Global Textured Vegetable Protein Market, By Product (Soy, Spirulina, Pumpkin Seed, Hemp, Rice, Pea, and Others), Form (Chunks, Flakes, Granules, and Others) End Use (Household, Commercial, and Industrial) Distribution Channel (Supermarket, Online Stores, and Others) – Industry Trends and Forecast to 2031.
Textured Vegetable Protein Market Analysis and Size
The textured vegetable protein market is experiencing robust growth driven by several key factors. Increasing consumer awareness of the health benefits associated with plant-based diets, coupled with rising concerns about sustainability and animal welfare, has significantly boosted the demand for plant-based protein alternatives. TVP, being a versatile and cost-effective source of protein derived from soybeans, peas, or wheat, is increasingly used as a substitute for meat in various food products.
Global textured vegetable protein market size was valued at USD 1.80 billion in 2023 and is projected to reach USD 2.91 billion by 2031, with a CAGR of 6.20% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016 - 2021)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Product (Soy, Spirulina, Pumpkin Seed, Hemp, Rice, Pea, and Others), Form (Chunks, Flakes, Granules, and Others) End Use (Household, Commercial, and Industrial) Distribution Channel (Supermarket, Online Stores, and Others)
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Countries Covered
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U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, Rest of South America
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Market Players Covered
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ADM (U.S.), Cargill, Incorporated (U.S.), CHS (U.S.), Roquette Freres (France), DuPont (U.S.), Wilmar International (Singapore), The Scoular Company (U.S.), Puris Foods (U.S.), VestKorn (Norway), MGP Ingredients (U.S.), Beneo GmbH (Germany), Shandong Yuxin Bio-Tech (China), FoodChem International (China), Shandong Wonderful Industrial Group (China), Axiom Foods (U.S.), AGT Food & Ingredients (Canada), Sun NutraFoods (India), Crown Soya Protein Group (China), La Troja (Spain), Hung Yang Foods (Taiwan)
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Market Opportunities
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Market Definition
Textured vegetable protein is a high-protein, plant-based product derived from soybeans, although it can also be made from other plant sources like peas or wheat. TVP is created through a process of extracting soy flour from defatted soybeans and then cooking it under pressure to form a fibrous, meat-like texture. This versatile ingredient is used as a meat substitute in various vegetarian and vegan dishes due to its ability to absorb flavors and provide a chewy consistency similar to meat.
Textured Vegetable Protein Market Dynamics
Drivers
- Rising Vegan Population
As more consumers adopt vegan lifestyles for ethical, environmental, and health reasons, there is a corresponding increase in demand for plant-based protein alternatives. TVP, known for its versatility and ability to mimic the texture of meat, is positioned as a key beneficiary of this trend. It offers vegans and vegetarians a viable substitute for animal-based proteins, providing essential nutrients without compromising on taste or nutritional value. The growing recognition of TVP's benefits, such as being cholesterol-free, low in fat, and rich in protein, further enhances its appeal among health-conscious consumers seeking sustainable dietary choices. This expanding consumer base is driving food manufacturers to innovate and expand their product offerings, thereby propelling the growth of the TVP market globally.
- Growing Awareness of Health Benefits of Plant-Based Diets
With a rising focus on personal health and well-being, consumers are increasingly choosing plant-based diets rich in nutrients and lower in saturated fats. TVP aligns with these dietary preferences as a cholesterol-free, low-fat source of protein that also offers essential vitamins, minerals, and fiber. The growing body of scientific research supporting the health benefits of plant-based eating, including improved cardiovascular health and better weight management, further fuels the adoption of TVP as a dietary staple among health-conscious individuals seeking nutritious, sustainable alternatives to animal-based proteins. Growing awareness of health benefits associated with plant-based diets, such as reduced risk of chronic diseases and weight management, drives demand for TVP.
Opportunities
- Diversification of Textured Vegetable Protein Varieties
Manufacturers are increasingly focusing on innovation to differentiate their TVP products in a competitive market. This includes developing new formulations that offer improved taste, texture, and enhanced nutritional value of textured vegetable protein, such as fortified varieties with added vitamins, minerals, and antioxidants. In addition, there is a growing trend towards flavored and seasoned TVP products to enhance culinary versatility and appeal to a wider range of tastes and preferences. developing new varieties of TVP with enhanced nutritional profiles, flavors, and textures to cater to diverse consumer preferences creating new market opportunities.
- Expansion of TVP Usage in Various Food Products
TVP's versatility and nutritional benefits have expanded its application beyond traditional uses. It is now a key ingredient in snacks, burgers, sausages, and other meat analogs, catering to the increasing demand for plant-based alternatives in the food industry. Its ability to mimic the texture and taste of meat while offering health benefits such as low-fat content and high protein content makes TVP an attractive choice for food manufacturers aiming to meet consumer preferences for healthier, sustainable food options. The expansion of TVP usage in various food products, including snacks, meat analogs, and ready-to-eat meals, creates new opportunities for market growth.
Restraints/Challenges
- Taste and Texture Challenges
Consumer preferences for meat-like taste and texture may pose challenges in fully replacing animal-based proteins with TVP. While TVP offers numerous nutritional and environmental benefits, consumer acceptance can be hindered by perceived differences in taste and texture compared to traditional meat products. Addressing these sensory challenges through improved formulation and processing techniques is crucial for enhancing consumer satisfaction and market adoption of TVP as a viable meat substitute.
- Competition from Other Plant-Based Proteins
Increasing availability and promotion of alternative plant-based proteins, such as pea protein and mycoprotein, could limit TVP market growth. As the plant-based protein market expands, TVP faces competition from alternative sources like pea protein, soy protein isolate, and mycoprotein, each offering unique nutritional profiles and sensory characteristics. Manufacturers of TVP must differentiate their products through innovation, quality assurance, and targeted marketing strategies to maintain and grow market share amidst intensifying competition in the plant-based protein segment.Top of Form
This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
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Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Recent Developments
- In June 2023, Roquette Frères unveiled the inauguration of Roquette’s Food Innovation Center, designed to offer formulators extensive capabilities including technical and R&D support, state-of-the-art equipment, laboratories, and scale-up testing. The primary objective is to stimulate innovation and expedite the introduction of new products to market
- In May 2023, Univar Solutions announced a strategic partnership with ICL’s Rovitaris textured plant proteins in North America. This collaboration aims to enhance plant-based protein offerings for food ingredient customers across the U. S. and Canada
Textured Vegetable Protein Market Scope
The market is segmented on the basis of product, form, end use, and distribution channel. The growth amongst these segments will help you analyze major growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Soy
- Spirulina
- Pumpkin Seed
- Hemp
- Rice
- Pea
- Others
Distribution Channel
- Supermarket
- Online Stores
- DTC
- Others
Form
- Flakes
- Chunks
- Granules
- Other
End Use
- Household
- Commercial
- Industrial
Textured Vegetable Protein Market Regional Analysis/Insights
The market is analyzed and market size insights and trends are provided by country, product, form, end use, and distribution channel as referenced above.
The countries covered in the market are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, rest of Middle East and Africa, Brazil, Argentina, and rest of South America.
North America is expected to dominate the market due to increasing awareness and adoption of vegan diets. The region has witnessed a significant surge in veganism, propelled by ethical considerations, environmental concerns, and health benefits associated with plant-based diets.
Asia-Pacific is expected to show significant growth due to rapid urbanization, which is leading to changes in dietary preferences and lifestyles among urban consumers. With rising disposable incomes and increasing urbanization, there is a notable shift towards healthier eating habits and the adoption of natural ingredients, including plant-based proteins like TVP.
The country section of the report also provides individual market-impacting factors and changes in market regulation that affect the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, Porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of regional brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Textured Vegetable Protein Market Share Analysis
The market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in R&D, new market initiatives, regional presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus on the market.
Some of the major market players operating in the market are:
- ADM (U.S.)
- Cargill (U.S.)
- CHS (U.S.)
- Roquette Freres (France)
- DuPont (U.S.)
- Wilmar International (Singapore)
- The Scoular Company (U.S.)
- Puris Foods (U.S.)
- VestKorn (Norway)
- MGP Ingredients (U.S.)
- Beneo GmbH (Germany)
- Shandong Yuxin Bio-Tech (China)
- FoodChem International (China)
- Shandong Wonderful Industrial Group (China)
- Axiom Foods (U.S.)
- AGT Food & Ingredients (Canada)
- Sun NutraFoods (India)
- Crown Soya Protein Group (China)
- La Troja (Spain)
- Hung Yang Foods (Taiwan)
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