BANGALORE, India, June 22, 2021 /PRNewswire/ -- Textured Vegetable Protein Market by Product Type (Textured Soy Protein and Others), Form (Flakes, Granules, Chunks, and Others), and End User (Business To Business and Business To Consumer). This report is published on Valuates Reports in theNutrition Category.
The global Textured Vegetable Protein Market size was valued at USD 987.9 Million in 2019 and is projected to reach USD 2,139.6 Million by 2027, registering a CAGR of 9.2% from 2021 to 2027.
Major factors driving the growth of the textured vegetable protein market are:
Manufacturers are providing different variants of textured vegetable proteins in the market.
Increase in demand for protein-rich meals with high fiber from vegetarian and health conscious customers is driving the growth of the textured vegetable protein market.
Convenience of daily cooking by purchasing the product off the shelf is also helping the growth.
TRENDS INFLUENCING THE GROWTH OF TEXTURED VEGETABLE PROTEIN MARKET
Textured vegetable proteins are designed to be a meat substitute for non-meat eaters. Food manufacturers have adapted textured vegetable protein obtained from different sources such as soy, wheat, and pea, as it poses as a meat substitute with functional and nutritious characteristics. This feature is expected to drive the growth of the textured vegetable protein market. The textured vegetable protein has seen strong market acceptance because it mimics the texture and taste of meat items like sausages, burger patties, nuggets, and crumbles.
Various food products such as meat patties and sausages are being replaced by plant-based/plant-infused protein products as consumers become more health-conscious. This in turn is expected to increase the growth of the textured vegetable protein market. Furthermore, the textured vegetable protein market is growing due to an increase in demand from vegetarian consumers looking for a protein-rich meal.
However, government regulations and concerns about safety as a result of the use of GM ingredients can stifle market development.
Based on type, In 2019, the textured soy protein segment had the highest textured vegetable protein market share. The growing number of customers searching for protein-rich foods with a similar taste and texture to meat is fueling the growth of the textured vegetable protein industry.
In 2019, the chunks segment had the largest share of the textured vegetable protein market. This is due to the widespread availability of textured vegetable protein chunks through various distribution channels around the world.
Based on end-users, In 2019, the business-to-consumer segment had the largest textured market share. This is due to customers' busy lifestyles, which raises demand for functional foods like textured vegetable protein, which provides vital nutrients and aids physical and mental health.
In 2019, North America had the largest market share. This is due to an increase in the number of health-conscious customers in countries like the United States.
The key players operating in the global textured vegetable protein market 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.
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