Published Date: 23-Sep-2022
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According to a new report, published by KBV research, The Global Textured Vegetable Protein Market size is expected to reach $2 billion by 2028, rising at a market growth of 6.5% CAGR during the forecast period.
The Cereals & Snacks segment is showcasing a CAGR of 6.7% during (2022 - 2028). An expanding component of the textured protein industry is made up of cereals and snacks. Manufacturers are using textured proteins in new product categories like cereals & snacks as a result of the rising demand for vegan and plant-based food alternatives.
The Slices segment acquired maximum revenue share in the Global Textured Vegetable Protein Market by Type in 2021 thereby, achieving a market value of $734.7 million by 2028. Textured vegetable protein such as Chicken-Like Slices are made from soybeans and contains all of the essential amino acids and vitamins. It has very low amount of calories, and are gluten free.
The Wheat segment has shown the growth rate of 6.7% during (2022 - 2028). Wheat protein is further divided into textured wheat protein, wheat protein isolates, and wheat protein concentrates. It is suitable for a variety of applications, including meat substitutes, ready-to-eat meals, fillings, emulsified meat, and various protein snacks and bars, due to its neutral flavor profile and stable, hydrated texture.
The Dry segment is generating highest revenue share the Global Textured Vegetable Protein Market by Form in 2021 thereby, achieving a market value of $1.2 billion by 2028. These textured vegetable proteins are available in large amount in most of the food markets, health food stores and supermarket. Due to this high availability people are well aware of the dry textured vegetable protein and thus, the growth of the segment would surge in the upcoming years.
The Organic segment has shown the growth rate of 7.1% during (2022 - 2028). One of the primary factors driving the market for organic textured vegetable protein is consumers' increasing awareness of the affordable organic protein options available. For the purpose of extracting the protein fraction from organic soy, pea, and wheat, various technologies, including solubilization/precipitation, cell disruption, and enrichment systems, are employed.
The North America market dominated the Global Textured Vegetable Protein Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $668.4 million by 2028. The Europe market is exhibiting a CAGR of 6.1% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 7% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Cargill Corporation, Archer Daniels Midland Company, Kansas Protein Foods, Ingredion, Incorporated, Koninklijke DSM N.V., Roquette Frères SA, The Scoular Company, Foodchem International Corporation, BENEO GmbH (Südzucker AG), and Axiom Foods, Inc.
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