Protein Evolution: Unveiling the Texturized Vegetable Protein (TVP) market Rapid expansion as it soars to meet rising demand and provides more sustainable and healthful options to diets heavy in meat
A quickly growing segment of the food business, the textured vegetable protein (TVP) market provides plant-based proteins as an alternative to meat-based ones. TVP is well known for its high protein level, versatility, and texture. It is made from soybeans and other plants. Growing consumer demand for plant-based and vegan diets as people search for healthier and more ecologically friendly alternatives to traditional animal products is driving its growth. TVP is a well-liked substitute for animal protein for those attempting to reduce their intake due to its ethical and sustainable attributes.
As an alternative to meat, plant-based protein sources are offered by the quickly growing “texturized vegetable protein” sector of the food industry. Soybeans and other plant-based ingredients are used to make textured vegetable protein, often known as textured soy protein or textured plant protein. Its high protein content, versatility in cooking, and texture make it a popular alternative to meat.
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Multiple factors have contributed to the tremendous rise of the worldwide TVP market in recent years. First, the market has advanced due to rising consumer demand for plant-based and vegetarian/vegan diets. People are looking for alternatives to traditional meat products as they grow more ecologically conscious and health conscious. By lowering dependency on animal protein, TVP offers a sustainable and moral choice.
The rising awareness among consumers about a multitude of health benefits of plant-based sources of protein has been aiding the market for texturized vegetable protein. Future Market Insights (FMI) in a new study has forecast the market to exhibit 6.5% CAGR by 2031. Growth forecasts continue to remain positive for the market, thanks to increasing number of vegetarian population worldwide.
Continuously increasing demand for food & beverage products which provide nutritional benefits with sensory taste is one of the major factor driving the demand for texturized vegetable protein. Due to increasing awareness regarding animal cruelty and environmental damages caused by excessive consumption of might the demand for texturized vegetable protein is expected to increase.
These protein sources also contain lower amount of saturated fat and cholesterol as compared to meat products hence are considered to have more health benefits. Among products available, the demand for soy protein is expected to be the highest. As per FMI, the soy protein segment is forecast to account for over 80% of the market through 2031.
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Key Takeaways from the Texturized Vegetable Protein Market Study
The North American texturized vegetable protein industry leads in terms of market size and accounts for 30.1% of the global texturized vegetable protein industry in 2021. The Soy Protein texturized vegetable protein industry is expected to have a market share of 70.0% of the global texturized vegetable protein industry in 2031. In the nature segment, Conventional holds 97.9 % of the texturized vegetable protein market.
In the end-user segment, Industry holds the maximum market share of 76.1% in 2021 of texturized vegetable protein industry where Meat Analogues holds 42.8% globally in 2021. Soy protein has a major share by product type and is anticipated to grow significantly over the forecast period. North America have a large number of companies and thus, majority of companies are emphasizing on offering non-GMO products, which are processed through extrusion-based technology, with enhanced functional properties so that their product can comply with strict requirements of clean label products.
“Benefits of opting vegan proteins are now gaining popularity due to which many big companies are investing in the production and innovation of texturized vegetable protein. Several manufacturers are acquiring or merging with key companies to expand their product portfolio and increase their market share. E-commerce and online stores are easing entry barriers and distribution costs. These factors are expected to make competition fiercer within the market” said a lead analyst at FMI
Who is Winning?
The global population is increasing at a rapid rate and it is expected that the population will be around 9.5 Bn by 2050 from 7 Bn in 2017. The situation is set to put quite a strain on the food and supply of raw material, resulting in the need for alternate protein sources. Key players operating in the market are adopting various strategies, which include expansion of production capacity and launch of various products.
A few of the leading players operating in the texturized vegetable protein market are Archer Daniels Midland Company, CHS Inc., Roquette Frères, Beneo GmbH, Danisco A/S, Vestkron A/S, Cargill Inc., FUJI OIL CO., LTD., Puris Proteins, LLC., MGP Ingredients, Inc., Crown Soya Protein Group, Sotexpro SA, Wilmar International Ltd., Gushen Biotechnology Group Co., Ltd., Ingredion Inc.
Texturized Vegetable Protein Market Key Segments
Product Type
- Soy Protein
- Wheat Protein
- Pea Protein
- Rice Protein
Nature
- Organic
- Conventional
Form
- Chunks
- Slice
- Flakes
- Granules
End Users
- Household
- Commercial
- Industry
- Food Industry
- Bakery
- Snacks
- Ready Meals
- Sports Nutrition
- Clinical Nutrition
- Baby Food
- Meat Analogues
- Others
- Animal Feed
- Food Industry
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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