Growth Opportunities in the Global Textured Vegetable Protein Market

Posted on 2021-06-11 by MarketsandMarkets in Food & Beverage // 0 Comments

The Textured Vegetable Protein Market size 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%, in terms of value. The changing consumer preference and interest in vegetable protein sources, due to its nutritional profile, inclination toward clean eating, rise in health concerns, and environmental concerns, as well as animal welfare, have resulted in the growth of the alternatives, such as plant-based meat, and ingredients such as textured vegetable protein.

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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.

Beyond Meat (US) has been working to bring down the price of its meat substitute products, currently made primarily with wheat and pea proteins, by shifting toward including less expensive ingredients such as lupin and sunflower seeds. On the manufacturing side, vegan brand Rebellyous Foods (US) aims to reduce the price of all plant-based meat products with its high-capacity production methods, which it uses to make its meat alternatives and plans to offer their license to other manufacturers by help them produce economical animal-free food products.

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Key players in this market include 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).

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