Global Textured Vegetable Protein Market, Size, Trends & Analysis with COVID-19 Impact - Forecasts To 2026 By Source (Soy Protein, Pea Protein, Wheat Protein), By Type (Slices, Flakes, Granules, Chunks), By Form (Dry, Wet), By Application (Meat Alternatives, Cereals & Snacks, Others), By Region (North America, Europe, Asia-Pacific and Rest of the World); Company Market Share Analysis & Competitor Analysis
Textured Vegetable Protein Market: Insights
The global textured vegetable protein market will witness substantial growth over the coming years (2020-2026). The increasing adoption of meat alternatives among consumers, along with the growing demand for protein-rich food is some of the major factors influencing the growth of the textured vegetable protein market. Moreover, the increasing demand for ready-to-eat (RTE) food products is one of the substantial factors pushing the market. Furthermore, the rising consumer preference and demand for vegetable protein sources due to its nutritional profile, and increasing health concerns are some of the factors expected to propel the market growth. However, stringent government regulations for genetically modified crops and allergies associated with vegetable sources are some of the factors hampering the market growth during the projected period.
Textured Vegetable Protein Market: By Source
By the study of source, the global textured vegetable protein market is bifurcated into soy protein, pea protein, and wheat protein. The soy segment is anticipated to hold the largest market share in terms of volume over the projected period. This is attributed to the increasing health awareness and consumer adoption for low-fat and low-carb foods is one of the significant factors driving the product demand. Textured soy protein is the ideal meat substitute and has increased the popularity among vegan consumers. Moreover, the increasing demand in the functional drinks industry is expected to stimulate market growth.
Textured Vegetable Protein Market: By Application
By the application, this market is segregated into three parts namely; meat alternatives, and cereals & snacks, among others. The meat alternatives segment is analyzed to have the largest market share in terms of revenue during the projected period. This is due to the increasing adoption of meat and poultry products which are some of the substantial factors that fuel the market growth. Meat alternatives are used as variations and analogies. Textured vegetable proteins have been effective because a key factor in driving the growth of the segment is their positive health picture which means cholesterol-free, meat-like quality, and cheap price.
Textured Vegetable Protein Market: By Type
By type, the global textured vegetable protein market is fragmented into slices, flakes, chunks, and granules. The sliced segment is analyzed to be the largest market shareholders over the projected period. The sliced vegetable protein used in meat alternatives is often used as a substitute for existing meat products. They are a specific source of protein that comprises of essential amino acids, minerals, and vitamins, among others, necessary for total metabolism.
Textured Vegetable Protein Market: By Region
Based on the region, the market for Textured Vegetable Protein segmented into North America, Europe, Asia Pacific, CSA, and MEA. The North America region over the projected period is the largest revenue supporter in the market. This is due to the growing customer choices between meat and plant protein and the low price of plant-sourced protein are some of the factors influencing the market growth. Moreover, increasing health awareness along with the vegan population are some of the main factors projected to influence the market growth in the region. Furthermore, the Asia-Pacific region will propel at the fastest rate between the forecast period. This is due to the increasing investments in the food & agriculture sector, and the increasing production of soya-bean are some of the factors that will fuel the growth of the region.
Textured Vegetable Protein Market Share & Competitor Analysis
Some of the key players operating in the textured vegetable protein market include Dupont, Wilmar International, Shandong Yuxin Bio-Tech, Foodchem International, The Scoular Company, Puris Foods Vestkorn, MGP Ingredients, LA Troja, Kansas Protein Food LLC, Cargill, CHS, Roquette Freres, Beneo, Axiom Foods, AGT Food & Ingredients, Crown Soya Protein Group, Sun Nutrafoods, ADM, and Gushen Biological Technology Co. Ltd, among others.
Please note: This is not an exhaustive list of companies profiled in the report.
In January 2020, Roquette signed a partnership agreement with Beyond Meat, to increase the supply of pea protein owing to the increasing demand in North American and European regions
In August 2019, Cargill signed a strategic partnership with Puris Foods with an investment of 75 million to increase the production of pea protein, starches, and fibers
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The global Textured Vegetable Protein Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Textured Vegetable Protein Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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