The global textured vegetable protein market size is likely to attain over USD XX billion by the year 2028. Besides, it is likely to project a CAGR of nearly XX during the forecast years 2021-2028. Textured vegetable protein is a byproduct obtained from the processing of various vegetable ingredients that is used as a meat substitute due to its similar protein content to meats. It is a defatted version of vegetable proteins that are cooked in a very simple manner. These proteins are distinguished by their texturized structural integrity, which improves the chewiness and texture of the food products in which they are used.
Texturized vegetable protein has emerged as a vegan-friendly alternative to proteins including whey protein, meat protein, egg protein, and others. Some of the major brands in the food industry have already joined the bandwagon, paving the way for the growth of the market.
The growing demand for texturized vegetable protein has resulted in the emergence and presence of a plethora of domestic and small-scale texturized vegetable protein manufacturers all over the world. Furthermore, their growing presence on online platforms bodes well for the overall market.
The report also emphasizes several distinctiveness of the global textured vegetable protein industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the textured vegetable protein industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The textured vegetable protein market has tough competition among the new emerging and pre-established market vendors. Besides, the textured vegetable protein industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
In terms of application, the market is segmented into cereals & snacks, meat alternatives, and others. The meat alternatives segment seized the maximum market share in 2020 and it is likely to maintain its place throughout the forecast years. The growth of this segment is largely ascribed to the surging demand for protein obtained from plant-based sources.
The major players of the global textured vegetable protein market are CHS Inc.; Company; Cargill, Incorporated; Roquette Frères, Inc.; Sonic Biochem Extractions Ltd.; DuPont de Nemours, SOTEXPRO; Bob’s Red Mill Natural Foods; BENEO; MGP; Victoria Group, and Archer Daniels Midland
Key Segments of the Global Textured Vegetable Protein Market
Type Overview, 2019-2028 (USD Million)
Application Overview, 2019-2028 (USD Million)
- Cereals & Snacks
- Meat alternatives
Source Overview, 2019-2028 (USD Million)
Regional Overview, 2019-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America