The textured vegetable protein market size is expected to see exponential growth in the next few years. It will grow to $10.65 billion in 2028 at a compound annual growth rate (CAGR) of 53.8%. The growth in the forecast period can be attributed to diverse product offerings, nutritional value emphasis, allergen-free and gluten-free attributes, culinary adaptability, expanded market presence. Major trends in the forecast period include product innovations, health and wellness trends, sustainability concerns, technological advancements in food processing, clean label movement.
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Segmentation & Regional Insights
The textured vegetable protein market covered in this report is segmented –
1) By Product Type: Textured Soy Protein, Textured Wheat Protein, Textured Pea Protein, Other Product Types
2) By Nature: Organic, Conventional
3) By Application: Food Products, Animal Nutrition/Pet Food
North America was the largest region in the textured vegetable protein market in 2023. The regions covered in the textured vegetable protein market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing demand for plant-based ingredients is expected to propel the growth of the textured vegetable protein market going forward. Plant-based ingredients are extracted from plant roots and other parts, including fruits, vegetables, rice, wheat, maize, pulses, and other food crops. The demand for plant-based ingredients is rising due to health consciousness among people and increased concern for animal welfare. Textured vegetable proteins are derived from plants as an alternative to meat products. For instance, in 2021, according to the Plant Based Foods Association, a US-based non-profit organization, the market value of plant-based foods in the U.S. reached a new peak at $7.4 billion, experiencing 6.2% growth compared to 2020. Therefore, the growing demand for plant-based ingredients is driving the growth of the textured vegetable protein market.
Key Industry Players
Major companies operating in the textured vegetable protein market report are Archer Daniels Midland Company, Cargill Incorporated, DuPont de Nemours Inc., Roquette Freres SA, Shandong Yuxin Biotechnology Co. Ltd, Axiom Foods Inc., Kansas Protein Foods LLC, Foodchem International Corporation, Dacsa Group, Victoria Group A.D., Crown Soya Protein Group, Wilmar International Ltd, Fuji Oil Co. Ltd, Vestkron A/S, Ingredion Inc, Tereos Syral, Agridient B.V., Beneo GmbH, CerealVeneta S.r.l., CHS Inc., Cosucra Groupe Warcoing SA, Devansoy Inc., Emsland Group, Gushen Biological Technology Group Co. Ltd., Harvest Innovations LLC, World Food Processing, Kerry Group plc, MGP Ingredients Inc., Nutri Pea Ltd., Puris Proteins LLC
The textured vegetable protein market report table of contents includes:
1. Executive Summary
2. Textured Vegetable Protein Market Characteristics
3. Textured Vegetable Protein Market Trends And Strategies
4. Textured Vegetable Protein Market – Macro Economic Scenario
5. Global Textured Vegetable Protein Market Size and Growth
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31. Global Textured Vegetable Protein Market Competitive Benchmarking
32. Global Textured Vegetable Protein Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Textured Vegetable Protein Market
34. Textured Vegetable Protein Market Future Outlook and Potential Analysis
35. Appendix
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