Global Textured Vegetable Protein Market – Industry Trends and Forecast to 2029

Global Textured Vegetable Protein Market, By Product (Soy, Spirulina, Pumpkin Seed, Hemp, Rice, Pea, Others), Form (Chunks, Flakes, Granules, Others) End Use (Household, Commercial, Industrial) Distribution Channel (Supermarket, Online Stores, Others) – Industry Trends and Forecast to 2029.

Global Textured Vegetable Protein Market Analysis and Size

Vegetable protein is essential in the vegan/ vegetarian diet. Individuals frequently turn to vegetable protein to obtain the proper nutrition profile that may result from a strict vegan diet. With the growing vegan population, more and more companies are attempting to adapt to the changing food culture by introducing more vegetable protein products to the market.

• Data Bridge Market Research analyses that the textured vegetable protein market which was valued at USD 1.60 billion in 2021, is expected to reach the value of USD 2.59 billion by 2029, at a CAGR of 6.20% during the forecast period of 2022 to 2029.  The growing vegan population around the world will be a factor in the textured vegetable protein supplements market during the forecast period.

Global Textured Vegetable Protein Market Definition

Textured vegetable protein is a by-product extracted from the processing of various vegetable ingredients that is used as a meat substitute due to its similar protein content to meats. It is a defatted version of vegetable proteins that are cooked in a very simple manner. These proteins are distinguished by their texturized structural integrity, which improves the chewiness and texture of the food products in which they are used.

Report Scope and Market Segmentation

Textured Vegetable Protein Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

• Rising cases of obesity as well as increasing public awareness

Rising obesity rates worldwide, increased public awareness of health and fitness, increased importance of plant-based nutrition, and the expansion of the nutrition industry are some of the factors that will likely boost the growth of the textured vegetable protein supplements market.

• Diversification of product and increase in supply chains

Texturized vegetable protein production is increasing to meet the growing demand for snacks among the millennial population. It has been discovered that millennials prefer high-protein snacks more than any other age group. As a result, ingredient manufacturers are launching nutritional bars to meet consumers' 'on-the-go' snacking needs.

Furthermore, demand for textured vegetable protein is expected to rise due to the market's increased demand for nutritional foods. Because of increased awareness about the benefits of nutritional and health products, consumers are shifting their focus toward healthy diets and increasing their protein intake. This, in turn, contributes significantly to the growth of the textured vegetable protein market.

Opportunity

The growing vegan and flexitarian population is expected to drive the textured vegetable protein market. Increased soy and wheat crop cultivation in developing regions such as South America and Asia Pacific has supplemented global soybean and wheat grain cultivation, resulting in the availability of soy and wheat products such as textured vegetable proteins.

Restraints Global Textured Vegetable Protein Market

Vegetable-sourced ingredients have functional health benefits and contain essential minerals; however, their consumption has been linked to allergies in humans in several cases, limiting market growth. Furthermore, soy protein contains a high concentration of phytic acid, which has the potential to inhibit the absorption of essential minerals like calcium, magnesium, copper, iron, and zinc. Humans may experience itching and hives as a result of soy allergy. Bloating, diarrhoea, nausea and abdominal pain are some of the other symptoms.

This Textured vegetable protein market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the textured vegetable protein market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Textured Vegetable Protein Market

The COVID-19 outbreak has put tremendous strain on the food and nutraceutical industries. Several frontline workers, including doctors, nurses, other medical professionals, hygiene workers or sweepers, and others, are working hard to stop the spread of the novel coronavirus. To combat the disease, government agencies have advised citizens to eat a healthy and nutritious diet. This is expected to increase demand for textured vegetable protein supplements, which promote the body's good health and optimal functioning by providing essential nutrients. Vegetables-based protein is necessary for the growth and repair of human cells and tissues. Plant protein is beneficial for weight loss in addition to providing the building blocks for healthy muscles and tissues.

Recent Development

• Roquette and Beyond Meat (US) formed a partnership agreement in January 2020 to significantly increase the supply of pea protein due to rising demand in the North American and European regions.
• Cargill (US) invested USD 75 million in PURIS Foods in August 2019 to increase production of pea protein, starches, and fibres, allowing the company to meet rising demand from food and beverage manufacturers around the world.
• Roquette (France) expanded its presence in Lithuania in May 2019 by establishing a new R&D division. This strategy would strengthen regional experts while also catering to the needs of regional customers and Northern Europe.
• VestKorn (Norway) launched textured pea protein and textured faba bean protein in November 2019 to meet the growing demand for sustainable proteins.

Global Textured Vegetable Protein Market Scope

The Textured vegetable protein market is segmented on the basis of, product, form, end use and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Raw material

• Soy
• Spirulina
• Pumpkin seed
• Hemp
• Rice
• Pea
• Others

On the basis of raw material, the textured vegetable protein market is segmented into soy, spirulina, pumpkin seed, hemp, rice, pea and others.

Distribution channel

• Supermarket
• Online stores
• DTC
• Others

On the basis of distribution channel, textured vegetable protein market is segmented into supermarket, online stores, DTC, and others.

Form

• Flakes
• Chunks
• Granules
• Other

Based on the form, the textured vegetable protein market is segmented into flakes, chunks, granules and others

End use

• Household
• Commercial
• Industrial

The textured vegetable protein market is also segmented on the basis of end use. The end use is segmented into household, commercial and industrial.

Textured Vegetable Protein Market Regional Analysis/Insights

The Textured vegetable protein market is analyzed and market size insights and trends are provided by country, product, form, end use and distribution channel as referenced above.

The countries covered in the Textured vegetable protein market report are U.S., Canada and Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the textured vegetable protein supplements market due to rising vegan diet awareness and brand campaigning on social media platforms, whereas Asia-Pacific is expected to grow from 2022 to 2029 due to growing urbanization, rising disposable income, and increased spending on the development of natural ingredients.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Textured Vegetable Protein Market Share Analysis

The Textured vegetable protein market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies focus related to the texture vegetable protein market.

Some of the major players operating in the textured vegetable protein market are:

• ADM (US)
• Cargill (US)
• CHS (US)
• Roquette Freres (France)
• DuPont (US)
• Wilmar International (Singapore)
• The Scoular Company (US)
• Puris Foods (US)
• VestKorn (Norway)
• MGP Ingredients (US)
• Beneo GmbH (Germany)
• Shandong Yuxin Bio-Tech (China)
• FoodChem International (China)
• Shandong Wonderful Industrial Group (China)
• Axiom Foods (US)
• AGT Food & Ingredients (Canada)
• Sun NutraFoods (India)
• Crown Soya Protein Group (China)
• La Troja (Spain)
• Hung Yang Foods (Taiwan)