However, Asia-Pacific is expected to witness the fastest CAGR of 11.5% from 2021 to 2027. Asian consumers have been seeking beyond food and drink to functional foods to boost their wellbeing with the rise in health and wellness trend in the region. This factor augments the growth in this province.
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Leading market players
- Archer Daniels Midland Company
- Cargill, Incorporated Inc.
- Du Pont de Nemours and Company
- Foodchem International Corporation
- Hung Yang Foods Co., Ltd.
- Sonic Biochem Extraction Pvt Ltd
- Südzucker Group(Beneo)
- Victoria Group A.D.
- Wilmar International Limited.
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