Textured Vegetable Protein Market Scope and Profit-Sources Detailed Analysis

Textured Vegetable Protein Market to reach over USD 1334.99 Mn by the year 2031 - Exclusive Report by InsightAce Analytic
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Textured Vegetable Protein Market Size, Share & Trends Analysis Report by Product (Textured Soy Protein, Wheat Protein, Pea Protein, And Other Types) And Application (Food Products And Animal Nutrition/ Pet Food)- Market Outlook And Industry Analysis 2031"
The global textured vegetable protein market is estimated to reach over USD 1334.99 Mn by 2031, exhibiting a CAGR of 5.20% during the forecast period.
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Vegetable protein with a texture has several uses. It can be used in various dishes, including vegetarian chilli and burgers, as well as soups and stews. It can also be used as a burrito stuffing and added to red spaghetti sauce. Soybean protein, a synthetic protein, is used to make textured vegetable protein. It is ground to the desired product textures. After that, these protein products are dyed to resemble meat. Red pieces resemble cooked red meat, while caramel-coloured meat resembles cured meats.
Additionally, it is offered in fake meat items like big pieces of sausage and bacon. The demand for TVP as a meat substitute in goods such as meatless burgers, sausages, and meatballs is anticipated to rise in response to rising consumer demand for plant-based protein and the popularity of vegetarian and vegan diets.
The creation of novel TVP uses, such as in pet food and aqua feed, is anticipated to open up new market expansion prospects. GMO (genetically modified organisms) market growth is anticipated to be constrained by rigorous regulation. It is also anticipated that rising plant protein allergen prevalence may restrain market expansion. For instance, allergies may develop even when soybeans are high in vitamins, minerals, and proteins due to the anti-nutritional components they contain.
List of Prominent Players in the Textured Vegetable Protein Market:
• Archer Daniels Midland Company
• International Flavors & Fragrances Inc.
• Cargill, Incorporated
• Südzucker AG
• MGP Ingredients Inc.
• Roquette Frères
• SHANDONG YUXIN BIO-TECH CO. LTD
• CROWN SOYA PROTEIN GROUP
• The Scoular Company
• Axiom Foods
• AGT Food and Ingredients
Market Dynamics:
Drivers-
The market for textured vegetable protein is expanding primarily due to rising consumer demand for components made from plants. Consumer tastes are changing in favour of plant-based products because of growing health concerns, ethical or religious convictions, and animal rights. Production of texturised vegetable protein is rising to keep up with the millennial generation's growing need for snacks. The millennial generation is known to favour high-protein snacks more than any other age group. As a result, nutritional bars are being introduced by ingredient producers to satisfy consumers' 'on-the-go' snacking requirements. Additionally, the market's rising desire for nutrient-dense foods is anticipated to drive demand for textured vegetable protein. Consumers are refocusing on healthy diets and increasing their protein intake due to a greater understanding of the advantages of nutritional and health products. As a result, the market for textured vegetable protein is growing rapidly.
Challenges:
GMO (genetically modified organisms) market growth is anticipated to be constrained by rigorous regulation. Due to the hazards to persons and the environment, strict rules for genetically modified (GM) crops were enacted. Additionally, products containing genetically modified organisms (GMOs) must receive pre-market authorization based on a risk assessment, traceability, and labelling. This authorization is only granted following a thorough safety assessment of the product sold or imported. It is also anticipated that rising plant protein allergen prevalence may restrain market expansion. For instance, allergies may develop even when soybeans are high in vitamins, minerals, and proteins due to the anti-nutritional components they contain.
Regional Trends:
The North American textured vegetable protein market is expected to register a major market share in terms of revenue and is projected to grow at a high CAGR soon. One of the major markets for textured vegetable protein is the United States. A growing number of Americans are converting to veganism or flexitarian diets, supporting the rise in demand for meat substitutes. A billion bushels of soybeans were produced in the United States to meet the nation's crop needs. Numerous global food corporations and regional competitors have developed innovative meat alternatives made from pulses, wheat, potatoes, and other plant-based ingredients.
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Recent Developments:
• In February 2022, MGP Ingredients Inc., a top supplier of specialty proteins and starches, declared that it would construct a state-of-the-art extrusion factory to manufacture its ProTerra range of texturized proteins. The company's current plant will be next to the new plant in Atchison, Kansas.
• In July 2021, The non-GMO vegetable protein products firm Sojaprotein, with sales in over 65 countries worldwide, was bought by Archer Daniels Midland Company. The acquisition was made to improve the former's capabilities to produce protein components and to establish a solid presence in Eastern Europe.
• In February 2021, Buhler introduced a new method that improves the efficiency of extracting plant-based proteins, including soy protein.
Segmentation of Textured Vegetable Protein Market-
By Product Type-
• Textured Soy Protein
• Textured Wheat Protein
• Textured Pea Protein
• Other Types
By Application-
• Food Products
• Animal Nutrition/ Pet Food
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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