New York, United States , June 19, 2023 (GLOBE NEWSWIRE) -- The Global Textured Vegetable Protein Market Size is to grow from USD 1.3 billion in 2022 to USD 2.4 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.3% during the projected period. The worldwide textured vegetable protein market is expanding rapidly as a result of rising demand for plant-based protein, health and wellness trends, and technological advancements in food processing.
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The global textured vegetable protein (TVP) market has grown significantly in recent years and is projected to keep expanding throughout the period of forecasting. Textured vegetable protein, commonly referred to as textured soy protein or soy meat, is a versatile and cost-effective soybean-derived plant protein. Because of its high percentage of protein, nutritional value, and meat-like texture, it is frequently employed as a meat substitute in a variety of food products. Food processing technology advancements have played a critical role in the growth of the textured vegetable protein market. Through innovative processing techniques, manufacturers are constantly improving the texture, flavor, and appearance of TVP products. Advanced extrusion processes, flavoring techniques, and ingredient formulation have all contributed to textured vegetable protein's improved sensory properties, further driving its widespread use. Vegetable-sourced components have essential nutritional advantages and essential minerals; however, in several cases, their consumption has caused allergies in human beings, as a result restricting the market growth.
Report Coverage
This research report categorizes the market for the global textured vegetable protein market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the textured vegetable protein market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the textured vegetable protein market.
Browse key industry insights spread across 210 pages with 135 Market data tables and figures & charts from the report on, "Global Textured Vegetable Protein Market Size, Share, and COVID-19 Impact Analysis, By Type (Slices, Flakes, Chunks, and Granules), By Source (Soy, Wheat, and Pea), By Application (Meat Alternatives, Cereals & Snacks), By Form (Dry and Wet), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032" Get Detailed Report Description Here:
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The granules segment is expected to hold the largest share of the global textured vegetable protein market during the forecast period.
The global market for textured vegetable protein is classified into slices, flakes, chunks, and granules. The granules segment is projected to account for the majority share of the global textured vegetable protein market over the forecast period. The wide range of applications, versatility, and convenience can be attributed to segmental growth.
The soy segment is expected to hold the largest share of the global textured vegetable protein market during the forecast period.
According to the source, the global textured vegetable protein market is categorized into three segments: soy, wheat, and pea. Among these, soy will likely account for the largest share of the global textured vegetable protein market over the forecast period. The established use of soy-based textured vegetable protein in a wide range of food products, its availability, and its long-standing market presence can all be attributed to segmental growth.
The meat alternatives segment is expected to hold the largest share of the global textured vegetable protein market during the forecast period.
The global textured vegetable protein market is segmented by application into meat alternatives, cereals and snacks. The meat alternatives segment is projected to dominate the global textured vegetable protein market over the forecast period. The growing demand for plant-based meat substitutes, fueled by factors such as health consciousness, environmental sustainability, and ethical concerns, has propelled the use of textured vegetable protein in this market.
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North America is estimated to hold the largest share of the global textured vegetable protein market over the predicted timeframe.
North America is projected to dominate the majority shares of the global textured vegetable protein market over the forecast period. Growing health consciousness, environmental concerns, and the growing popularity of vegetarian and vegan diets have all contributed to a significant increase in demand for plant-based protein alternatives in the region.
Asia Pacific is expected to grow at the fastest pace in the global textured vegetable protein market during the forecast period.
Asia Pacific is anticipated to expand at the highest pace in the global textured vegetable protein market throughout the period of forecasting. Alterations in dietary preferences, rising awareness of health issues, and the influence of Western food trends are driving demand for plant-based protein alternatives in the Asia Pacific.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Textured Vegetable Protein Market include ADM, Roquette Frères, Ingredion, DuPont, The Scoular Company, Beneo, Cargill, Incorporated, MGP, Shandong Yuxin Biotechnology Co. Ltd., Axiom Foods, Inc., Foodchem International Corporation, PURIS, Kansas Protein Foods, DSM, and among others.
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Recent Developments
In September 2022, Plant protein TEX PW80 M, made from wheat and pea, was introduced by Cargill, a textured vegetable manufacturer, to improve functionality and achieve a more meat-like texture.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Textured Vegetable Protein Market based on the below-mentioned segments:
Global Textured Vegetable Protein Market, By Type
- Slices
- Flakes
- Chunks
- Granules
Global Textured Vegetable Protein Market, By Source
- Soy
- Wheat
- Pea
Global Textured Vegetable Protein Market, By Application
- Meat Alternatives
- Cereals & Snacks
Global Textured Vegetable Protein Market, By Form
- Dry
- Wet
Global Textured Vegetable Protein Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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