How Has The Textured Vegetable Protein Market Size Evolved Historically?
The textured vegetable protein market has seen considerable growth due to a variety of factors.
• The market size for textured vegetable protein has experienced robust growth of late. It is projected to expand from $1.91 billion in 2024 to $2.04 billion in 2025, with a compound annual growth rate (CAGR) of 7.1%. This growth in the past period is due to factors such as the globalization of eating trends, the adoption by retail and foodservice, changes in customer preferences, food security concerns, and cost-effectiveness.
What Is The Projected Growth Of The Textured Vegetable Protein Market Size?
The Textured Vegetable Protein market is expected to maintain its strong growth trajectory in upcoming years.
• The market for textured vegetable protein is predicted to witness a significant upswing in the coming years, reaching a size of $23.53 billion in 2029 with a compound annual growth rate (CAGR) of 84.3%.
The anticipated growth during the forecast period can be credited to a variety of factors including diverse product range, focus on nutritional values, avoidance of allergens and gluten, culinary versatility, and a broadening market reach. The forecast period is also expected to see certain trends such as product innovation, focus on health and wellness, sustainability issues, advances in food processing technology, and the clean label movement.
What Are The Key Drivers Fueling Growth In The Textured Vegetable Protein Market?
The escalating need for plant-derived components is projected to stimulate the expansion of the textured vegetable protein market. Such ingredients are obtained from various parts of plants, including roots, fruits, vegetables, rice, wheat, maize, pulses, and other agricultural produce. A surge in health awareness and concerns for animal well-being is fuelling the demand for these plant-based ingredients. Textured vegetable proteins, viewed as a substitute for meat products, are also sourced from plants. Data from 2022, provided by the Plant Based Foods Association, an American non-profit entity, show a 6.6% rise in plant-based food sales, amounting to $8 billion, notwithstanding a 3% fall in unit sales, a pattern similar to that of total food and animal-based commodities. Current research indicates that around 70% of Americans now eat plant-based foods, a rise from 66% the preceding year. Also, in the same year, plant-based foods achieved a household penetration of 60% and recorded an 80% recurrence in buying rate throughout all sections. This ongoing growing fascination with plant-centric ingredients is the driving force behind the increasing evolution of the textured vegetable protein market.
What Are The Principal Market Segments In The Global Textured Vegetable Protein Industry?
The textured vegetable protein market covered in this report is segmented –
1) By Product Type: Textured Soy Protein, Textured Wheat Protein, Textured Pea Protein, Other Product Types
2) By Nature: Organic, Conventional
3) By Application: Food Products, Animal Nutrition/Pet Food
Subsegments:
1) By Textured Soy Protein: Soy Protein Isolate, Soy Protein Concentrate, Soy Protein Nuggets
2) By Textured Wheat Protein: Vital Wheat Gluten, Wheat Protein Isolate, Wheat Protein Concentrate
3) By Textured Pea Protein: Pea Protein Isolate, Pea Protein Concentrate, Textured Pea Protein Products
4) By Other Product Types: Textured Corn Protein, Textured Potato Protein, Other Plant-Based Proteins
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Which Emerging Market Trends Are Altering The Textured Vegetable Protein Industry?
A leading trend in the textured vegetable protein market is product innovation. To present alternatives to traditional textured vegetable protein, major firms in the plant-based ingredients market are striving to develop unique products. For example, in February 2022, KMC, an ingredients company based in Denmark, introduced the world's first textured potato protein powder that can serve as a meat substitute. This powder undergoes a transformation process to replicate the texture of meat, offering a high nutritional profile and a crust suitable for frying.
Who Are the Key Players In The Textured Vegetable Protein Market?
Major companies operating in the textured vegetable protein market include:
• Archer Daniels Midland Company
• Cargill Incorporated
• Roquette Freres SA
• Shandong Yuxin Biotechnology Co. Ltd
• Axiom Foods Inc.
• Kansas Protein Foods LLC
• Foodchem International Corporation
• Dacsa Group
• Crown Soya Protein Group
• Wilmar International Ltd
• Fuji Oil Co. Ltd
• Vestkron A/S
• Ingredion Inc
• Tereos Syral
• Agridient B.V.
• Beneo GmbH
• CerealVeneta S.r.l.
• CHS Inc.
• Cosucra Groupe Warcoing SA
• Devansoy Inc.
• Emsland Group
• Gushen Biological Technology Group Co. Ltd.
• Kerry Group PLC
• MGP Ingredients Inc.
• Nutri Pea Ltd.
• Puris Proteins LLC
What Are The Regional Insights Into The Textured Vegetable Protein Market?
North America was the largest region in the textured vegetable protein market in 2024. The regions covered in the textured vegetable protein market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
