Textured Vegetable Protein Market Current Scenario with Forecast to 2031

Textured Vegetable Protein Market to reach over USD 1,334.9 Mn by the year 2031 - Exclusive Report by InsightAce Analytic

"Textured Vegetable Protein Market" in terms of revenue was estimated to be worth $889.60 million in 2023 and is poised to reach $1,334.9 million by 2031, growing at a CAGR of 5.40% from 2024 to 2031 according to a new report by InsightAce Analytic.

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Latest Drivers Restraint and Opportunities Market Snapshot:

Key factors influencing the global Textured Vegetable Protein Market are:
• Rise in Plant-Based Diets
• Health and Wellness Trends
• Growing Awareness of Protein Sources

The following are the primary obstacles to the Textured Vegetable Protein Market's expansion:
• Taste and Texture Challenges
• Processing and Reformulation Costs
• Competition with Other Plant-Based Proteins

Future expansion opportunities for the global Textured Vegetable Protein Market include:
• Clean Label Formulations
• Global Market Expansion
• Incorporation in Snacks and Convenience Foods

Market Analysis:
The Textured Vegetable Protein (TVP) market is witnessing dynamic growth driven by the rising global shift towards plant-based diets and the increasing demand for sustainable and nutritious protein alternatives. Furthermore, the market is characterized by ongoing innovations in taste, texture, and product formats, contributing to its widespread adoption in various culinary applications.

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

Textured Vegetable Protein Market Report Scope:

Report Attribute Specifications
Market size value in 2023 USD 889.60 Mn
Revenue forecast in 2031 USD 1,334.9 Mn
Growth rate CAGR CAGR of 5.40% from 2024 to 2031
Quantitative units Representation of revenue in US$ Million, and CAGR from 2024 to 2031
Historic Year 2019 to 2023
Forecast Year 2024-2031
Report coverage The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends
Segments covered By Product, Application
Regional scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa

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 February 2021, Buhler introduced a new method that improves the efficiency of extracting plant-based proteins, including soy protein.
• 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.

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Textured Vegetable Protein Market Dynamics:
Market Drivers: Rise in Plant-Based Diets
The Textured Vegetable Protein (TVP) market is experiencing a significant surge, primarily propelled by the remarkable rise in plant-based diets worldwide. As a pivotal component of vegetarian and vegan culinary landscapes, TVP has gained prominence as a versatile and protein-rich alternative to traditional meat sources. The increasing adoption of plant-based diets, driven by health, ethical, and environmental considerations, has prompted consumers to seek sustainable and nutritious protein options, with TVP emerging as a key player in this paradigm shift. The market reflects the growing preference for plant-derived protein sources as consumers embrace healthier and more sustainable dietary choices.
Challenges: Taste and Texture Challenges
Despite the promising growth in the Textured Vegetable Protein (TVP) market, significant challenges related to taste and texture persist, imposing constraints on broader market acceptance. Consumers often encounter disparities between the taste and texture of TVP-based products and their conventional meat counterparts, hindering seamless integration into diverse culinary applications. Overcoming these challenges requires continuous research and development efforts to enhance the flavor profiles and mouthfeel of TVP, ensuring that it aligns more closely with consumer expectations.
North America Is Expected To Grow With The Highest CAGR During The Forecast Period
This growth is fueled by a confluence of factors, including the region's increasing embrace of plant-based diets, heightened awareness of sustainability, and a growing demand for versatile and nutritious protein alternatives. As health-conscious consumers in North America seek plant-based options that align with ethical and environmental considerations, TVP emerges as a prominent player in the evolving landscape of alternative protein sources. The well-established food industry infrastructure, coupled with a robust inclination towards innovative and health-centric food choices, positions North America at the forefront of driving the expansion of the TVP market.
Segmentation of Textured Vegetable Protein Market-
By Product-
• 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
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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