The global textured vegetable protein market size was valued at $987.9 million in 2019, and is projected to reach $2,139.6 million by 2027, registering a CAGR of 9.2% from 2021 to 2027.
Textured vegetable protein is a plant based protein specifically derived from pea, soyabean, wheat, and others. It is a meat substitute and has high protein and fiber content, while having zero fat or cholesterol. The textured vegetable protein is dry and shelf-stable product after processing and is available in different forms including granules, flakes, chunks, and others. Different variants of textured vegetable proteins are available in the market. These include textured wheat protein, textured pea protein, textured soy protein and others. Rise in demand for healthy diets boosts the preference for textured vegetable protein majorly textured soy protein in the market. Moreover, rise in demand for textured vegetable protein from vegetarian consumers looking for protein rich meal drives the growth of the textured vegetable protein market.
The textured vegetable protein market is segmented into product type, form, end user, and region. By product type, it is bifurcated into textured soy protein and others. By form, the market is classified into flakes, granules, chunks, and others. By end user, it is divided into business to business and business to consumers. By region, the textured vegetable protein market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, India,, Japan, South Korea and rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).
By product type, the textured soy protein segment accounted for the highest textured vegetable protein market share in 2019. The textured vegetable protein market growth of is attributed to the rising number of consumers looking for protein rich food giving a similar taste and texture like meat. However, the others segment is expected to grow at the highest CAGR during the forecast period.
By Product Type
The Textured soy protein segment dominates the global textured vegetable protein market and is expected to retain its dominance throughout the forecast period.
By form, the chunks segment accounted for the highest textured vegetable protein market share in 2019. This is attributed to easy availability of textured vegetable protein in chunks form through various distribution channel across the globe. However, the flakes segment is anticipated to grow at the highest CAGR during the textured vegetable protein market forecast period.
By Form
The Chunks segment dominates the global textured vegetable protein market and is expected to retain its dominance throughout the forecast period.
By end user, the business to consumer segment accounted for the highest textured market share in 2019. This is attributable to busy lifestyles of consumers, which increases the demand for functional foods like textured vegetable protein, which offers essential nutrition and helps enhance physical and mental wellness. However, the business to business segment is expected to grow at the highest CAGR during the forecast period.
By End User
The Business to Consumer segment dominates the global textured vegetable protein market and is expected to retain its dominance throughout the forecast period.
By region, the textured vegetable protein market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the highest market share in 2019. This is attributable to the rise in number of health-conscious consumers in countries such as the U.S.. However, Asia-Pacific is anticipated to grow at the highest CAGR during the textured vegetable protein market forecast period.
By Region
The North America dominates the global textured vegetable protein market and is expected to retain its dominance throughout the forecast period.
Covid-19 Impact Analysis
- The COVID-19 has positively impacted the growth of the textured vegetable protein market.
- During the COVID-19 outbreak, consumers have become more concerned about their overall health and wellness as COVID-19 has impacted the mental and physical well-being of almost everyone across the globe.
- Increase in number of consumers becoming health conscious during the pandemic boosts the growth of the textured vegetable protein market.
- In addition, vegan diet during the pandemic is becoming very popular as consumers are avoiding consumption of meat and are thus opting for the plant based protein. This in turn has contributed in driving the growth of the market.
The key players operating in the global textured vegetable protein market focus on prominent strategies to overcome competition, and maintain as well as improve their share worldwide. Some of the major players operating in the global textured vegetable protein industry analyzed in this report include Archer Daniels Midland Company, Cargill, Incorporated Inc., Du Pont de Nemours and Company, Foodchem International Corporation, Hung Yang Foods Co., Ltd., Sonic Biochem Extraction Pvt Ltd, Südzucker Group(Beneo), Victoria Group A.D., and Wilmar International Limited.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the current textured vegetable protein market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis and the textured vegetable protein market size and segmentation assists in determining the prevailing textured vegetable protein market opportunities.
- Major countries in each region have been mapped according to their revenue contribution to the global industry.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of market players.
- The report includes the regional as well as global textured vegetable protein market analysis, key players, market segments, and growth strategies.
Key Market Segments
By Product Type
- Textured Vegetable Protein
- Others
By Form
- Flakes
- Granules
- Chunks
- Others
End User
- Business to Business
- Business to Consumers
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Textured Vegetable Protein Market Report Highlights
| Aspects | Details |
 By PRODUCT TYPE |
|
 By END USER |
|
 By FORM |
|
 By Region |
|
 Key Market Players | CHS INC., VICTORIA GROUP, CARGILL, INCORPORATED, SONIC BIOCHEM EXTRACTION PVT LTD, SÜDZUCKER GROUP, HUNG YANG FOODS, .E. I. DU PONT DE NEMOURS AND COMPANY, WILMAR INTERNATIONAL LIMITED, FOODCHEM INTERNATIONAL CORPORATION, ARCHER-DANIELS-MIDLAND COMPANY |
Analyst Review
According to some key textured vegetable protein manufacturers, rise in number of health-conscious consumers across the globe drives the growth of the market. Moreover, the product innovation and surge in demand for organic protein rich products are the factors anticipated to offer growth opportunities for the market during the forecast period.
The market players have adopted key developmental strategies such as new product launch, business expansion, and partnership to maintain their position in the vegetable textured protein market, in terms of value sales. They also emphasize on continuous innovations in their products to maintain a strong foothold in the market and to boost the sales of textured vegetable protein globally. Furthermore, the rise in trend of veganism majorly in Europe and North America drives the market growth.
Furthermore, the key manufacturers added that the availability of counterfeit textured vegetable protein and easy availability of its substitutes in the market at competitive price are the factors projected to hamper the growth of the market during the forecast period.
The global textured vegetable protein market is projected to reach $2,139.6 million by 2027.
The global textured vegetable protein market is projected to register a CAGR of 9.2% from 2021 to 2027.
2019 is considered as the base year in the textured vegetable protein market report?
Some of the key players operating in the global textured vegetable protein market are Archer Daniels Midland, Cargill., Du, Foodchem, Hung Yang Foods., Sonic Biochem Extraction, Südzucker Group(Beneo), Victoria Group., and Wilmar International .
The textured vegetable protein market is segmented into product type, form, end user, and region.
The rise in trend of health-conscious consumers preferring vegetable sources for proteins as nutritional and functional food is likely to drive the growth of the market.
North America holds the maximum market share of the textured vegetable protein market.
Rising number of health conscious and vegan consumers are some of the effecting factor in the textured vegetable protein market.
Rising number of health conscious and vegan consumers are some of the effecting factor in the textured vegetable protein market.
Increase in number of consumers becoming health conscious during the pandemic boosts the growth of the textured vegetable protein market.
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