TEXTURED VEGETABLE PROTEIN MARKET ANALYSIS

Textured Vegetable Protein Market Size and Trends

The textured vegetable protein market is estimated to be valued at USD 3.58 Bn in 2024 and is expected to reach USD 5.94 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.5% from 2024 to 2031.

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The demand for plant-based and innovative meat alternatives is increasing globally due to rising health awareness and sustainability concerns. Consumers are shifting towards vegan and flexitarian diets which is driving the sales of textured vegetable protein. Major players are investing in new product launches with improved taste, texture, and nutritional profile to appeal mainstream consumers. The growing food processing and fast food industry is also augmenting the utilization of textured vegetable protein across various food applications. However, pricing pressures due to rising input costs can hamper the market growth over the short term.

Rising health and wellness trend among consumers

One of the major drivers for the growth of the textured vegetable protein market is the rising health and wellness trend among consumers globally. There is a growing awareness about the importance of protein in the diet and its various health benefits. However, at the same time, there is also a rising preference for plant-based or vegan protein sources due to various factors like ethical concerns about animal agriculture, environmental sustainability goals, and desire to reduce meat consumption. Textured vegetable proteins are emerging as a versatile alternative to meat as they are high in protein but are free from cholesterol, lactose, or other animal-based compounds.

Soy, wheat and pea are some of the most commonly used vegetable sources for producing textured vegetable protein. The final product takes the form of chunks, strips, flour, or granules that can be easily incorporated into various food dishes as a meat substitute. Due to their neutral taste and texture, they can mimic chicken, beef or pork in meals. This makes textured vegetable protein a very appealing option for both vegetarians as well as non-vegetarians who want to incorporate more plant-based proteins in their diet. The market has responded to this demand by introducing innovative new types of textured vegetable proteins made from plant-based sources that are high in protein but low in unhealthy additives or processes.

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Rising vegan & flexitarian population

The rising health consciousness among people around the world coupled with growing awareness about the environmental impact of meat consumption is driving more individuals to adopt vegan and flexitarian diets.

This paradigm shift towards plant-based eating has significant implications for the textured vegetable protein market. Textured vegetable proteins such as soy, wheat, and pea proteins are increasingly becoming popular alternatives to meat as they can mimic meat fibers and textures when processed. Food manufacturers are proactively developing vegan meat analogues and other meat substitutes using textured vegetable proteins to cater to the dynamic preferences of modern consumers. For instance, according to the UN's  Food and Agricultural Organization (2020), over 50% of EU consumers try to limit their meat intake and one in six EU citizens self-identify as flexitarian.