The textured vegetable protein market size is projected to reach US$ 2.93 billion by 2031 from US$ 1.93 billion in 2024. The market is expected to register a CAGR of 6.1% during 2024–2031. The rise in veganism is likely to bring new trends in the market during the forecast period.
The rising demand for plant-based meat products and the growth of the animal nutrition industry are the key factors driving the market. Several dieticians and health practitioners recommend reducing meat consumption and switching to a vegetarian diet to reduce the risks of chronic health issues, such as obesity, heart disease, hypertension, and digestive disorders. According to the Plant-Based Food Association (PBFA), consumer demand rose last year: 19% of households purchased plant-based meat in 2021—up from 18% in 2020—and an impressive 64% of those buyers purchased it multiple times throughout the year. A report published by Veganuary (a nonprofit organization that encourages individuals worldwide to turn vegan for the whole month of January) states that ~5.8 million people signed up for the Veganuary Campaign in 2021. Thus, the rise in veganism across the globe is expected to create new trends in the textured vegetable protein market in the coming years.
Awareness of the harmful effects of frequent meat consumption has increased among the population of North America due to significant public awareness initiatives and publicity campaigns. Consumer preferences record a shift toward healthy and nutritious food options, which has surged the demand for vegan, gluten-free, high-fiber, high-protein, or low-calorie food. Due to the high prevalence of cardiovascular diseases and obesity in the country, consumers are inclined toward a plant-based healthy diet, including high-protein diets and low-fat plant-based proteins such as textured vegetable proteins. This protein is also rich in fiber, which reduces cholesterol levels and blood pressure.
Regular meat consumption is revealed to increase the risk of diabetes. According to ProVeg International, a nongovernment organization, a study by Oxford University of over 474,000 people found that daily consumption of 70 grams of unprocessed red meat (such as beef or pork) and processed meat (such as bacon, sausages, or ham) increased the risk of developing type 2 diabetes by 30%. Moreover, the consumption of plant-based food can reduce the risk of insulin resistance, prediabetes, and type 2 diabetes. This highlights the benefits of adopting sustainable food habits. Thus, the rising demand for plant-based meat products fuels the textured vegetable protein market growth.
Government bodies across various countries are promoting the consumption of plant-based meat owing to the rising environmental concerns and health benefits offered by these products. Additionally, governments of various countries are actively investing in research and development and new product launches of plant-based meat products. Several countries have announced investments in meat substitute ingredients such as plant protein and textured vegetable protein. Thus, government initiatives to promote the consumption of alternative products for meat are expected to create lucrative opportunities for the market growth during the forecast period.
The key segment that contributed to the derivation of the textured vegetable protein market analysis is source, product type, category, and application.
The geographic scope of the textured vegetable protein market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Europe dominated the textured vegetable protein market. Europe is experiencing a growing emphasis on health and wellness, leading to an increased awareness about the importance of consuming a balanced diet. Texturized vegetable protein is used to make meat alternatives or meat substitutes. As per the Good Food Institute, Germany is the largest consumer of plant-based products, followed by the UK, Italy, Spain, and France. According to the Federal Agency for Agriculture and Food (BLE), the consumption of animal-based foods in Germany continues to decline, and meat consumption has fallen by ~8% to 52kg per person in 2022.
The regional trends and factors influencing the Textured Vegetable Protein Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Textured Vegetable Protein Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2024 | US$ 1.93 Billion |
| Market Size by 2031 | US$ 2.93 Billion |
| Global CAGR (2024 - 2031) | 6.1% |
| Historical Data | 2021-2023 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Source
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Textured Vegetable Protein Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Textured Vegetable Protein Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The textured vegetable protein market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the market are listed below:
The "Textured Vegetable Protein Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The market is expected to register a CAGR of 6.1% during 2024–2031.
The market value is estimated to be US$ 2.93 billion by 2031.
Rising demand for plant-based meat products and growth of animal nutrition industry are among the factors accelerating the textured vegetable protein market growth.
Archer-Daniels-Midland Co, Cargill Inc, Ingredion Inc, Roquette Freres SA, and International Flavors & Fragrances Inc are among the leading players operating in the textured vegetable protein market.
The rise in veganism is likely to set new market trends in the coming years.
Europe dominated the textured vegetable protein market in 2024.