Pune, April 13, 2023 (GLOBE NEWSWIRE) -- According to a recent market study by Quince Market Insights, the global textured vegetable protein market size was valued at USD 1,375.1 million in 2022, and is anticipated to reach USD 2,697.3 million By 2032 at CAGR of 7.06% during the forecast period. The textured vegetable protein market includes the global trade of TVP and related products, including its production, distribution, and consumption. The production of TVP is mostly concentrated in countries such as the US, China, and India. These countries are major producers of soybean and wheat, which are the primary sources of TVP. The distribution of TVP products is facilitated by a well-established network of distributors and suppliers, including supermarkets, hypermarkets, and online retailers. In contrast, the consumption of TVP products is increasing, as customers seek healthy and sustainable protein alternatives to meat. The growing popularity of vegan and vegetarian diets is also fueling the development of the TVP market.
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The TVP market has been divided based on type, source, form, application, nature, end user, and region.
Find Out Further Industry Insights: Textured Vegetable Protein Market
Some Significant Market Developments Considered in the Report:
- September 2022: ADM, a global leader in alternative protein and nutrition products and solutions, increased production of textured soy protein at its extrusion facility in Serbia. The factory is set up to generate non-GMO soy proteins that are highly sought-after not only in Europe but also internationally.
- September 2022: Cargill, a textured vegetable manufacturer introduced a new product to improve functioning and achieve a more meat-like texture: plant protein TEX PW80 M made from wheat and pea.
COVID-19 Impact on the Global Textured Vegetable Protein Market
As per the QMI team, the demand for textured vegetable protein has been moderate post the COVID-19 recovery. It is anticipated to grow at a high rate during the analysis period.
Many countries across the globe have enforced strict lockdown norms to control the spread of the pandemic, which is hampering all kinds of business activities. The COVID-19 pandemic had a mixed impact on the textured protein market. The pandemic had led to a boom in demand for plant-based food items, as consumers became more health-conscious and opted for protein-rich and plant-based food options, which had led to huge demand for textured protein as a meat substitute.
Global Textured Vegetable Protein Market Analysis by Region
The textured vegetable protein market is geographically segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. Among these regions, North America is projected to experience the highest growth rate during the forecast period. The rising number of vegan and vegetarian restaurants, as well as the increasing availability of vegan and vegetarian goods in supermarkets and grocery stores, has increased the demand for TVP. In North America, the West Coast of the US has the largest market for plant-based products. The Northeast also has a strong market, with New York being a significant player. In Canada, the industry is more evenly distributed, with the two largest markets being Ontario and Quebec.
Some Major Findings of the Textured Vegetable Protein Market Report Include:
- Major global market trends and forecasts analysis along with a country-specific market analysis for up to 25 countries
- An in-depth Textured Vegetable Protein Market analysis by the segments, along with an analysis of trend-based insights and factors
- The major market players operating in the global textured vegetable protein market include Archer-Daniels-Midland Company (U.S), Cargill Inc (U.S), and Axiom Foods, Inc (U.S) among others.
- Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years
- Key impact factor analysis across regions includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global textured vegetable protein market
- Impact of COVID-19 on the global textured vegetable protein market
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Leading Companies & Their Analysis
The global textured vegetable protein market is highly competitive owing to a large number of industry players. The market provides various opportunities for new entrants due to changing consumer preferences and the easy availability of raw materials. Furthermore, major players engage in competitive strategies such as new product launches, joint ventures, strengthening of online presence, and capacity expansions.
- Archer-Daniels-Midland Company (Us)
- Cargill Inc. (us)
- Axiom foods, inc. (us)
- Mgp ingredients (us)
- Foodchem international corporation (china)
- Dacsa group(spain)
- Shandong yuxin biotechnology co., ltd. (china)
- Linyi shansong biological products co., ltd (china)
- Sotexpro (france)
- Puris foods (u.s)
- Dsm (netherlands)
- Ingredion (u.s)
- Roquette (france)
- The scoular company (u.s)
- Beneo (germany)
- Sonic biochem (india)
- Crown soya protein group company (china)
- Gushen biotechnology group co. Ltd (china)
- Living foods (india)
- Blattmann (switzerland)
Market Segmentation
- Type Outlook (Revenue, USD Million, 2019 - 2032)
- Chunks
- Flakes
- Slices
- Granules
- Others
- Source Outlook (Revenue, USD Million, 2019 - 2032)
- Soy
- Pea
- Wheat
- Others
- Application Outlook (Revenue, USD Million, 2019-2032)
- Meat Alternative
- Cereal & Snacks
- Others
- Form Outlook (Revenue, USD Million, 2019-2032)
- Dry
- Wet
- Nature Outlook (Revenue, USD Million, 2019-2032)
- Organic
- Conventional
- End User Outlook (Revenue, USD Million, 2019-2032)
- Industrial
- Food Industry
- Animal Feed & Pet Food
- Commercial
- Household
- Industrial
- Regional Outlook (Revenue, USD Million, 2019 - 2032)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Netherlands
- Serbia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Indonesia
- Thailand
- Philippines
- South Korea
- Vietnam
- Malaysia
- Australia & New Zealand
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Paraguay
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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About Quince Market Insights
Quince Market Insights is a global market research and consulting company publishing syndicate studies as well as consulting assignments pertaining to markets that promise high growth opportunities in strategic future. We analyse emerging trends in relatively nascent markets that promise high growth opportunities in future. We focus towards, precision research practices that provide accurate market estimations and forecasts. This helps our clients to make proper estimations with regards to demand analysis, regional growth, major competitors, and dynamics of the market.
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