Press release
Textured Vegetable Proteins Market Size & Share Analysis 2030
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The research forecasts a notable Compound Annual Growth Rate (CAGR) of 10.5% for the textured vegetable proteins market, spanning the years 2023 to 2030, projecting a market value of $5.07 billion by 2030. The upsurge in demand for processed and convenience foods, coupled with the surging popularity of meat alternatives, underscores the pivotal factors propelling market growth. The report attributes this expansion to heightened awareness surrounding the health benefits associated with plant-based proteins and substantial investments in the plant-based food sector. Furthermore, burgeoning intolerance for animal proteins and emerging economies present lucrative growth opportunities for vendors in the textured vegetable protein sector. Nevertheless, challenges such as the availability of alternative vegetable proteins and volatile raw material prices pose constraints to the market's growth trajectory.
Key Players:
The textured vegetable proteins market exhibits a moderate level of competitiveness, featuring a blend of large-scale global players alongside regional and local entities. Key players steering the textured vegetable proteins market include Cargill, Incorporated (U.S.), Rouquette Frères (France), Archer-Daniels-Midland Company (U.S.), Ingredion Incorporated (U.S.), International Flavors & Fragrances Inc. (U.S.), Beneo GmbH (Germany), Sotexpro (France), CHS Inc. (U.S.), Farbest Brands (U.S.), Axiom Foods Inc. (U.S.), Puris Foods (U.S.), and FoodChem International Corporation (China).
Segmentation:
The textured vegetable proteins market is systematically segmented based on product type, nature, form, application, and geography. This inclusive study evaluates industry competitors and scrutinizes market dynamics at both regional and country levels.
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Product Type:
Soy
Wheat
Pea
Other types
In 2023, the soy segment is anticipated to dominate the textured vegetable proteins market, boasting the largest market share. The soy segment's ascendancy can be attributed to the presence of numerous manufacturers with high production capacities, increased adoption within the food industry, growing consumer preference for soy-based products, and cost-effectiveness relative to other textured proteins. Despite this, the pea segment is poised to register the highest CAGR during the forecast period.
Nature:
Inorganic
Organic
The inorganic segment is projected to command the largest market share in 2023, owing to the abundant availability of protein through traditional methods and the ease of accessing cost-effective plant protein production. Conversely, the organic segment is expected to witness the highest CAGR over the forecast period.
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Form:
Chunks
Slices
Flakes
Granules
In 2023, the chunks segment is set to lead the textured vegetable proteins market, although the flakes segment is forecasted to register the highest CAGR, attributed to its water retention and defatting properties.
Application:
Food & Beverage
Animal Feed
Other Applications
The food & beverage segment is poised to dominate the market in 2023, driven by increased demand from meat and meat substitute manufacturers, heightened awareness of sustainable production, and growing consumer preference for convenient and functional food products. Moreover, the food & beverage segment is anticipated to achieve the highest CAGR during the 2023-2030 forecast period.
Geography:
North America
Europe
Asia-Pacific
Rest of the World
In 2023, North America is expected to claim the largest share of the textured vegetable proteins market, attributed to its well-established food and beverage industry, rising concerns over animal-based products, growing preference for meat alternatives, increasing investment in the plant-based food sector, and the presence of key manufacturers. On the other hand, Asia-Pacific is forecasted to register the highest CAGR during the forecast period, fueled by a substantial vegetarian population, technological advancements in the food & beverages industry, increased raw material availability, and growing awareness regarding protein-rich diets.
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Key questions answered in the report-
1 What are the high-growth market segments regarding type, nature, form, application, and country/region?
2 What is the historical market for textured vegetable proteins across the globe?
3 What are the market forecasts and estimates for 2023 to 2030?
4 What are the major drivers, restraints, challenges, opportunities, and trends in the textured vegetable proteins market?
5 How is the competitive landscape?
6 What are the recent developments in the textured vegetable proteins market?
7 What are the different growth strategies adopted by the major players in the market?
8 What are the key geographic trends, and which are the high-growth countries?
9 Who are the local emerging players in the textured vegetable proteins market, and how do they compete with other players?
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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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