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Global Textured Vegetable Protein Market InsightJanuary 4, 2022 Comments
The textured vegetable protein is forecast to crazy increase over the next four years. According to the World Knowledge Information (WKI) “Global Textured Vegetable Protein Professional Survey Report 2021, Forecast to 2026”, The growing demand for meat alternatives, as well as the increase in health awareness among consumers, are propelling the demand for textured vegetable protein. The compound annual growth rate (CAGR) for the 2021-2026 period is projected to be 7.3% base on WKI regression analysis model.
“Soy, wheat, and pea are among the prominent sources used in the production of textured vegetable proteins and are produced in countries such as Brazil, the US, Argentina, China, and India.” said Jimmy Joy, Senior analyst, Consumer Goods Market Research Center in WKI. “With the augmenting demand for plant-based food & beverages among the consumers, the demand for soy, wheat, and pea has also increased.”
Textured vegetable protein obtained from various sources such as soy, wheat, and pea has been adaptive among the food manufacturers, as it poses as a meat alternative with functional and nutritional characteristics. Also, it has witnessed high rates of adoption among consumers, as it replicates the characteristics of meat products, such as sausages, burger patties, nuggets, and crumbles, with a similar texture and flavor. Meat alternatives contain protein from plants and are formulated to providing an option for non-meat consumers. According to Animal Legal Defense Fund, in the US, every year, more than 9 billion animals are raised and killed on factory farms. The factory farm system has contributed to a range of problems, from increasing antibiotic resistance to the climate crisis. The consumer inclination toward meat alternatives can mitigate animal-sourced food to a huge percentage. Meat alternative manufacturers, such as Beyond Meat (US) and Impossible Foods (US), have witnessed a surge in sales of meat alternatives, due to a shortage of beef and pork during the COVID-19 pandemic. Beyond Meat (US) reported its first-quarter net revenue spike of 141 % to more than USD 97 million in 2020, compared to the previous year USD 40 million in 2019.
In January 2020, Roquette and Beyond Meat (US) formed a partnership agreement to significantly increase the supply of pea protein due to the rising demand in North American and European regions. In August 2019, Cargill (US) invested USD 75 million in PURIS Foods to boost the production of pea protein, starches, and fibres, bolstering the company to cater to the rising demand among various food & beverage manufacturers, globally. More and more market participants will participate. Some of the leading players will include in our report: ADM, Cargill, CHS, Roquette Freres, DuPont, Wilmar International, The Scoular Company, Puris Foods, VestKorn and others.
Segmentation of Textured Vegetable Protein Market:
According to the type, the market for hand sanitizers is divided into slices, flakes, chunks and other types. By type, slices segment is projected to account for the largest share in the market by form during the forecast period. Textured vegetable protein slices were obtained by processing various beans with higher protein content. They are the unique source of protein that contains essential amino acids, protective ingredients, minerals, and vitamins, which are necessary for total metabolism. Sliced textured vegetable proteins used in meat alternatives are often used as a substitute for traditional meat products. Slices have primarily utilized in meat alternatives as burger patties, which are used in various consumer applications. Meat alternatives manufactured using textured vegetable protein are primarily obtained from plant-based sources. They offer functional benefits to the consumers, as consumption of meat alternatives may avoid the cancer risks of red meat. Texture and flavor have been the significant specifications needed to bolster the rising demand for meat alternatives among the consumers. According to a study published by the Good Food Institute (GFI) in 2019, the taste of the meat alternatives would be the big make-or-break factor to boost the demand for meat alternatives. Therefore, a textured vegetable protein with meat-like texture and flavor can pose as a driving factor during the forecast period.
Textured Vegetable Protein Market: Regional Analysis、
Asia Pacific is projected to account for the faster-growing market with CAGR of 7.8% during the forecast period. Meat substitute is one of the fastest growing markets, offering huge potential in terms of expansions, partnerships, and new product launches by global, as well as regional players, to enter the market. With growing market penetration for vegan food and increasing number of food allergens among the North American and European population, the market for meat alternatives and substitutes is expected to grow at a faster rate.Textured vegetable protein is one of the major segment of meat subistutues, holding the largest share in the meat subsitutues markete across the globe. Textured soy proteins are formulated to suit specific applications such as bakery, dairy replacers, or meat alternatives. The feed segment is the fastest-growing application for textured soy protein in the coming years. The rising demand for animal by-products will result in increased attention towards animal care and welfare, which in turn is expected to drive the consumption of textured soy protein in feed. Textured vegetable protein (TVP) is gaining great momentum in the Asia-Pacific market, due to its easy availability and the low cost of production, making it profitable for both producers and consumers. Among the Asian countries, the Textured Vegetable Protein in China hold’s the largest market share. The Chinese government issued new dietary guidelines, recommended by the country’s Health Ministry, which aim to reduce the country’s meat consumption to half, by 2030, which is expcted to accelerate the growth of the market during the forecast period.
Largest share area：Asia Pacific
Largest share country：China