The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
“The textured vegetable protein market is projected to grow at a CAGR of6.2% during the forecast period.”
According to the report, the textured vegetable protein market is estimated to be valued at USD 1.1billion in 2020and is projected to reach USD 1.5billion by 2025, recording a CAGR of 6.2%, in terms of value. Factors such as the consumer preference and interest in vegetable protein sources, due to its nutritional profile, inclination toward clean eating, rise in health concerns, and environmental concerns, as well as animal welfare, have resulted in the growth of the alternatives, such as plant-based meat, and ingredients such as textured vegetable protein. However, the growth of the textured vegetable protein market is inhibited by factors, such as processing complexity for the extraction of textured vegetable protein. In addition, the allergies associated with textured vegetable protein sources such as soy & wheat inhibits the growth of this market.
“By application, the cereals & snacks segment is projected to grow at the highest CAGR during the forecast period.”
Cereals & snacks represent a growing portion of the textured protein market. The growing demand for plant-based foods and vegan alternatives has led to manufacturers adopting the use of textured proteins in additional application areas such as cereals and snacks. The use of textured protein granules and flakes allows for their integration into cereals and snack products and improving their mainstream adoption among consumers.
“By source, the textured vegetable protein obtained from soy is estimated to account for the largest share during the forecast period.”
The textured vegetable protein from soy are dominating the market for textured vegetable protein. Textured soy protein is usually made from soy concentrates. To obtain textured soy protein, the defatted thermoplastic proteins are heated to 150-200 degrees Celsius. Also, the pressurized molten protein mixture exits the extruder, and hence, the sudden drop in pressure causes rapid expansion into a puffy solid that is then dried. Textured soy protein has a shelf life of more than a year when stored dry at room temperature. Also, it is a low-calorie and low-fat source of vegetable protein.
“The Asia Pacific region is projected to grow at the highest CAGR during the forecast period”
The textured vegetable protein market in the Asia Pacific region is largely driven by industrial shift and technological advancements that have made textured vegetable protein available for a wide range of applications. Developed markets such as North America and Western Europe are becoming mature, which has led to faster growth in developing markets such as Asia Pacific. Rise in consumer awareness toward the functional benefits of vegetable sourced proteins in the region has also aided the demand for meat alternative products as against conventional protein sources. The changing lifestyles of consumers have inclined them toward a vegan diet. The rise in the consumption of meat alternatives has been driven due to the increase in awareness among affluent millennial consumers about the functional benefits and sustainability concerns has contributed to the growth of the textured vegetable protein market in this region.
The textured vegetable protein market is segmented region-wise, with a detailed analysis of each region. These regions include Asia Pacific, North America, Europe, and RoW (South America and Africa &Middle East).
Break-up of Primaries
- By Value Chain: Supply side – 52% and Demand side – 48%
- By Designation: C Level- 36%,D Level–33%, and Others–31%
- By Region: Asia Pacific - 36%, Europe - 30%,North America- 20%, and South America and Middle East & Africa- 14%
Leading players profiled in this report include the following:
- ADM (US)
- Cargill (US)
- CHS (US)
- Roquette Freres (France)
- DuPont (US)
- Wilmar International (Singapore)
- The Scoular Company (US)
- Puris Foods (US)
- VestKorn (Norway)
- MGP Ingredients (US)
- Beneo GmbH (Germany)
- Shandong YuxinBio-Tech (China)
- FoodChem International (China)
- Shandong Wonderful Industrial Group (China)
- Axiom Foods (US)
- AGT Food & Ingredients (Canada)
- Sun NutraFoods (India)
- Crown Soya Protein Group (China)
- La Troja (Spain)
- Hung Yang Foods (Taiwan)
This report segments the textured vegetable protein market on the basis of application, source, type, form, and region. In terms of insights, this research report focuses on various levels of analyses?competitive landscape, pricing insights, end-use analysis, and company profiles?which together comprise and discuss the basic views on the emerging & high-growth segments of the textured vegetable protein market, high-growth regions, countries, industry trends, drivers, restraints, opportunities, and challenges.
Reasons To Buy this report
- To get a comprehensive overview of the textured vegetable protein market
- To gain wide-ranging information about the top players in this industry, their product portfolio details, and the key strategies adopted by them
- To gain insights about the major countries/regions, in which the textured vegetable protein market is flourishing