United States Textured Vegetable Protein Market - Size, Share, COVID-19 Impact & Forecasts up to 2028

United States Textured Vegetable Protein Market - Size, Share, COVID-19 Impact & Forecasts up to 2028

The United States Textured Vegetable Protein Market is projected to register a CAGR of 8.69%

Key Highlights

• Largest Segment by Distribution Channel - On-Trade : A separate section of meat substitute products on restaurant menus and the continuous launch of textured vegetable protein products are anticipated to boost the market growth.
• Fastest-growing Segment by Distribution Channel - On-Trade : The region's growing vegan population has led numerous foodservice outlets to add TVP items to their menus. This also promoted the launch of vegan restaurants in the region.

Key Market TrendsOn-Trade is the largest segment by Distribution Channel.

• In the United States, the sales value of textured vegetable protein increased by 6.72% in 2020 from 2019 due to increasing health-conscious consumers in the country. Health-conscious customers account for almost 25-30% of all supermarket customers in the United States. Around 43% always seek healthier food options, while 52% occasionally search for healthy food. Only a small percentage of people, i.e., about 5%, do not consider healthy food options for their snacks and meals.
• The on-trade channel is projected to be the fastest-growing distribution channel, registering a CAGR value of 9.17% during the forecast period (2022-2028), mainly due to the growing number of vegan restaurants in the country. It was also the major distribution channel in the base year, registering a value of 4.03% from 2019 to 2020. The number of vegan restaurants in the United States has increased, especially in metropolitan cities like New York and Los Angeles. There were 111 and 49 fully vegan restaurants in these cities, respectively, in 2020.
• Online grocery customers in the United States have started preferring click-and-collect over home delivery. In 2021, customers viewed around 4.4 times more products, including textured vegetable protein products, and spent six times more time on online sites. Thus, the online channel is becoming the fastest-growing channel, projected to register a CAGR value of 15.19% during the forecast period. However, the advanced technology at supermarkets, such as free checkout, auto-billing, and the availability of more authentic and clean-label meat products, is increasing the overall demand for TVP through the off-trade channel.

Competitive Landscape

The United States Textured Vegetable Protein Market is fragmented, with the top five companies occupying 11.00%. The major players in this market are Bob’s Red Mill Natural Foods, Ingredion Incorporated, International Flavors & Fragrances Inc., Roquette Freres and Univar Solutions Inc. (sorted alphabetically).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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