They are simplest form of protein, textured vegetable protein flakes contain more than 50% of the recommended daily intake of protein. They are made from defatted flour and are available in a variety of shapes, including flakes. Flakes are used as snacks and cereals and can replace meat. The size of these flakes varies from one millimeter to ten millimeters.
Market Statistics:
The global textured vegetable protein market is estimated to account for US$ 831.9 Mn in terms of value by the end of 2021.
Global Textured Vegetable Protein Market: Drivers
Frequent launch of textured plant-based protein products is expected to propel growth of the textured vegetable protein market. For instance, in March 2022, Mighty Foods has launched a range of products in its first launch phase in Mumbai. Designed for Indians and their eating habits, the newly-launched plant-based protein products include a wide variety of easy-to-cook recipes such as seekh kebab, galauti kebab, spring roll, grilled plant fish, spinach quesadilla, keema samosa, dim sums keema bao, burger patty, prawn in black pepper sauce, prawn thai curry, plant keema bao and plant keema.
Global Textured Vegetable Protein Market: Opportunities
Growing demand for textured vegetable protein from beverage industry is expected to provide significant growth opportunities over the forecast period. For instance, in June 2020, Nutriati, a food ingredient company based in the United States, created PLT Artesa Textured Pulse Protein which is used in beverages, and is formulated without soy, gluten, and other allergens and methylcellulose.
Global Textured Vegetable Protein Market: Restraints
Negative impact of Covid-19 impact on food &beverage industry is expected to hamper the growth of the market.
Global Textured Vegetable Protein Market - Impact of Coronavirus (Covid-19) Pandemic
Currently, the COVID-19 pandemic is affecting thousands of people across the world. In addition to the serious implications on people's health and healthcare services, COVID-19 has a significant impact on businesses and economies. This pandemic also resulted in opportunities for many private players to emerge in the market to cater to the inflated demand. Furthermore, COVID-19 has led to a major consumer shift, as customers are trying out new brands in the low-stock environment.
To know the latest trends and insights prevalent in the Global Textured Vegetable Protein Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/textured-vegetable-protein-market-5160
Key Takeaways:
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.
Food Products segment held dominant position in the global Textured Vegetable Protein market in 2021, accounting for 95% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
Growing influence of social media on people and increasing popularity of plant-based protein is projected to augment market growth. Increasing penetration of internet is another major factor contributing growth of the market.
Rapid urbanization and changing lifestyle of consumers is again uplifting growth of the market. Additionally, growing demand for meat substitute is also fostering market growth.
Global Textured Vegetable Protein Market: 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
Global Textured Vegetable Protein Market: Recent Developments
- In May 2020, Roquette, a global leader in plant-based ingredients and a pioneer of plant proteins, announced the development of a new brand identity for its range of NUTRALYS® plant proteins, a sustainable source of innovative plant proteins of the highest quality.
- In December 2020, Axiom Foods, Inc. introduced a new versions of VegOtein tx texturized pea protein for vegan and processed meats. The new versions of smaller sized texturized pea protein can be used as meat extender while helping replace fat, bind flavor and retain water. Along with this it can be used in meat alternatives enabling end use formulators in reducing the need for gums and stabilizers
