Global Textured Vegetable Protein Market - 2023-2030

Global Textured Vegetable Protein Market - 2023-2030

Global Textured Vegetable Protein Market reached US$ 2.57 billion in 2022 and is expected to reach US$ 4.38 billion by 2030, growing with a CAGR of 6.91% during the forecast period 2023-2030.

Increasing health consciousness among consumers has led to a demand for healthier textured vegetable protein to fulfill their protein content. The growing number of individuals adopting vegetarian and vegan diets has driven the demand for plant-based protein sources such as textured vegetable protein.

Textured vegetable protein is a new product gaining popularity in India due to the increasing consumer shift toward alternative proteins that are considered to sustainably feed a growing global population. Textured vegetable protein is exported from Europe and China to India. On June 29, 2021, the first time a shipment has arrived from Argentina.

Major key players in the market launched new products with textured vegetable protein in the market to fulfill consumer demand for textured vegetable protein. For instance, on April 20, 2023, Meat. The End, an Israeli food tech startup announced the launch of the world’s first texturized plant-based burger made from textured vegetable protein. The company uses 100% chickpea protein concentrate in granular or powder form.

Dynamics

Expanding Adoption of Plant-Based Diets

The combination of environmental and ethical issues is a key driver behind the growing popularity of diets that are plant-based like textured vegetable protein. Customers nowadays are growing more aware of the ethical issues posed by industrialized animal farming. These issues involve how animals receive care, cramped circumstances for living, and the usage of drugs. A growing number of individuals are switching to plant-based diets as an approach to reducing their contribution to the agony of livestock due to these ethical issues.

According to data from the World Animal Foundation's 2023 research, 88 million individuals worldwide identify as vegans. The typical annual rate of growth in the number of plant-based and natural products produced around the world climbed by 21% to 58%, respectively, between 2018 and 2021. This increasing demand for plant-based diets helps to boost the market growth of the textured vegetable protein.

Increasing Health and Wellness Awareness

The textured vegetable protein market is experiencing substantial growth, driven by the increasing awareness of health and wellness. This driver encompasses a heightened emphasis on the impact of dietary choices on personal well-being. A primary catalyst behind the surging demand for textured vegetable protein stems from the expanding nutritional consciousness among consumers.

Consumers who place a premium on their health actively seek out products that feature textured vegetable protein. This encompasses a diverse array of offerings, spanning from plant-based meat alternatives and dairy substitutes to protein-packed snacks and nutritional supplements. The nutritional excellence of textured vegetable protein aligns harmoniously with the dietary preferences of those endeavoring to sustain or enhance their health, signifying a fundamental market driver.

Regulatory and Labeling Challenges

Regulatory and labeling issues pose substantial restraints in the textured vegetable protein market. The lack of regulatory clarity and the labeling disputes create obstacles for manufacturers and give rise to consumer confusion. These challenges also provoke questions about how plant-based products are marketed and labeled.

Resolving these regulatory and labeling challenges demands cooperative efforts from industry stakeholders and governmental bodies. The establishment of unambiguous and consistent guidelines and standards for labeling and marketing plant-based products is of paramount importance. Transparency is the linchpin, and consumers should possess accurate information about the products they select.

Segment Analysis

The global textured vegetable protein market is segmented based on product, form, distribution channel, end-user, and region.

Growing Consumers' Demand for Pea-Textured Vegetable Protein

Pea-textured vegetable protein accounted largest market share accounting for 41.36 % in the global textured vegetable protein market due to an increase in the demand for plant-based protein. Pea protein is frequently considered a healthful substitute for animal protein because of its dietary profile. Pea protein is a suited source of protein because it's miles low in fats, cholesterol-free, and excessive in amino acids. Consumers seeking nutritious and wholesome food options find textured pea protein appealing.

An increase in product launches by major key players helps to boost market growth over the forecast period. For instance, on June 01, 2022, Roquette, a plant-based ingredients manufacturer launched Nutralys, an organic range of texturized pea and fava proteins in European markets. The new product launch helps to enhance the company’s strong position on the overall protein market.

Geographical Penetration

Growing Consumption of Textured Vegetable Protein in North America

North America region accounted largest market share around 39.2% in the global textured vegetable protein market due to the increase in consumption. Consumers in the region become more aware of the health and environmental benefits of plant-based diets made from textured vegetable protein. Major manufacturers in the region focus on creating flavored and pre-seasoned products in the market. Also, an increase in the demand for textured vegetable protein in sports and fitness nutrition products further helps to boost regional market growth over the forecast period.

The growing vegan population in the region also helps to boost the demand for the textured vegetable protein market. According to the data given by the World Animal Foundation in 2023, in the United States, there are more than 15.5 million Vegans. Around 6% of the United States consumers are vegan. A recent survey of 11,000 individuals aged 17 and older found that 2% are vegetarian, with a quarter of them being vegan, making up 0.5% of the total population.

Competitive Landscape

The major global players in the market include ADM, Cargill, Incorporated., CHS Inc., Roquette Freres, Beneo GmbH, Wilmar International, The Scoular Company, Puris Foods, VestKorn, and MGP.

COVID-19 Impact Analysis

The pandemic led to supply chain disruptions globally. Restrictions on movement, lockdowns, and labor shortages affected the production, transportation, and distribution of textured vegetable protein and its raw materials. This disruption, in turn, impacted the availability of textured vegetable protein in the market. The closure or limited operation of restaurants and the food service industry reduced the demand for textured vegetable protein in the food service sector. Textured vegetable protein products that were primarily supplied to these establishments saw a decrease in sales.

On the other hand, the demand for textured vegetable protein experienced fluctuations during the pandemic. There was a surge in demand for plant-based proteins as consumers sought alternatives to meat products due to concerns about meat supply chain disruptions. This resulted in increased sales of textured vegetable protein.

Russia-Ukraine War Impact Analysis

Russia and Ukraine are significant suppliers of key ingredients used in the production of textured vegetable protein, such as soybeans or other plant-based protein sources, any disruption in the supply chain from these countries leads to shortages and increased prices. This affects textured vegetable protein production and availability. Instability in the region results in fluctuations in commodity prices, including soybeans and other raw materials used in textured vegetable protein production. This leads to cost increases for textured vegetable protein manufacturers, which may be passed on to consumers.

The war impacted exchange rates and currency values, potentially affecting the cost of imports and exports. Fluctuations in currency values impact the competitiveness of textured vegetable protein in international markets. Geopolitical tensions and economic sanctions create uncertainty in international trade. Manufacturers need to navigate a complex web of trade regulations and restrictions, potentially affecting textured vegetable protein exports and imports.

By Product
• Soy
• Spirulina
• Pumpkin Seed
• Hemp
• Rice
• Pea
• Others

By Form
• Chunks
• Flakes
• Granules
• Others

By Distribution Channel
• Supermarket and Hypermarket
• E-Commerce
• Specialty Stores
• Convenience Stores
• Others

By End User
• Household
• Commercial
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Russia
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• On December 05, 2022, Royal DSM, a science-based company launched vertis a textured pea canola protein in the market. It contains necessary levels of all nine essential amino acids which has unique textural benefits. It is soy-free, gluten-free, and dairy-free.
• On May 08, 2023, Kansas Protein Foods LLC, launched Imagic Plant-Based Smoky Breakfast Meat in the market. The newly launched product is a ready-to-eat textured vegetable protein that is made from soy flour.
• On December 11, 2020, Axiom Foods launched New Versions of VegOtein TX texturized pea protein for vegan and processed meats. It helps to replace fat and bind flavor and retain water, and adding cost-saving volume.

Why Purchase the Report?
• To visualize the global textured vegetable protein market segmentation based on product, form, distribution channel, end user, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of textured vegetable protein market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global textured vegetable protein market report would provide approximately 69 tables, 74 figures and 190 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies