Newark, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The global Textured Vegetable Protein market is expected to grow from USD 1.2 Billion in 2021 to USD 2.3 Billion by 2030, at a CAGR of 7.9% during the forecast period 2022-2030. The increasing demand for vegan food increases the need for textured vegetable protein as it aids in decreasing the chances of adverse health effects such as high blood pressure, obesity, diabetes, and metabolic syndrome, which are caused due to imbalance in calorie intake. Rapid urbanization changed eating habits, and the modern lifestyle has increased the chances of disease occurrence among humans. However, people are becoming more health conscious, which adds momentum to the market's development.
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Global Textured Vegetable Protein Market Size By Product Type (Textured Soy Protein, Textured Wheat Protein, Textured Pea Protein, and Others), By Application (Meat Alternatives, Cereals & Snacks), Regions, Global Industry Analysis, By End-user, Share, Growth, Trends, and Forecast 2022 to 2030
Key Insights of Global Textured Vegetable Protein Market
The textured soy protein segment dominated the market with a market revenue of 0.4 billion in 2021
The product type segment is divided into textured soy protein, textured wheat protein, textured pea protein, and others. In 2021, the textured soy protein segment dominated the market with a revenue of 0.4 billion. Several health benefits are associated with textured soy protein, driving the segment's growth.
The cereals & snacks segment is expected to grow at the fastest CAGR of 8.2% over the forecast period.
The application segment is divided into meat alternatives and cereals & snacks. Over the forecast period, the cereals & snacks segment is expected to grow at the fastest CAGR of 8.2%. The increasing consumption of cereals and snacks owing to the ease of cook has propelled the textured vegetable protein manufacturers to manufacture cereals and snacks with textured vegetable protein driving the segment’s growth.
Report Coverage Details:
| Report Coverage | Details |
| Forecast Period | 2021-2030 |
| Base Year | 2021 |
| Market Size in 2030 | USD 2.3 Billion |
| CAGR | 7.9% |
| No. of Pages in Report | 236 |
| Segments Covered | Product Type, Application, and regions. |
| Drivers | Increasing demand for vegan food |
| Opportunities | Extraction of Textured Vegetable Proteins from new sources |
| Restraints | Processing complexities |
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Regional Segmentation Analysis:
The global textured vegetable protein market is analyzed based on five regions: North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific is expected to be the largest textured vegetable protein market during the forecast period. A large population in the region drives the market's growth. Furthermore, the increasing demand for organic food among people these days and rising incidences of diseases caused by changed lifestyles also propels the market's growth.
Competitive Analysis:
The major players in the Textured Vegetable Protein market include Cargill Incorporated, DuPont, Ingredion, Roquette Frères, The Scoular Company, Axiom Foods Inc., Shandong Yuxin Biotechnology Co., Ltd, Kansas Protein Foods LLC, Foodchem International Corporation, and DACSA Group.
About the report:
The market is analyzed based on value (USD Million). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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