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Textured Vegetable Protein Market Analysis 2023: Insights, Demand, Size And Forecast To 2032 | Archer Daniels Midland Company, Cargill Incorporated, DuPont, Roquette Frères, Shandong Yuxin Biotechnology Co. Ltd.
Textured Vegetable Protein Market
The Business Research Company's Textured Vegetable Protein Global Market Report 2023 identifies growing demand for plant-based ingredients as the major driver for the Textured Vegetable Protein market's growth in the forecast period. Plant-based ingredients are extracted from plant roots and other parts, including fruits, vegetables, rice, wheat, maize, pulses, and other food crops. The demand for plant-based ingredients is rising due to health consciousness among people and increased concern for animal welfare. Textured vegetable proteins are derived from plants as an alternative to meat products.
The global textured vegetable protein market size is expected to grow from $1.67 billion in 2022 to $1.79 billion in 2023 at a compound annual growth rate (CAGR) of 7.52%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The textured vegetable protein market size is expected to reach $2.34 billion in 2027 at a CAGR of 6.82%.
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Major competitors in the Textured Vegetable Protein market are Archer Daniels Midland Company, Cargill Incorporated, DuPont, Roquette Frères, Shandong Yuxin Biotechnology Co. Ltd.
A key trend in the Textured Vegetable Protein market includes Product innovation. Major companies operating in the plant-based ingredients market focus on developing innovative products to provide alternatives to textured vegetable protein. For instance, in February 2022, KMC, a Denmark-based ingredients company, launched the first textured potato protein powder to be utilized as an alternative to meat. The powder form is transformed into a textured ingredient with a meat-like structure, high nutritional value, and a frying crust.
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The Textured Vegetable Protein market is segmented -
1. By Product Type: Textured Soy Protein, Textured Wheat Protein, Textured Pea Protein, Other Product Types.
2. By Nature: Organic, Conventional
3. By Application: Food Products, Animal Nutrition/Pet Food
4. By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Textured Vegetable Protein market.
The Business Research Company's "Global Textured Vegetable Protein Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Textured Vegetable Protein Market Include:
1. Executive Summary
2. Textured Vegetable Protein Market Characteristics
3. Textured Vegetable Protein Market Trends And Strategies
4. Textured Vegetable Protein Market - Macro Economic Scenario
5. Textured Vegetable Protein Market Size And Growth
……
26. Africa Textured Vegetable Protein Market
27. Textured Vegetable Protein Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Textured Vegetable Protein Market
29. Textured Vegetable Protein Market Future Outlook and Potential Analysis
30. Appendix
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