The textured vegetable protein market size is projected to reach USD 1.9 billion by 2027, recording a CAGR of 6.9% during the forecast period. It is estimated to be valued at USD 1.4 billion in 2022. A considerable percentage of the population in western countries has shifted toward a diet with reduced meat consumption, demanding healthy and tasteful meat-free food products. Due to changes in consumption patterns among consumers, food manufacturers are emphasizing vegetable proteins, such as pulses, wheat gluten, and soy protein, which are processed into meat-like products known as meat analogues. These products mimic certain aesthetic qualities, such as texture, flavor, color, and nutritional characteristics, of specific types of meat.
Textured Vegetable Protein Market Trends:
1. Growing Demand for Plant-Based Proteins: The global shift towards plant-based diets has been a significant driver for the textured vegetable protein market. As more consumers seek alternatives to animal-derived proteins, TVP has gained popularity as a versatile and sustainable source of plant-based protein.
2. Health and Wellness Trends: Increasing awareness of health and wellness has led to a rise in demand for protein-rich foods. Textured vegetable protein is often marketed as a healthy protein source, low in fat and cholesterol, appealing to consumers focused on maintaining a balanced diet.
3. Rise in Vegetarian and Vegan Lifestyles: The increasing adoption of vegetarian and vegan lifestyles has fueled the demand for plant-based protein options. TVP serves as an essential ingredient in meat analogs and substitutes, catering to the preferences of those following plant-based diets.
4. Innovation in Product Development: Manufacturers have been investing in research and development to create innovative TVP products. This includes the development of new textures, flavors, and forms of TVP to enhance its versatility and appeal to a broader consumer base.
5. Global Expansion of Market Players: Companies operating in the textured vegetable protein market have expanded their global presence, targeting diverse geographical regions. This expansion is driven by the increasing demand for plant-based protein products worldwide.
6. Food Industry Collaboration: Collaboration between TVP manufacturers and the food industry has led to the incorporation of textured vegetable protein in various food products, including snacks, ready-to-eat meals, and processed foods, further expanding its market reach.
7. Sustainability Considerations: The environmentally sustainable nature of textured vegetable protein, compared to traditional animal protein sources, has become a key selling point. Consumers are increasingly considering the environmental impact of their food choices, contributing to the growth of the TVP market.
8. Challenges in Flavor and Texture: Despite its popularity, some challenges exist in replicating the taste and texture of meat using textured vegetable protein. Ongoing efforts in improving the sensory aspects of TVP products are being made to enhance consumer acceptance.
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Food manufacturers in Europe have been focusing on new product developments concerning meat alternatives with better texture, appearance, flavor, and composition to attract more potential consumers.
The European market has been a strong region for textured vegetable protein. The changes in consumption patterns among consumers and manufacturers’ inclination toward developments in meat alternatives have been propelling the growth in the region. According to an article shared by Green Queen Media, in 2021, the number of vegans in Europe doubled from 1.3 million to the current estimated figure of 2.6 million, representing 3.2% of the population. The growing vegan population in western European countries, such as the UK, France, and Germany, showcase robust growth prospects for manufacturers seeking to focus on product developments to grow their product portfolios.
The market for textured vegetable proteins in Europe has been driven by its use in food applications, such as meat alternatives and bakery products majorly sourced from soy and pea. The emergence of newer manufacturers of various food applications has been adopting textured vegetable proteins as a viable substitute, resulting in a growing number of product launches in the region.
Top Companies in Textured Vegetable Protein Market
1. Cargill Incorporated (US)
2. ADM (US)
3. DuPont (US)
4. Ingredion (US)
5. DSM (Netherlands)
6. Roquette Frères (France)
7. DuPont (US)
8. The Scoular Company (US)
9. PURIS (US)
10. Beneo (Germany)
11. Axiom Foods Inc. (US)
Key Questions Addressed by the Textured Vegetable Protein Market Report:
Which region is projected to account for the largest share in the textured vegetable protein market?
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