The Textured Vegetable Proteins Market is expected to reach $5.07 billion by 2030, at a CAGR of 10.5% during the forecast period of 2024 to 2030. The growth of this market is attributed to increased demand for processed & convenience foods, the growing popularity of meat alternatives, rising awareness about the health benefits of plant-based proteins, and growth and investments in the plant-based food sector. Additionally, increasing intolerance for animal proteins and emerging economies offer significant growth opportunities for textured vegetable protein vendors. However, the availability of other types of vegetable protein and fluctuating raw material prices restrain the textured vegetable proteins market growth.
Growing Popularity of Meat Alternatives Drives the Market Demand for Textured Vegetable Proteins
Over the past decade, there has been growing interest in the development and production of plant-based and cell-based alternatives to farmed meat. Meat alternatives are plant-based products that look and taste like meat and could play a key role in stimulating dietary change. On a global basis, plant-based protein is of immense importance. There is growing interest in its ability to meet the rising demand for protein from non-meat sources, as a high level of meat consumption is increasingly being criticized due to ethical, environmental issues, and social reasons.
As a result of increasing consumer interest and acceptance of meat alternatives in recent years, this market has received investment or funding from several high-profile individuals, financial investors, and companies in the past few years.
Processed meat, in general, is continuously the target of several studies that aim to show the relationship between the consumption of these products and health concerns. The International Agency for Research on Cancer (IARC) has classified processed meat as a carcinogen that causes cancer. As a result, the American Cancer Society has recommended a diet limiting processed meat and red meat. The American Cancer Society Guidelines on Nutrition and Physical Activity for Cancer Prevention recommend choosing beans instead of red and processed meat. Plant-based meat alternatives are lower in saturated fat than meat (higher saturated fat intake is linked to an increased risk of heart disease). They are made from plants and often contain fiber and beneficial nutrients. Plant-based meat substitutes have been identified as healthy sources of protein that, in comparison to meat, offer several social, environmental, and health benefits and may play a key role in reducing meat consumption.
Thus, advances in meat substitutes are capturing a great deal of interest from consumers, and growing venture capital investments, which support the growth of meat alternative companies, are expected to drive the growth of the textured vegetable proteins market.
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Key Findings in the Textured Vegetable Proteins Market Study:
In 2024, the Textured Soy Protein Segment is Expected to Account for the Largest Share of the Textured Vegetable Proteins Market
Based on type, the textured vegetable proteins market is segmented into soy, wheat, pea, and other types. In 2024, the soy segment is expected to account for the largest share of the textured vegetable proteins market. This segment's large market share is attributed to the presence of many manufacturers and high production capacities, increased adoption from the food industry, rising popularity and high adoption of soy-based products among consumers, and low cost than other types of textured proteins. However, the pea segment is expected to register the highest CAGR during the forecast period due to a well-balanced nutritional profile and being able to offer nutritional qualities, such as soy free and glutted-free.
In 2024, the Inorganic Segment is Expected to Account for the Largest Share of the Textured Vegetable Proteins Market
Based on nature, the textured vegetable proteins market is segmented into inorganic and organic. In 2024, the inorganic segment is expected to account for the largest share of the textured vegetable proteins market. The large market share of this segment is attributed to the high availability of protein through traditional methods and easy accessibility to cost-effective plant protein production. However, the organic segment is expected to register the highest CAGR during the forecast period due to increasing awareness of consumers about the availability of organic products at low cost, clean label trends, and increasing demand for organic products.
In 2024, the Chunks Segment is Expected to Account for the Largest Share of the Textured Vegetable Proteins Market
Based on form, the textured vegetable proteins market is segmented into chunks, slices, flakes, and granules. In 2024, the chunks segment is expected to account for the largest share of the textured vegetable proteins market. The large market share of this segment is attributed to its benefits, such as being odorless and tasteless with high nutritional value and protein content and easy availability, and increased adoption of soy chunks. However, the flakes segment is expected to register the highest CAGR during the forecast period due to its water retention and defatting property.
In 2024, the Food & Beverage Segment is Expected to Account for the Largest Share of the Textured Vegetable Proteins Market
Based on application, the textured vegetable proteins market is segmented into food and beverages, animal feed, and other applications. In 2024, the food & beverage segment is expected to account for the largest share of the textured vegetable proteins market. The large market share of this segment is attributed to increased demand from meat and meat substitute manufacturers, increased awareness about sustainable production, and growing demand for convenient and functional food products. Moreover, the food & beverage segment is also expected to register the highest CAGR during the forecast period of 2024–2030.
Asia-Pacific: Fastest-growing Market
Based on geography, in 2024, North America is expected to account for the largest share of the textured vegetable proteins market. North America’s major market share is attributed to the well-established food and beverage industry, rising concerns over animal-based products, growing preference for meat alternatives, increasing investment in the plant-based food sector, and the presence of key manufacturers. However, Asia-Pacific is projected to register the highest CAGR during the forecast period. The growth of this regional market is attributed to the huge base of the vegetarian population, growing technological advancements in the food & beverages industry, increasing raw material availability, and increasing awareness regarding the importance of protein-rich diets.
Key Players
The report includes a competitive analysis based on an extensive assessment of the key growth strategies adopted by leading market players in the past four years. The key players profiled in the textured vegetable proteins market are Cargill, Incorporated (U.S.), Rouquette Frères (France), Archer-Daniels-Midland Company (U.S.), Ingredion Incorporated (U.S.), International Flavors & Fragrances Inc. (U.S.), Beneo GmbH (Germany), Sotexpro (France), CHS Inc. (U.S.), Farbest Brands (U.S.), Axiom Foods Inc. (U.S.), Puris Foods (U.S.), and FoodChem International Corporation (China).
Scope of the report:
Textured Vegetable Proteins Market, by Type
- Soy
- Wheat
- Pea
- Other Types
Textured Vegetable Proteins Market, by Nature
Textured Vegetable Proteins Market, by Form
- Chunks
- Slices
- Flakes
- Granules
Textured Vegetable Proteins Market, by Application
- Food and Beverages
- Processed Meat, Fish, and Egg Products and Alternatives
- Cereals and Snacks Foods
- Bakery & Confectionery
- Ready Meals
- Soups & Sauces and Savory & Prepared Food Products
- Dairy Products
- Beverages
- Other Food and Beverage Products
- Animal Feed
- Other Applications
Textured Vegetable Proteins Market, by Geography
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
- Latin America
Key questions answered in the report:
