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As per FMI the global texturized vegetable protein market is poised to expand at a steady CAGR of 4.9% over the projected period, 2018-2028. The growing inclination for meat substitutes directly influences uptake of texturized vegetable proteins, thus supports the market growth. Since these food items offer higher amount of nutrition, inclination for meat alternatives in diet plans is growing, which is a favorable avenue for increased sales.
"Local and regional players in the global market will collaborate with local farmers to guarantee high-quality grains supply. This trend will encourage sales of snack drinks and cereal bars, due to unique multi-sensory attributes of premium-quality grains Additionally, players are focusing on enhancing the proteins blend involving rice and pea to deliver the ideal amount of amino acids, which offers good taste in plant-based products." states the FMI analyst.
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Texturized Vegetable Protein Market - Important Highlights
Soy segment will remain key beneficiary, by accounting for more than 85.9% revenue share by 2028 end.
The household category will be lucrative in contrast to food processing industry throughout the forecast period.
The granules segment will lead amid other forms in the global market.
North America will be the frontrunner among other regions, however Asia Pacific will growth at a rapid pace during 2018-2028.
Texturized Vegetable Protein Market - Drivers
Increasing adaption of meat substitutes amid the consumers is driving the market.
Surge in demand among millennials for high-protein snacks is fuelling the market expansion.
Eco-friendly & economical alternatives to animal-sourced food products is accelerating the uptake of texturized vegetable protein.
The market is foreseeing high demand as a thickener and flavor enhancer in ready-to-eat food, sauces, snacks, soups, and others.
Texturized Vegetable Protein Market - Restraints
Allergies associated with sources of the vegetables such as wheat and soy may pose a threat to the market growth.
Strict government regulations and concerns over the safety owing to inclusion of genetically modified ingredients is likely to restrain the market expansion.
COVID-19 Impact on the Market
The COVID-19 had a positive impact on the texturized vegetable protein market as a result of growing awareness in relation to the healthy lifestyles. The market has foreseen a huge shift in consumers buying pattern with the onset of the pandemic, consumers are seeking for best substitutes for meat products such as texturized vegetable protein. This in turn is bolstering the growth of the market.
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Competitive Landscape
The global market is characterized by increasing number of regional players in addition to presence of global players. Swelling collaborations with regional players to attain footing in the regional market have been observed.
Key market players identified in the global market are CHS, Inc., Archer Daniels Midland Company, ROQUETTE FRERES S.A., E.I. du Pont de Nemours & Co., MGP Ingredients, Inc., Cargill, Inc., Sotexpro, BENEO GmbH, Sonic Biochem Extractions Limited, Victoria Group, Shandong Yuxin Soybean Protein Co. Ltd., and Crown Soya Protein Group.
About the Study
The study offers readers a comprehensive assessment of the texturized vegetable protein market. Global, regional and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights on the basis of product type (soy, wheat, and pea), end use (food processing industry {snacks and functional bars, ready meals, meat analogues, meat extender, and others}and household ), form (chunks, slices, flakes, and granules), across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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Contact Info:
Name: Abhishek Budholiya
Email: Send Email
Organization: Future Market Insights
Website: https://www.futuremarketinsights.com/reports/texturized-vegetable-protein-market
Release ID: 89005963
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