Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Textured vegetable protein is a by-product obtained from processing various plant ingredients and is used as a meat substitute due to its protein content comparable to meat. It is a defatted version of vegetable proteins that are cooked in a very simple way. These proteins are distinguished by their textured structural integrity, which improves the chewability and texture of the food products in which they are used. There are several variants of textured vegetable proteins available on the market. These include textured wheat protein, textured pea protein, textured soy protein, and others. The growing demand for healthy food is increasing the preference for textured plant proteins, especially textured soy proteins, on the market. Additionally, the growing demand for textured plant proteins from vegetarian consumers seeking high protein meals is fuelling the growth of the market.
Rising obesity rates around the world, increased public awareness of health and fitness, a greater importance of plant-based diets and the expansion of the food industry are some of the factors that could drive the growth of the market. According to the Food Science and Health Database Organization, in 2018, 22 million Britons now identified themselves as 'flexitarian', seen not as a trendy diet, but as a lifelong lifestyle choice, particularly popular with highly influential millennials. For example, the growing vegan and flexible population is expected to lead the growth of the market during the forecast period. The increase in soybean and wheat cultivation in developing regions, such as South America and Asia-Pacific, has increased the widespread cultivation of soybeans and wheat grains around the world, leading to the availability of products based on soy and wheat, such as textured vegetable proteins. According to a study published by the European Vegetarian Union in 2019, the vegan population in Europe contributes over 6% of the total European population. According to The Vegan Society, the vegan population in the UK increased by over 600,000 in 2019, a 300% increase from 2014. This is one of the key factors driving food and beverage manufacturers to develop innovations and developments in meat alternatives, dairy alternatives, and protein-rich beverages. This has given a boost to plant-based foods and drinks and is expected to drive the growth of the market during the estimated time period.
Traditional sources involved in the extraction of textured vegetable proteins are soybeans, wheat and peas. Soy is the main source of textured vegetable protein. Manufacturers have looked at other sources such as lentils, beans, oats, rice, and chia seeds. Fava is a rich source of vegetable protein and several other vitamins and minerals. They are also loaded with soluble fiber, which can aid digestion and lower cholesterol. Broad beans can also provide over 46% of the protein as essential macronutrients during extraction. This results in broad beans as a crucial alternative source to textured plant proteins. Lentils are protein-rich edible legumes that grow in pods. They were sold dry in the countries of the Middle East and Asia-Pacific. Lentils contain over 40% protein, making them a great alternative to meat. They can be an important source for the production of textured vegetable proteins. Chia seeds are an excellent source of vegetable protein. One tablespoon of chia seeds provides 3g of complete protein with nine essential amino acids. This favours its use as an important source for obtaining textured vegetable proteins. These factors are expected to provide rising new growth opportunities for the market over the forecast period.
The complexity of processing textured vegetable proteins stems primarily from the fact that the texture, length and firmness of the fibers must match those of conventional meat. In addition, the bulk density, shape and surface of the extrudate are important characteristics affecting the quality of textured vegetable proteins. The extrusion texturing process involves changes in the conformation and quality of vegetable protein. Extrusion control is the biggest challenge in this process, as the combined effects of temperature, shear and pressure complicate the conformational aspects of the textured vegetable proteins, thus affecting their quality. These factors are expected to restrain the market’s growth over the forecast period.
The vegetable protein ingredients have functional health benefits and contain essential minerals. However, their consumption has been linked to human allergies in several cases, which has limited the market’s growth. Additionally, soy protein contains a high concentration of phytic acid, which has the potential to inhibit the absorption of essential minerals such as calcium, magnesium, copper, iron and zinc. As a result of soy allergies, itching and hives can occur in humans. Bloating, diarrhoea, nausea, and abdominal pain are some of the other symptoms. These factors are expected to create major challenges for the market’s growth over the forecast period.
The report provides an in-depth analysis of the global Textured Vegetable Protein market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. With increasing demand for textured vegetable proteins in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2022-2029.
The global Textured Vegetable Protein market comprises of different market segment like product type, source, nature, application, end users and geography.
By product type, the Textured Vegetable Protein market includes the key segments of
The soy vegetable protein segment is expected to dominate the market over the forecast period. The growth of this segment can be attributed to the growing number of consumers looking for high protein foods with a taste and texture similar to meat. However, the wheat segment is expected to grow at the highest CAGR over the forecast period. Textured wheat protein is derived from wheat and is considered a rich source of protein and a potential meat substitute suitable for vegetarians and vegans. It has a neutral flavor profile and a stable, hydrated texture, making it suitable for a wide variety of applications, such as meat alternatives, ready meals, fillings, emulsified meats and other snacks and protein bars.
By source, the Textured Vegetable Protein market is segmented into
The flakes segment is expected to maintain its dominance over the estimated time period. The protein content in flakes is about 50% higher than other types of proteins. Flakes are made from defatted flour and are used in a variety of applications, such as cereals, snacks, cakes and burgers, to replace meat with hydrated and structured protein flakes. The flakes offered by the manufacturers of textured vegetable proteins range from 1 mm to 10 mm. The proliferation of consumers switching to vegan or vegetarian diets and requiring plant-based protein sources is driving the demand for plant-based structured protein flakes from processed food manufacturers, fuelling market growth.
Likewise, the chunks segment is likely to witness rising new growth demand over the forecast period. Large, textured vegetable protein chunks are available for meat stews, as well as pellets to simulate ground meat particles.
By nature, the Textured Vegetable Protein market is segmented into
The organic segment is expected to maintain its dominance over the estimated time period. Organic textured vegetable proteins are a perfect vegan alternative to meat. These textured vegetable proteins are manufactured without the use of artificial chemicals, hormones, pesticides, antibiotics, etc. The growing demand for vegetarian diets and the increase in preference for plant-based protein sources are expected to be major factors driving the growth of the market over the estimated time period. On the other side, conventionally textured vegetable proteins are expected to witness steady growth over the forecast period.
The Textured Vegetable Protein market has key applications in
The cereals and snacks segment is expected to find increasing demand in the market over the forecast period. The growing demand for plant-based foods and vegan alternatives has prompted manufacturers to use textured proteins in more application areas such as cereals and snacks. The use of textured protein pellets and flakes allows their incorporation into cereal products and snacks and improves their overall consumer acceptance. The role of textured proteins in grain products and snacks has increased dramatically since they were previously used as a means to improve the texture of the final product. However, with the development of new sources, including wheat and pea, the use of textured proteins has seen significant growth. The current snack line includes counterfeit meat products, such as vegan jerky, which is made with textured soy or pea, packaged chips, and even canned foods. Textured proteins in cereals use flavored flakes added to products to improve their taste and nutritional value.
Similarly, meat alternatives are likely to see rising demand over the estimated time period. Meat alternatives include meat extenders and meat analogues. A significant percentage of the population in Western countries has switched to a reduced meat diet and requires healthy, flavourful, meatless food products. Due to changing consumer consumption patterns, food manufacturers are emphasizing plant proteins, such as legumes, wheat gluten and soy protein, which are processed into meat-like products known as meat analogues. These products mimic certain aesthetic properties, such as the texture, taste, color and nutritional characteristics of certain types of meat.
The Textured Vegetable Protein market has major end users like
The business to consumer segment is expected to maintain its dominance over the estimated time period. This is due to the busy lifestyle of consumers, which increases the demand for functional foods such as textured plant proteins, which provide essential nutrition and help improve physical and mental well-being. However, the business-to-business segment is expected to grow at the highest CAGR during the forecast period. This can be attributed to increase in new initiatives along with the adoption of innovative technology in the manufacturing of vegetable proteins. Also the strategic initiatives and new collaborations is a key factor which is anticipated to contribute healthy growth in the market over the forecast period.
The global Textured Vegetable Protein market is studied for the following region
North America is expected to lead the market as the growing trend towards veganism in the region continues to drive meat substitutes into mainstream applications.
The North American region is home to a significant manufacturing base for textured vegetable protein processing. Leading ingredient manufacturers such as DuPont (US), ADM (US), Cargill (US) and CHS (US) have increased their product development capabilities to deliver compliant meat alternatives changing consumer preferences in the region. Canada is the largest producer of peas for textured pea protein processing, with the presence of several existing and future processing units in Manitoba. According to a study released by the Canadian government in 2019, Canada estimates a 30% increase in pea production of up to 4.7 t by 2020 in the region. On the other hand, the United States is one of the major producers of soy and wheat in the region.
Asia-Pacific is expected to grow at the fastest rate due to increasing urbanization, rising disposable income and increased spending on developing natural ingredients. Textured vegetable proteins are gaining momentum in the Asia-Pacific market owing to its easy availability and low production cost, making it profitable for both producers and consumers.
Axiom MRC provides a comprehensive analysis of micro and macro-economic factors on the global Textured Vegetable Protein market. In addition, a complete analysis of changes in the global Textured Vegetable Protein market expenditure, economic and international policies on supply and demand side is provided in this exclusive report. The report also studies the impact of the pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market.
During the COVID-19 outbreak, consumer health awareness has increased. This, in turn, fuelled the growth of the Textured Vegetable Protein market. Rise in the number of health-conscious consumers during the pandemic is certainly expected to fuel the growth of the textured vegetable protein market. Additionally, the vegan diet is gaining popularity during the pandemic as consumers avoid eating meat and therefore opt for plant-based protein. This, in turn, has helped propel the growth of the market. However, the disrupted supply chain and the suspension of production activities due to the lockdown led to a shortage of raw materials. With the end of government imposed lockdowns, the market is expected to witness new growth opportunities in the upcoming years.
The competitive landscape analysis of Textured Vegetable Protein market is primarily focused on expanding the global growth of textured vegetable protein industry through new product innovation, business expansion, increasing presence of a range of manufacturers operating in the textured vegetable protein sector has led growing demand for the market. Besides, the market offers a range of products in different application to fulfil the required demand of consumers, which is further contributing to healthy growth in the market.
The key players studied in market are
November 2022: DSM had acquired Vestkorn Milling, one of the producers of pea and bean-derived ingredients for plant-based protein products. This strategic move was intended to enhance the product portfolio and expertise of the company and strengthen its global reach.
September 2020: MGP Ingredients, Inc announced a new product line, “ProTerra,” in the texturized vegetable protein market. ProTerra offers a range of textured pea with TruTex.
By product type, the Textured Vegetable Protein market includes the key segments of soy, wheat, pea, spirulina, pumpkin seed, hemp and others. The soy segment is expected to dominate the market over the forecast period. By source, the Textured Vegetable Protein market is segmented into chunks, flakes, slices and granules. The flakes segment is expected to maintain its dominance over the estimated time period. By nature, the Textured Vegetable Protein market is segmented into organic and conventional. The organic textured vegetable proteins are expected to find increasing demand in the market over the forecast period. The Textured Vegetable Protein market has key applications in meat alternatives, cereals and snacks. The cereals and snacks segment is expected to find increasing demand in the market over the forecast period. The Textured Vegetable Protein market has major end users like business to business and business to consumers. The business to consumer segment is expected to maintain its dominance over the estimated time period. The global Textured Vegetable Protein market is studied for the following region: North America, Europe, Asia-Pacific and Rest of the world (RoW). North America is expected to lead the market as the growing trend towards veganism in the region continues to drive meat substitutes into mainstream applications.
| Market Sizing for Year: | 2019-2029 |
| Base Year: | 2022 |
| Forecast Period: | 2023-2029 |
| Value: | USD
Million |
| Market Segment studied: | Product Type Source Nature Application End Users |
| Market Players and its Competitors: | Cargill Incorporated Daniels Midland Company DuPont Roquette Freres DSM MGP Ingredients, Inc ADM International Flavors & Fragrances Inc. CHS Beneo GmbH The Scoular Company Ingredion AGT Food & Ingredients VestKorn Wilmar International Sun NutraFoods Shandong Wonderful Industrial Group FoodChem International |
FREQUENTLY ASKED QUESTIONS
What would be forecast period in the market report?
2023-2029 is the forecast period in the market report
What are the drivers for Textured Vegetable Protein market?
The key driving factors of the market are increasing prevalence of obesity and rising demand for meat substitutes.
Which region is gaining majority of market share during the forecast period (2023-2029)?
North America is expected to gain major market share during the forecast period (2023-2029).
