Textured Vegetable Protein Market Overview and Global Forecast to 2025

According to MarketsandMarkets, the Textured Vegetable Protein Market is estimated to be valued at USD 1.1 billion in 2020 and is projected to reach USD 1.5 billion by 2025, recording a CAGR of 6.2%

Drivers: Growing adaption of meat alternatives among consumers

Textured vegetable protein obtained from various sources such as soy, wheat, and pea has been adaptive among the food manufacturers, as it poses as a meat alternative with functional and nutritional characteristics. Also, it has witnessed high rates of adoption among consumers, as it replicates the characteristics of meat products, such as sausages, burger patties, nuggets, and crumbles, with a similar texture and flavor.

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Meat alternatives contain protein from plants and are formulated to providing an option for non-meat consumers. Flexitarians have been actively working to reduce meat consumption in their diets and are emerging as a larger potential consumer segment. This has increased the production of meat alternatives that closely match the consumer eating experience of beef, chicken, and other animal-based products.

Opportunities: Economical & Environment-friendly substitute to animal-sourced food products

Considering the growing health awareness among consumers, various food products such as meat patties and sausages are being replaced by plant-based/plant-infused meat products, which is expected to have a positive impact on the demand for plant-based protein. According to The Food Science and Health Database Organization, in 2018, “22 million UK citizens now identify as being a ‘flexitarian,’ viewed not as a fad diet, but a permanent lifestyle choice, notably most popular among highly influential millennials.” Thus, the increasing vegan and flexitarian population is projected to drive the textured vegetable protein market during the forecast period. Increased soy and wheat crop cultivation in developing regions such as South America and the Asia Pacific has augmented the widespread cultivation of soybean and wheat grains across the globe, resulting in the availability of soy and wheat products such as textured vegetable proteins.

Challenges: Stringent government regulations & concerns over safety due to the inclusion of the GM ingredients

Soy, wheat, and pea are among the prominent sources used in the production of textured vegetable proteins and are produced in countries such as Brazil, the US, Argentina, China, and India. With the augmenting demand for plant-based food & beverages among the consumers, the demand for soy, wheat, and pea has also increased. However, to meet the growing demand for various textured protein sources, adulteration with genetically modified (GM) ingredients pose an emerging threat. For instance, non-GMO soybeans are primarily used for human consumption, whereas the GM soybeans are utilized mostly in livestock feed.

Most GM soy is industrially produced with hexane, which is detrimental to consumer health if consumed in larger quantities. Thus, the consumption of plant-based food products that have manufactured by GM soybean has resulted in a point of concern for consumers globally.

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Key Market Players:

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), and Hung Yang Foods (Taiwan).