DUBLIN, May 28, 2021 / PRNewswire / – The “Textured Vegetable Protein Market by Source, Type, Application and Geography – Global Forecast to 2026” the report was added to ResearchAndMarkets.com from offer.
The textured vegetable protein market is expected to grow at a rate of 6.1% CAGR by 2026.
Changing consumer preferences are paving the way for innovations in the textured vegetable protein market. Right now, manufacturers are choosing thoughtful risks by introducing products that strike the right balance between indulgence and health. This new trend has been instrumental in making repeat purchases of herbal products.
Manufacturers of Textured Vegetable Protein Market focus on protein claims for packaging and other marketing strategies. Companies that want to improve the consumer experience are expanding their R&D activities to find the right blend of proteins with natural flavors and textures to drive product adoption.
Besides meat substitutes and snacks, manufacturers are creating additional opportunities through nutritional supplements, baked goods and beverages. Growing demand for ready-to-eat food products due to hectic lifestyles and busy schedules is expected to drive the market growth.
In the source-based market, the soybean segment holds a significant share of the textured vegetable protein market. This is because it is a low-fat, plant-based source of protein, and it is often considered a substitute for meat due to its low cost compared to protein from animal sources. Since textured soy is a perfect meat substitute, it is gaining more and more demand among vegan consumers. Thus, these characteristics of soybeans are primarily responsible for increasing the demand for soybeans as an essential source of textured vegetable protein.
In terms of the type of textured vegetable protein, the slice type has more demand. This is because the slices are obtained by processing different types of beans rich in protein. These slices contain essential amino acids, minerals and vitamins which have a significant impact on the metabolism. Textured vegetable protein slices are typically used as meat substitutes like burger patties.
The application of textured vegetable protein is mainly used as meat substitutes where meat substitutes have the highest share in the market growth. This is attributed to the growing public awareness of the benefits of protein, increasing the rate of the vegan population where they prefer vegetarian food only. In addition, the protein source from soy helps chronic diseases and contributes to better body function compared to meat.
North America has a considerable share in the textured vegetable protein market, as observed in the regional market. The growing population of vegans is driving the growth of the market in the region. In addition, the growing preference for plant-based foods in hospitals, as healthcare facilities offer vegan meals rather than processed meat foods, is increasing the demand for textured vegetable protein in this region.
Globally, consumers have reduced their consumption of meat in their diets, due to growing health concerns. This has resulted in a growing preference for proteins of plant origin, which are a perfect alternative to meat products. This factor is expected to significantly fuel the demand for textured vegetable protein which will ultimately drive the growth of the global textured soy protein market over the coming years.
Hence, due to the health benefits of textured vegetable protein and the growing awareness of vegetable protein over meat protein, the market for textured vegetable protein is gaining momentum. In addition, the importance of protein in the daily diet is the main driver of product demand.
The report also provides market players with information on their production strategies, product portfolio, and new product developments.
Scope of the report
Textured Plant Protein Market By Source
Textured Vegetable Protein Market By Type
Textured Vegetable Protein Market By Application
- Alternatives to meat
- Cereals and snacks
- Other applications
Textured Vegetable Protein Market By Geography
- North America
- Asia Pacific
- Rest of the world
- Comparative analysis of competitors
- Market Developments
- Mergers and acquisitions, legal, rewards, partnerships
- Product launch and execution
- Shandong Wonderful Industrial Group
- FoodChem International
- Shandong Yuxin Bio-Tech
- Crown soy protein group
- AGT Food & Ingredients
- Beneo GmbH
- Roquette Frères
Companies to watch
- Wilmar International
- Axiom Foods
- The Scoular company
- Purified Foods
- MGP ingredients
- Sun NutraFood
- The Troja
- Hung Yang Foods
For more information on this report, visit https://www.researchandmarkets.com/r/9htnip
Research and markets
Laura Wood, Main director
For EST office hours, call + 1-917-300-0470
For USA / CAN toll free + 1-800-526-8630
For GMT office hours, call + 353-1-416-8900
Fax in the United States: 646-607-1904
Fax (outside the United States): + 353-1-481-1716
SOURCE Research and markets