CHICAGO, Aug. 8, 2024
/PRNewswire/ -- The Textured Vegetable Protein Market is
estimated at USD 1.7 billion in 2024
and is projected to reach USD 2.3
billion by 2029, at a CAGR of 6.8% from 2024 to 2029
according to a report published by MarketsandMarkets™.
The textured vegetable protein market is gaining momentum with the
trend of shifting consumer preference towards health and green
food. With the growing awareness about the health benefits
associated with plant-based diets, so has grown the demand for
textured vegetable proteins obtained from sources such as soy,
wheat, and peas.
These proteins are hale and versatile ingredients applied in
huge quantities in meat alternatives, snacks, cereals, and other
food applications. Advanced extrusion techniques and precision
fermentation in food technology are used to enhance the texture,
taste, and general nutritional value of TVP to make it more
palatable for a wider population. Moreover, clean label trends and
the development of allergen-free formulations are also fueling
product innovation to align with the shifting dietary
preferences.
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North America is already
dominating this market, backed by the well-established food
processing industry and enhanced interest from consumers in
plant-based protein. However, regions like Asia Pacific are fast emerging in importance
as growth markets because of rising disposable incomes and
increasing urbanization. Overall, the textured vegetable protein
market has wide scope to grow since this market goes in line with
global trends moving toward sustainable and healthy nutrition.
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In the nature segment, organic segment to grow at the highest
rate during the forecast period in the textured vegetable protein
market.
This surge in demand can be related to the consumers shifting
toward more organic and natural foods that are perceived as
healthier and more environmentally friendly. Organic textured
vegetable protein contains absolutely no synthetic pesticides,
herbicides, or genetically modified organisms, showing the trend
developing in relation to food production transparency and
sustainability. The organic certifications, moreover, provide
consumers with an assurance of the product's conformance to strict
organic standards, thereby improving its demand. With enhanced
health and environmental awareness across the world, the market for
organic textured vegetable protein is likely to grow as customers
are becoming more inclined towards high-end health products in
foodstuffs.
In the source segment, pea segment to grow at the highest
rate in the textured vegetable protein market.
The pea-based textured vegetable protein will grow at the
highest rate in the source segment of the textured vegetable
protein market. This is because peas contain a high amount of
protein and corresponding nutritional value, making them more
attractive to health-conscious customers shifting towards
plant-based products. Pea protein is more friendly to allergens,
gluten-free, and sustainable, hence able to fit into many diets and
environmental considerations. The innovation of food processing
technology has improved the texture and flavor of pea-based TVPs
that increase the use in many foods. As knowledge about the health
benefits and sustainability of pea protein surges among consumers,
the market share of pea protein is expected to grow manifold in the
textured vegetable protein segment.
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The Europe region holds
significant market share in the textured vegetable protein
market.
With health, environmental, and ethical concerns, European
consumers have been rapidly moving to plant-based diets and are
therefore boosting demand for meat alternatives like textured
vegetable proteins. The European regulations in terms of promoting
sustainability and safety in food add to this momentum. In
addition, wide variety in textured vegetable protein products,
available across supermarkets, specialty stores, and in food
service, also helps toward better market penetration and consumer
acceptance.
Key players in this market include ADM
(US), Roquette Frères (France), Ingredion (US), DSM (Netherlands), The Scoular Company (US), Beneo
(Germany), International Flavors
& Fragrances, Inc. (US), Cargill, Incorporated (US), MGP (US),
PURIS (US), Shandong Yuxin Bio-Tech Co., Ltd. (China), Gushen Biological Technology Group,
Co., Ltd. (China), Axiom Foods,
Inc. (US), Foodchem International Corporation (China), and Dacsa Group (Spain).
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Browse Adjacent Reports @ Food and Beverage Market
Research Reports & Consulting
Related Reports:
Plant-based Protein Market by Source (Soy, Wheat, Pea,
Canola Oats, Rice & Potato,
Beans & Seeds, Fermented Protein), Type (Concentrates,
Isolates, Textured), Form (Dry, Liquid), Nature (Conventional,
organic), Application - Global Forecast to 2029
Pea Protein Market by Type (Isolates, Concentrates and
Textured), Application (Food, Beverages), Form (Dry, Wet), Source
(Chickpeas, Yellow Split Peas, Lentils), Processing Method (Dry,
Wet) and Region - Global Forecast to 2029
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