Texturized Vegetable Protein Market
Texturized Vegetable Protein Market Forecasts to 2030 - Global Analysis By Product (Wheat Protein, Rice Protein, Soy Protein, Lentil Protein, Pea Protein, Chia Protein, Faba Bean Protein, Flax Protein, Corn Protein and Other Products), Form, Distribution Channel, End User and By Geography
According to Stratistics MRC, the Global Texturized Vegetable Protein Market is growing at a CAGR of 6.7% during the forecast period. Texturized Vegetable Protein (TVP) is a versatile meat substitute made from defatted soy flour. TVP is rich in protein, low in fat, and contains no cholesterol, making it a popular choice for vegetarians and vegans. It can be flavored and used in various dishes such as burgers, chili, tacos, and stir-fries, offering a nutritious and sustainable alternative to meat products.
Market Dynamics:
Driver:
Government initiatives
Many governments worldwide have implemented initiatives to encourage the consumption of plant-based proteins as part of public health campaigns aimed at reducing obesity and chronic diseases associated with high meat consumption. These initiatives often include dietary guidelines, educational programs, and subsidies for the production of plant-based protein sources like TVP. Additionally, research and development efforts focused on enhancing the nutritional value, taste, and texture of TVP products, which thereby boosted this market further.
Restraint:
Limited awareness
Traditional marketing and advertising efforts may not adequately promote TVP products compared to more established food categories, causing limited awareness. Misconceptions or negative perceptions about plant-based protein sources may deter consumers from trying TVP. Additionally, the limited availability of TVP in retail outlets, restaurants, and foodservice establishments further contributes to its low visibility among consumers, which is impeding market growth.
Opportunity:
Innovation in product development
Manufacturers invest in advanced processing techniques, such as extrusion and texturization, to achieve a fibrous and meat-like texture that enhances the palatability of TVP-based products. This includes the introduction of gluten-free TVP options for individuals with gluten intolerance or sensitivity, as well as organic and non-GMO varieties to meet the demands of health-conscious consumers. Moreover, ongoing research and development efforts focus on fortifying TVP with additional nutrients, which is driving this market further.
Threat:
High competition
The availability of raw materials and manufacturing technologies allows new entrants to swiftly introduce competing products, fostering a crowded marketplace. Furthermore, the proliferation of alternative plant-based protein sources, such as tofu, tempeh, seitan, and various meat analogs, intensifies competition within the broader meat substitute category, leading to price competition and differentiation strategies among manufacturers gradually hampering this market size.
Covid-19 Impact
The COVID-19 pandemic has had several negative impacts on the textured vegetable protein (TVP) market. Restrictions on transportation and trade have led to delays in sourcing ingredients, causing shortages and price fluctuations. Many consumers have shifted towards more budget-friendly food options, which may not always include TVP products. Furthermore, the closure of restaurants, cafeterias, and foodservice establishments during lockdowns and social distancing measures has significantly reduced the demand for TVP products.
The wheat protein segment is expected to be the largest during the forecast period
The wheat protein segment is estimated to hold the largest share because it serves as a valuable alternative to soy-based TVP, catering to consumers with soy allergies or preferences. It provides a plant-based protein source suitable for vegetarian and vegan diets, contributing to the growing demand for meat alternatives. Additionally, wheat protein possesses a fibrous texture similar to meat, making it ideal for mimicking the mouthfeel of traditional meat products in various culinary applications, which is driving this segment’s growth.
The granules segment is expected to have the highest CAGR during the forecast period
The granules segment is anticipated to have highest CAGR during the forecast period, as it offers several advantages, making it a popular choice among consumers and food manufacturers. This versatility allows for their incorporation into a wide range of dishes, such as chili, stews, meatballs, and tacos, providing a plant-based alternative to conventional meat ingredients. Moreover, TVP granules are rich in protein, low in fat, and contain no cholesterol, making them suitable for health-conscious consumers seeking nutritious and sustainable dietary options, which significantly boosts this segment’s expansion.
Region with largest share:
Asia Pacific commanded the largest market share during the extrapolated period owing to increasing consumer awareness of health and sustainability, rising demand for meat alternatives, and the expanding food industry. There has been a notable shift in dietary preferences towards plant-based foods across many countries in the Asia Pacific region. Moreover, this region is witnessing a surge in urbanization and disposable income levels, leading to changes in lifestyle and dietary habits that are propelling this region’s growth.
Region with highest CAGR:
North America is expected to witness highest CAGR over the projection period, owing to a wide range of TVP-based products, including meat analogs, plant-based burgers, sausages, and snacks. Major food manufacturers and fast-food chains have incorporated TVP into their product offerings to cater to the growing segment of consumers seeking meat alternatives. Additionally, governmental initiatives promoting sustainable food production and dietary guidelines advocating for increased consumption of plant-based foods have further boosted the TVP market in North America.
Key players in the market
Some of the key players in the Texturized Vegetable Protein Market include Cargill Inc., Gushen Biotechnology Group Co., Ltd., Archer Daniels Midland Company, Vestkron A/S, Wilmar International Ltd., LLC, CHS Inc., MGP Ingredients, Roquette Frères, Puris Proteins, Sotexpro SA, Beneo GmbH, Crown Soya Protein Group, DuPont de Nemours, Inc. and Kerry Group.
Key Developments:
In March 2024, DuPont and Menatek Defense Technologies announced that they have entered into an agreement related to the global bearing market. This collaboration between the two companies involves NAZ Bearings®, an innovative bearing that is self-lubricating and maintenance free.
In February 2024, Cargill and food tech leader ENOUGH, are expanding their current partnership to further innovate nutritious and sustainable alternative meat and dairy solutions consumers crave.
In January 2024, Cargill launches REVEAL™ Layers, a first-of-its-kind, non-invasive NIR technology to monitor the body condition of poultry. This allows them to make real-time decisions regarding diets to support their flocks’ long-term production and performance.
Products Covered:
• Wheat Protein
• Rice Protein
• Soy Protein
• Lentil Protein
• Pea Protein
• Chia Protein
• Faba Bean Protein
• Flax Protein
• Corn Protein
• Other Products
Forms Covered:
• Slices
• Chunks
• Granules
• Flakes
• Other Forms
Distribution Channels Covered:
• Online Retail
• Direct
• Indirect
• Other Distribution Channels
End Users Covered:
• Commercial
• Household
• Food Industry
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Texturized Vegetable Protein Market, By Product
5.1 Introduction
5.2 Wheat Protein
5.3 Rice Protein
5.4 Soy Protein
5.5 Lentil Protein
5.6 Pea Protein
5.7 Chia Protein
5.8 Faba Bean Protein
5.9 Flax Protein
5.10 Corn Protein
5.11 Other Products
6 Global Texturized Vegetable Protein Market, By Form
6.1 Introduction
6.2 Slices
6.3 Chunks
6.4 Granules
6.5 Flakes
6.6 Other Forms
7 Global Texturized Vegetable Protein Market, By Distribution Channel
7.1 Introduction
7.2 Online Retail
7.3 Direct
7.4 Indirect
7.4.1 Store-based Retailing
7.4.2 Convenience Stores
7.4.3 Hypermarkets/Supermarkets
7.5 Other Distribution Channels
8 Global Texturized Vegetable Protein Market, By End User
8.1 Introduction
8.2 Commercial
8.3 Household
8.4 Food Industry
8.4.1 Meat alternatives
8.4.2 Bakery products
8.4.3 Snacks
8.5 Other End Users
9 Global Texturized Vegetable Protein Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Cargill Inc.
11.2 Gushen Biotechnology Group Co., Ltd.
11.3 Archer Daniels Midland Company
11.4 Vestkron A/S
11.5 Wilmar International Ltd.
11.6 LLC
11.7 CHS Inc.
11.8 MGP Ingredients
11.9 Roquette Frères
11.10 Puris Proteins
11.11 Sotexpro SA
11.12 Beneo GmbH
11.13 Crown Soya Protein Group
11.14 DuPont de Nemours, Inc.
11.15 Kerry Group
List of Tables
1 Global Texturized Vegetable Protein Market Outlook, By Region (2021-2030) ($MN)
2 Global Texturized Vegetable Protein Market Outlook, By Product (2021-2030) ($MN)
3 Global Texturized Vegetable Protein Market Outlook, By Wheat Protein (2021-2030) ($MN)
4 Global Texturized Vegetable Protein Market Outlook, By Rice Protein (2021-2030) ($MN)
5 Global Texturized Vegetable Protein Market Outlook, By Soy Protein (2021-2030) ($MN)
6 Global Texturized Vegetable Protein Market Outlook, By Lentil Protein (2021-2030) ($MN)
7 Global Texturized Vegetable Protein Market Outlook, By Pea Protein (2021-2030) ($MN)
8 Global Texturized Vegetable Protein Market Outlook, By Chia Protein (2021-2030) ($MN)
9 Global Texturized Vegetable Protein Market Outlook, By Faba Bean Protein (2021-2030) ($MN)
10 Global Texturized Vegetable Protein Market Outlook, By Flax Protein (2021-2030) ($MN)
11 Global Texturized Vegetable Protein Market Outlook, By Corn Protein (2021-2030) ($MN)
12 Global Texturized Vegetable Protein Market Outlook, By Other Products (2021-2030) ($MN)
13 Global Texturized Vegetable Protein Market Outlook, By Form (2021-2030) ($MN)
14 Global Texturized Vegetable Protein Market Outlook, By Slices (2021-2030) ($MN)
15 Global Texturized Vegetable Protein Market Outlook, By Chunks (2021-2030) ($MN)
16 Global Texturized Vegetable Protein Market Outlook, By Granules (2021-2030) ($MN)
17 Global Texturized Vegetable Protein Market Outlook, By Flakes (2021-2030) ($MN)
18 Global Texturized Vegetable Protein Market Outlook, By Other Forms (2021-2030) ($MN)
19 Global Texturized Vegetable Protein Market Outlook, By Distribution Channel (2021-2030) ($MN)
20 Global Texturized Vegetable Protein Market Outlook, By Online Retail (2021-2030) ($MN)
21 Global Texturized Vegetable Protein Market Outlook, By Direct (2021-2030) ($MN)
22 Global Texturized Vegetable Protein Market Outlook, By Indirect (2021-2030) ($MN)
23 Global Texturized Vegetable Protein Market Outlook, By Store-based Retailing (2021-2030) ($MN)
24 Global Texturized Vegetable Protein Market Outlook, By Convenience Stores (2021-2030) ($MN)
25 Global Texturized Vegetable Protein Market Outlook, By Hypermarkets/Supermarkets (2021-2030) ($MN)
26 Global Texturized Vegetable Protein Market Outlook, By Other Distribution Channels (2021-2030) ($MN)
27 Global Texturized Vegetable Protein Market Outlook, By End User (2021-2030) ($MN)
28 Global Texturized Vegetable Protein Market Outlook, By Commercial (2021-2030) ($MN)
29 Global Texturized Vegetable Protein Market Outlook, By Household (2021-2030) ($MN)
30 Global Texturized Vegetable Protein Market Outlook, By Food Industry (2021-2030) ($MN)
31 Global Texturized Vegetable Protein Market Outlook, By Meat alternatives (2021-2030) ($MN)
32 Global Texturized Vegetable Protein Market Outlook, By Bakery products (2021-2030) ($MN)
33 Global Texturized Vegetable Protein Market Outlook, By Snacks (2021-2030) ($MN)
34 Global Texturized Vegetable Protein Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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