Sustainable Growth Opportunities in the Textured Vegetable Protein Market

Northbrook, USA, 2021-Sep-28 — /EPR Network/ —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%, in terms of value. The growing demand for meat alternatives, as well as the increase in health awareness among consumers, are propelling the demand for textured vegetable protein. With the advancement of new technologies and innovative experiments in the food and beverage sector, the usage of textured vegetable protein has been dominant in the North American market, due to rise in vegan and flexitarian population, whereas the Asia Pacific region is growing fastest owing to new technologies and increase in the export of food and beverages.

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. 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.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=264440297

According to Animal Legal Defense Fund, in the US, every year, more than 9 billion animals are raised and killed on factory farms. The factory farm system has contributed to a range of problems, from increasing antibiotic resistance to the climate crisis. The consumer inclination toward meat alternatives can mitigate animal-sourced food to a huge percentage. Meat alternative manufacturers, such as Beyond Meat (US) and Impossible Foods (US), have witnessed a surge in sales of meat alternatives, due to a shortage of beef and pork during the COVID-19 pandemic. Beyond Meat (US) reported its first-quarter net revenue spike of 141 % to more than USD 97 million in 2020, compared to the previous year USD 40 million in 2019.

Meat alternatives manufactured using textured vegetable protein are primarily obtained from plant-based sources. They offer functional benefits to the consumers, as consumption of meat alternatives may avoid the cancer risks of red meat. Texture and flavor have been the significant specifications needed to bolster the rising demand for meat alternatives among the consumers. According to a study published by the Good Food Institute (GFI) in 2019, the taste of the meat alternatives would be the big make-or-break factor to boost the demand for meat alternatives. Therefore, a textured vegetable protein with meat-like texture and flavor can pose as a driving factor during the forecast period.

The meat alternatives application segment is projected to witness significant growth during the forecast period.

Based on application, the textured vegetable protein market is dominated by meat alternatives applications. Textured proteins are among the key components of meat alternatives, where they have been used as extenders, analogues, and replacers. Texturized vegetable proteins can substitute meat products while providing an economical, functional, and high-protein food ingredient or can be consumed directly as a meat alternatives. They have been successful because of their healthy image (cholesterol-free), meat-like texture, and low cost. Europe and North America are the two regions expected to drive the market for textured vegetable protein.

The slices type segment is projected to account for a major share in the textured vegetable protein market during the forecast period

By type, the textured vegetable protein market is dominated by slices. Textured vegetable protein slices are obtained by processing various beans with higher protein content. They are the unique source of protein that contains essential amino acids, protective ingredients, minerals, and vitamins, which are necessary for total metabolism. During adequate heat treatment, the anti-nutritive factors are removed, thereby improving the protein content. They are generally characterized by structural integrity, which remains the same during hydration and heat treatments.

Request for Customization:
https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=264440297

The North American region is the largest in the textured vegetable protein market during the forecast period.

The textured vegetable protein market is driven by the rise in the detrimental effects of conventional meat production and health concerns among consumers. This has increased the demand for meat alternatives and advancements in the research & development activities to substitute traditional meat products. The North American textured vegetable protein market is led by its various applications with respect to sustainability. Advancements in ingredient development have helped improve the adaptability of textured proteins for a wide range of food applications and are estimated to drive growth in the region. The North American region is the largest market for textured vegetable protein, owing to the development of novel and superior quality meat alternatives, developed technologies, and higher consumer adaption to meat alternatives. The increase in processed and convenience food production and innovations in segments such as meat alternatives and cereals & snacks drives the demand for textured vegetable protein in the North American region.

This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as 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).

Recent Developments:

• In January 2020, Roquette and Beyond Meat (US) formed a partnership agreement to significantly increase the supply of pea protein due to the rising demand in North American and European regions.
• In August 2019, Cargill (US) invested USD 75 million in PURIS Foods to boost the production of pea protein, starches, and fibres, bolstering the company to cater to the rising demand among various food & beverage manufacturers, globally.
• In May 2019, Roquette (France) expanded its presence in Lithuania by establishing a new R&D division. This strategy would bolster the regional experts and cater to the needs of regional customers as well as Northern Europe.