Textured vegetable protein is versatile. It can be used in various recipes, from soups and stews to vegetarian chili and patties. It can also be added to red sauce for pasta and used as a filling for burritos. Textured vegetable protein is a synthetic protein obtained from soybeans. It is ground to the texture of desired products. These protein products are then colored to imitate meat. Red pieces imitate cooked red meat while caramel-colored pieces resemble cured meat products. In addition, it is also available in imitation meat products, such as bacon bits and large pieces of sausage.
Market Statistics:
The global textured vegetable protein market was valued at US$ 831.9 Mn in 2021 and is forecast to reach a value of US$ 1160 Mn by 2030 at a CAGR of 4.49% between 2022 and 2030.
North America held dominant position in the global textured vegetable protein market in 2020, accounting for 38.23% share in terms of volume, followed by Asia Pacific & Europe, respectively.
Figure 1. Global Textured Vegetable Protein Market Value Share (%), By Region, 2021
Recent Developments:
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2021 | Market Size in 2021: | US$ 831.9 Mn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2022 to 2030 |
| Forecast Period 2022 to 2030 CAGR: | 4.49% | 2030 Value Projection: | US$ 1160 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
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, and AGT Food and Ingredients |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Market Drivers:
Growing demand for plant-based ingredients is a primarily fuelling growth of the textured vegetable protein market. Rising health concerns, ethical or religious belief, and animal right are shifting consumer preferences towards plant-based ingredients. According to Vegan news, in 2020, Americans following plant-based diets was up nearly 9.6 million over the last 15 years. This was a 300% increase, and almost 3% of the population resides in the United States.
Increasing investment by key players in plant-based ingredients is again anticipated to propel market growth. For instance, in September 2020, ADM expanded its protein portfolio with the launch of Arcon® T textured pea proteins, and Prolite® MeatTEX textured wheat protein. These claims to be highly-functional protein solutions that could improve the texture and density of meat alternatives, and they are particularly useful for achieving consumer-preferred meat-like texture.
Figure 2. Global Textured Vegetable Protein Market Value Share (%), By Type, 2021
Market Restraints:
Strict regulation pertaining to GMO is expected to restrict the market growth. For instance, the European Union (EU) has implemented stringent regulations for genetically modified (GM) crops due to the risks associated with humans and the environment. Furthermore, the European Union regulation requires a pre-market authorization based on a prior risk assessment, traceability, and labeling, of which the pre-market approval for GMO products is issued after a thorough safety evaluation of the marketed or imported goods.
Growing prevalence of plant protein allergen is also expected to hamper market growth. For instance, though soybeans are rich in vitamins, minerals, and proteins, however the anti-nutritional components present in them could cause allergies.
Market Opportunities:
Increasing replacement of animal protein with plant-based ingredients is projected to provide lucrative growth opportunities over the forecast period. Considering the growing health awareness among consumers, various food products such as meat patties and sausages are being replaced by plant-based/plant-infused meat products. Thus, the growing vegan and flexitarian population pose a positive opportunity for the textured vegetable protein market during the forecast period.
Growing demand for clean label products is expected to serve major growth opportunities. There is a rise in demand for products containing ingredients of which the consumers have an understanding, as well as a process that adheres to Good Manufacturing Practices (GMPs). Additionally, few plant protein producers such as DuPont, Cargill, and The Scoular Company, are already introducing pea protein that adheres to clean label claims, such as gluten-free, non-GMO, chemical-free, and organic, that instil more confidence regarding their consumption.
Market Trends/Key Takeaways:
Growing trend of plant- based burger patties, nuggets, frankfurters, sausages, and meatballs is projected to contributing to the market growth. It offer the desired quality, binding ability, texture, and a suitable amount of chewiness to create the product firmer.
Increasing technological innovation in textured vegetable protein technology is another key trend observed in the market. For instance, in February 2021, Buhler had launched a new technology which increases the efficiency of extracting plant-based proteins, which includes texture soy protein. With PolyCool 1000, this technology allows a throughput of more than 1000 kg per hour and can lower production costs and lower the price of plant-based meats.
Competitive Landscape:
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, and AGT Food and Ingredients
Many food manufacturers use textured vegetable protein (TVP) in their products. While it lacks flavor, TVP is extremely versatile. By seasoning it appropriately, it can mimic the taste and texture of meat, poultry, and fish. Flakes are the most popular form, but they can be used to replace meat in most prepared meals. These flakes can range from one to ten millimeters in diameter and are widely available in grocery stores. Flakes are often used in cooking, and can also be added to cereals and snacks. Because they are so high in protein, they're an excellent substitute for meat.
Market Dynamics:
Growing demand for plant-based ingredients and increasing replacement of animal protein with plant-based ingredients are driving growth of the textured vegetable protein market. Growing demand for clean label products is expected to serve major growth opportunities over the forecast period.
On contrary, strict regulation pertaining to GMO is expected to restrict the market growth
Key features of the study:
Detailed Segmentation:
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