Textured Vegetable Protein Market

Textured Vegetable Protein Market Size, Growth (2023-2028)

The Global Textured Vegetable Protein Market size was at US$ 1.1 billion in 2022, and is predicted to reach a value of US$ 1.5 billion by 2028 with an annual development rate of 6.2% between 2023 and 2028.

Market Overview:

Textured plant protein can replace meat products while providing a functional, inexpensive, protein-rich food ingredient, or is consumed directly as a meat analog. Protein is an important essential component of muscles and other cells in the body and is used to make enzymes, hormones, and hemoglobin. Proper intake of protein is necessary for the growth and recovery of tissues, normal muscle function, neuroimmune and impulse transmission. Textured plant protein is derived from natural sources like plants, fruits, beans, nuts, and other sources. Textured plant protein products are low in saturated fat, cholesterol, and fiber, and are a good source of antioxidants and phytochemicals that can contribute to weight and fat loss. Eating textured plant protein, not animal protein, can help control weight and reduce risk of chronic diseases.

Recent Developments in Textured Vegetable Protein Industry:

• In January 2020, Roquette and Beyond Meat signed a partnership agreement to significantly increase the supply of pea protein in response to growing demand in North America and Europe.
• In August 2019, Cargill stepped up its business to meet growing demand from various food and beverage manufacturers around the world by investing $ 75 million in PURIS Foods to increase production of pea protein, starch and fiber.
• In May 2019, Roquette expanded its presence in Lithuania by establishing a new R&D department. This strategy will strengthen regional experts and meet the needs of local and Nordic clients.
• In November 2019, VestKorn launched Textured Pea Protein and Textured Pabavian Protein to meet the growing demand for sustainable meat substitutes in North America and Europe.

Textured Vegetable Protein Market Growth:

A growing preference for meat substitutes is expected to directly impact the consumption of textured vegetable protein, which will complement the growth of the market.

REPORT COVERAGE:

Drivers:

Growing demand for meat substitutes and growing consumer health awareness are driving demand for textured vegetable proteins. Textured plant proteins represent growing opportunities in the current alternative protein market scenario. Plant-like alternatives have grown due to shifts in consumer preferences and interest in plant protein sources, a trend toward clean eating habits, and increased concerns for animal welfare, the environment, and health due to its nutritional profile. With an increased awareness of healthy lifestyles, the limited fat and carbohydrate content of foods is becoming a major debate in diets for all age groups. Textured soy protein is considered one of the best substitutes for meat products and applies to meat analogs and extenders. Also, along with animal-based proteins like whey and casein, athletes prefer soy protein as it is a rich source of protein. Since these foods provide higher amounts of nutrients, there is a growing preference for meat substitutes in diet plans, which is a promising avenue to increase sales of textured plant protein. With advancements in new technologies and innovative experiments in the food and beverage sector, the use of textured plant proteins in the North American market is dominant due to the growing and softer vegan population while the Asia Pacific region is growing faster due to new technologies and increased exports of food and beverages. Textured plant proteins obtained from various sources such as beans, wheat and peas have been adapted among food manufacturers because they camouflage them as meat substitutes with functional and nutritional properties.

Due to changing consumer demand in recent years and a lack of growth in developed markets, the aquaculture sector is accelerating the cycle of innovation and new product development to enter the fastest growing category. The plant protein component is a new innovation available in fractionation isolates and concentrates. This integral food ingredient contributes to the texture, flavor and color properties of the final food and beverage product. The number of innovations in the food and beverage industry in recent years is accelerating and is expected to remain the same during the forecast period. It has also witnessed a high adoption rate among consumers by reproducing a texture and flavor similar to the characteristics of meat products, such as hamburgers, nuggets, sausages and crumbs. Growing consumer awareness of the functional benefits of plant proteins in the region has also increased the demand for meat substitutes compared to traditional sources of protein. The changing lifestyle of consumers favors the vegan diet. Meat substitutes contain plant-based protein and are formulated to provide options for non-meat consumers. This has augmented the making of meat substitutes that resemble the features of beef, chicken, and other animal products. Factors such as nutritional profile, propensity for a clean diet, increased health concerns, environmental concerns, and consumer preference and concern for plant protein sources due to animal welfare have driven the growth of the following alternatives. Ingredients such as vegetable meat and textured vegetable protein.

Restraints:

Allergies related to textured vegetable protein sources like soybeans and wheat are hampering the growth of this market. Herbal ingredients have functional health benefits and are composed of essential minerals. However, in some cases, its consumption is allergic to humans, inhibiting the growth of the market. The textured vegetable protein market is highly fragmented with the major players accounting for only 14% of the total market share. However, producing meat substitutes without compromising taste is a manufacturer limitation. Therefore, manufacturers are working to make blends of various plant proteins. Producing meat substitutes without compromising taste acts as a limitation on the manufacturer. Therefore, makers are working to make blends of various plant proteins.

Textured Vegetable Protein Market Segmentation Analysis:

Based on the source, the soybean segment is driving the global textured vegetable protein market and likely to develop with the largest share during the forecast period. Beans were a low calorie and low-fat source of vegetable protein that is used as a meat alternative because of its low cost compared to animal protein sources. Textured soy protein acts as an ideal meat substitute and is gaining interest among vegetarians and soda drinkers.

By type, the slices segment is expected to occupy the majority of the market by shape during the forecast period. Various high protein beans were processed to obtain textured vegetable protein fragments. They are a unique source of protein that contains the protective ingredients, minerals, essential amino acids and vitamins necessary for a complete metabolism.

By application, the global market is divided into cereals & snacks, meat alternatives and others.

Geographical Segmentation Analysis:

• North America - the United States and Canada
• Europe - United Kingdom, Spain, Germany, Italy, and France
• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
• Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

Regional Analysis:

There are many companies in Europe and North America. As developed markets such as North America and Western Europe mature, the pace of growth has accelerated in developing countries such as the Asia Pacific. The increased consumption of meat substitutes has contributed to the growth of the market for textured vegetable proteins in the region, as it has increased awareness of functional benefits and sustainability among wealthy millennial consumers. Textured plant proteins, along with new R&D improvisations, are being used even further in a variety of food and beverage applications, helping manufacturers manage protein costs with trendy plant proteins. The Asia Pacific textured vegetable protein market is primarily driven by industry changes and technological advancements that have made these proteins available for a variety of applications. The textured vegetable protein market in the area is estimated to show strong growth due to economic developments in countries such as India, Japan, China and Australia. Changes in industrialization and investment in the Asia Pacific have increased significantly over the past decade and have contributed to rapid economic growth, especially in China.

Key Players in the Market:

Major Key Players in the Global Textured Vegetable Protein Market are

• Cargill
• Puris
• ADM Specialty Ingredients B.V
• Roquette S.A
• E.I. du Pont de Nemours & Co
• Optimum Nutrition
• Beneo GmbH
• Coperion GmbH
• Cosucra Groupe Warcoing SA
• SunOpta
• House Foods America Corporation