DUBLIN--(BUSINESS WIRE)--The "Global Textured Vegetable Protein Market by Application (Meat Alternatives, Cereals & Snacks, Others), Form, Source (Soy, Wheat, Peas), Type (Slices, Flakes, Chunks, Granules) and Region - Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The textured vegetable protein market is estimated to be valued at USD 1.1 billion in 2020 and is projected to reach USD 1.5 billion by 2025, recording a CAGR of 6.2%, in terms of value.
Factors such as the consumer preference and interest in vegetable protein sources, due to its nutritional profile, inclination toward clean eating, rise in health concerns, and environmental concerns, as well as animal welfare, have resulted in the growth of the alternatives, such as plant-based meat, and ingredients such as textured vegetable protein.
However, the growth of the textured vegetable protein market is inhibited by factors, such as processing complexity for the extraction of textured vegetable protein. In addition, the allergies associated with textured vegetable protein sources such as soy & wheat inhibits the growth of this market.
By application, the cereals & snacks segment is projected to grow at the highest CAGR during the forecast period.
Cereals & snacks represent a growing portion of the textured protein market. The growing demand for plant-based foods and vegan alternatives has led to manufacturers adopting the use of textured proteins in additional application areas such as cereals and snacks. The use of textured protein granules and flakes allows for their integration into cereals and snack products and improving their mainstream adoption among consumers.
By source, the textured vegetable protein obtained from soy is estimated to account for the largest share during the forecast period.
The textured vegetable protein from soy are dominating the market for textured vegetable protein. Textured soy protein is usually made from soy concentrates. To obtain textured soy protein, the defatted thermoplastic proteins are heated to 150-200 degrees Celsius. Also, the pressurized molten protein mixture exits the extruder, and hence, the sudden drop in pressure causes rapid expansion into a puffy solid that is then dried. Textured soy protein has a shelf life of more than a year when stored dry at room temperature. Also, it is a low-calorie and low-fat source of vegetable protein.
The Asia-Pacific region is projected to grow at the highest CAGR during the forecast period.
The textured vegetable protein market in the Asia Pacific region is largely driven by industrial shift and technological advancements that have made textured vegetable protein available for a wide range of applications. Developed markets such as North America and Western Europe are becoming mature, which has led to faster growth in developing markets such as Asia Pacific. Rise in consumer awareness toward the functional benefits of vegetable sourced proteins in the region has also aided the demand for meat alternative products as against conventional protein sources.
The changing lifestyles of consumers have inclined them toward a vegan diet. The rise in the consumption of meat alternatives has been driven due to the increase in awareness among affluent millennial consumers about the functional benefits and sustainability concerns has contributed to the growth of the textured vegetable protein market in this region.
- Growing Adoption of Meat Alternatives Among Consumers
- Increase in Health Cognizance Among Consumers
- Innovations & Developments Related to Vegetable Protein to Augment the Vegan Trend
- Growth in Investments & Collaborations in the Plant-Sourced Food Business
- Allergies Associated with Vegetable Protein Sources such as Soy and Wheat
- Processing Complexities to Restrain Market Growth
- Economical & Environment-Friendly Substitute to Animal-Sourced Food Products
- Developments in Extractions of Textured Vegetable Protein from New Sources
- Stringent Government Regulations & Concerns Over Safety due to the Inclusion of GM Ingredients
- Unpleasant Flavor of Soy
Leading players profiled in this report include the following:
- ADM (US)
- Cargill (US)
- CHS (US)
- Roquette Freres (France)
- DuPont (US)
- Wilmar International (Singapore)
- The Scoular Company (US)
- Puris Foods (US)
- VestKorn (Norway)
- MGP Ingredients (US)
- Beneo GmbH (Germany)
- Shandong Yuxin Bio-Tech (China)
- FoodChem International (China)
- Shandong Wonderful Industrial Group (China)
- Axiom Foods (US)
- AGT Food & Ingredients (Canada)
- Sun NutraFoods (India)
- Crown Soya Protein Group (China)
- La Troja (Spain)
- Hung Yang Foods (Taiwan)
For more information about this report visit https://www.researchandmarkets.com/r/1jy9bs