Global textured vegetable protein market is anticipated to witness an exponential growth in the forecast period. Texturized vegetable protein (TVP), also termed as “Textured soy protein (TSP)”, “Soya chunks” or “Soy Meat”, or is a defatted soy flour product, a by-product of soybean oil. The factors that propel the growth of the market include rising number of consumers, increasing changing consumer demand, technological innovations, and increased government funding, low-cost source of protein, preferred alternative for meat & dairy products, growing health-conscious population and high nutritional value of vegetable protein.
On the other hand, there are factors that may hamper the growth of the market including cost instability of grains due to climatic variations. Textured vegetable protein market is anticipated to expand at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe.
Market could be explored by type, form, application, end user, distribution channel and geography. Market by type could span Protein Isolate, Protein Concentrate, Soy Flour and Textured Protein. Market based on form constitutes slices, chunks, flakes, and granules. The “Granules” segment led the textured vegetable protein market in 2017 and is anticipated to maintain its dominance by 2028.
Market could be explored based on application as Food (Meat Substitutes, Infant Nutrition, Dairy alternatives, Cereal & Snacks, and Bakery Products,), and Feed. The “Food” segment led the textured vegetable protein market in 2017 and is anticipated to maintain its dominance by 2028. The key factors that may be attributed to the growth of market includes increased the application of textured vegetable protein in the food industry and increasing demand from end user industry.
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Based on end user, market could span Commercial, Household, Industrial, Animal Feed, Food Industry, and Pet Food. The “Food Industry” segment led the market in 2017 and is anticipated to maintain its dominance by 2028. Food Industry is followed by Household industrial segment. Market could be explored based on distribution channel as offline and online.
Asia-Pacific accounted for the major share of the market in 2016 and will continue to lead in the forecast period. The key factors that may attributed to the growth of market includes increasing preference for texturized vegetable proteins in the region, growing number of regional players and occurrence of international players and technological advancement. Asia-Pacific is followed by European region.
Some of the key players that fuel the growth of the textured vegetable protein market comprise CHS, Inc., ROQUETTE FRERES S.A., Archer Daniels Midland Company, E.I. du Pont de Nemours & Co., Cargill, Inc., MGP Ingredients, Inc., Sotexpro, Crown Soya Protein Group, Sonic Biochem Extractions Limited, BENEO GmbH, Shandong Yuxin Soybean Protein Co. Ltd., Victoria Group, among others. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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