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Textured vegetable protein Market Growth and Restrain Factors Analysis Report

Apr 24, 2024


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The Global Textured Vegetable Protein Market Size is valued at 889.60 Mn in 2023 and is predicted to reach 1334.99 Mn by the year 2031 at a 5.40% CAGR during the forecast period for 2024-2031.


 


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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


 


 


 


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.


 


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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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