Global Textured Vegetable Protein Market 2024 - Business Opportunities, Industry Growth, Regional Analysis And Forecast To 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Textured Vegetable Protein Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $10.65 billion In 2028 At A CAGR Of 53.8% :

The textured vegetable protein market size has grown strongly in recent years. It will grow from $1.78 billion in 2023 to $1.91 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to globalization of dietary trends, retail and foodservice adoption, shift in consumer preferences, food security, cost-effectiveness.

The textured vegetable protein market size is expected to see exponential growth in the next few years. It will grow to $10.65 billion in 2028 at a compound annual growth rate (CAGR) of 53.8%. The growth in the forecast period can be attributed to diverse product offerings, nutritional value emphasis, allergen-free and gluten-free attributes, culinary adaptability, expanded market presence. Major trends in the forecast period include product innovations, health and wellness trends, sustainability concerns, technological advancements in food processing, clean label movement.

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Textured Vegetable Protein Market Major Segments
The textured vegetable protein market covered in this report 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

Key Driver - Plant-Based Ingredients Drive Growth Of Textured Vegetable Protein Market

The growing demand for plant-based ingredients is expected to propel the growth of the textured vegetable protein market going forward. 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. For instance, in 2021, according to the Plant Based Foods Association, a US-based non-profit organization, the market value of plant-based foods in the U.S. reached a new peak at $7.4 billion, experiencing 6.2% growth compared to 2020. Therefore, the growing demand for plant-based ingredients is driving the growth of the textured vegetable protein market.

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Prominent Trend - Product Innovation Drives Development Of Textured Potato Protein As Meat Alternative

Product innovation is a key trend in the textured vegetable protein market. 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.

Textured Vegetable Protein Market Players
Major companies operating in the textured vegetable protein market report are Archer Daniels Midland Company, Cargill Incorporated, DuPont de Nemours Inc., Roquette Freres SA, Shandong Yuxin Biotechnology Co. Ltd, Axiom Foods Inc., Kansas Protein Foods LLC, Foodchem International Corporation, Dacsa Group, Victoria Group A.D., Crown Soya Protein Group, Wilmar International Ltd, Fuji Oil Co. Ltd, Vestkron A/S, Ingredion Inc, Tereos Syral, Agridient B.V., Beneo GmbH, CerealVeneta S.r.l., CHS Inc., Cosucra Groupe Warcoing SA, Devansoy Inc., Emsland Group, Gushen Biological Technology Group Co. Ltd., Harvest Innovations LLC, World Food Processing, Kerry Group plc, MGP Ingredients Inc., Nutri Pea Ltd., Puris Proteins LLC

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Largest And Fastest Growing Region In The Market
North America was the largest region in the textured vegetable protein market in 2023. The regions covered in the textured vegetable protein market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Textured Vegetable Protein Market Report Structure
3. Textured Vegetable Protein Market Trends And Strategies
4. Textured Vegetable Protein Market - Macro Economic Scenario
5. Textured Vegetable Protein Market Size And Growth
…..
27. Textured Vegetable Protein Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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