Global Textured Vegetable Protein Market By Product Type (Soy, Wheat, Pea), Form (Chunks, Slices, Flakes, Granules), End-Use (Household, Commercial, Industrial), Distribution Channel (Direct, Indirect), Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Textured Vegetable Protein Market
Global textured vegetable protein market is expected to register a substantial CAGR of 5.70% in the forecast period of 2019-2026. The report contains data from the base year of 2018 and the historic year of 2017. This rise in market value can be attributed to the growing awareness regarding the benefits of proteins, along with higher volume of population consuming vegan diet.
Market Definition: Global Textured Vegetable Protein Market
Textured vegetable protein is the by-product extracted from various vegetable ingredients processing and utilized as a meat-substitute because of its similar content of protein to meats. It is a defatted variant of vegetable proteins that are very simplified in their cooking process. These proteins are identified by having a texturized structural integrity enhancing the chewiness and texture of the food products they are utilized in.
- Changes in the preferences of individuals resulting in higher demands for healthier nutritional diet; this factor is expected to boost the growth of the market
- Demand for texturized soy proteins specially among the older population, lactating women, pregnant women along with children also enhances the market growth
- Rising health conscious among the population also acts as a driver for this market growth
- Increasing preference for low carb food is also boosting this market growth
- Concerns regarding the lack of flavour additions with these product variants is expected to hinder the growth of the market
- Concerns regarding the potential allergy incidents associated with soy proteins is expected to restrict the growth of the market
Segmentation: Global Textured Vegetable Protein Market
By Product Type
- Food Industry
- Snacks & Functional Bars
- Ready-To-Eat Meals
- Meat Analogues
- Meat Extenders
- Animal Feed & Pet Food
- Food Industry
By Distribution Channel
- Convenience Stores
- Specialty Stores
- Online Sales
- North America
- Rest of Europe
- South Korea
- New Zealand
- Rest of Asia-Pacific
- South America
- Rest of South America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
Key Developments in the Market:
- In April 2018, Kerry announced that they had entered into a joint venture with Ojah BV for the production of plant-based products. Kerry will be the majority shareholder whereas Korys will be the other holding company. This joint venture will also enhance the levels of relationship with consumers and enhance the relationship internationally
- In February 2016, Archer Daniels Midland Company announced that they had agreed to acquire Harvest Innovations by acquiring a controlling stake in the company. This acquisition will help in expansion of the gluten-free food ingredients as well as plant protein offerings available. This acquisition will also include various technologies for the processing and production of ingredients
Global textured vegetable protein market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of textured vegetable protein market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Market Competitors:
Few of the major competitors currently working in the global textured vegetable protein market are Roquette Frères; CHS Inc.; Archer Daniels Midland Company; Cargill, Incorporated; DuPont de Nemours, Inc.; Sonic Biochem Extractions Ltd.; SOTEXPRO; Bob’s Red Mill Natural Foods; BENEO; MGP; Victoria Group; CROWN SOYA PROTEIN GROUP; Shansong Biological Products Co., Ltd.; DPS/Dutch Protein & Services b.v.; Wilmar BioEthanol; Bremil Group among others.
Research Methodology: Global Textured Vegetable Protein Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, top to bottom analysis and vendor share analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Competitive analysis of key competitors involved in the market
- Complete analysis of market segmentation and which segments are set to flourish in the forecast period of 2019 to 2026
- Market drivers and restraints analysis along with the analysis of the market structure