The global textured vegetable protein market size is estimated to be valued at USD 1.1 billion in 2020 and is projected to reach USD 1.5 billion by 2025, recording a CAGR of 6.2% during the forecast period. The demand for textured vegetable protein has been increasing significantly, as they are used across various food and beverage applications such as meat alternatives and have been high in demand among the vegan and vegetarian consumers.
Key players in this market include ADM (US), Cargill (US), CHS (US), Roquette Freres (France), DuPont (US), Wilmar International (Singapore), The Scoular Company (US), Puris Foods (US), VestKorn (Norway), MGP Ingredients (US), Beneo GmbH (Germany), Shandong Yuxin Bio-Tech (China), FoodChem International (China), Shandong Wonderful Industrial Group (China), Axiom Foods (US), AGT Food & Ingredients (Canada), Sun NutraFoods (India), Crown Soya Protein Group (China), La Troja (Spain), and Hung Yang Foods (Taiwan).
Archer Daniels Midland Company (ADM) is a global food & beverage ingredient manufacturing company. It specializes in catering to major segments, such as agriculture services and oilseeds, carbohydrate solutions, nutrition, and others. The company serves the food & beverages demand through its nutrition segment, offering plant-based proteins, natural flavor ingredients, flavor systems, natural colors, emulsifiers, soluble fiber, polyols, hydrocolloids, natural health & nutrition ingredients (such as probiotics, prebiotics, enzymes, and botanical extracts), and other specialty food and feed ingredients.
Roquette Freres (france) is into the business of offering plant-based ingredients and plant-based protein. It operates through seven major segments, namely biopharma, pharma & nutraceuticals, cosmetics, food & nutrition, animal nutrition, industrial markets, and nutralys plant protein. Through its nutralys plant protein segment, it caters to the rising demand for textured vegetable protein and other plant-based proteins, emphasizing on non-GMO, gluten-free, clean-labeled ingredients obtained from reliable sources that are organic-compatible.
Opportunities: Economical & Environment-friendly substitute to animal-sourced food products
Considering the growing health awareness among consumers, various food products such as meat patties and sausages are being replaced by plant-based/plant-infused meat products, which is expected to have a positive impact on the demand for plant-based protein. According to The Food Science and Health Database Organization, in 2018, “22 million UK citizens now identify as being a ‘flexitarian,’ viewed not as a fad diet, but a permanent lifestyle choice, notably most popular among highly influential millennials.” Thus, the increasing vegan and flexitarian population is projected to drive the textured vegetable protein market during the forecast period.
Beyond Meat (US) has been working to bring down the price of its meat substitute products, currently made primarily with wheat and pea proteins, by shifting toward including less expensive ingredients such as lupin and sunflower seeds. On the manufacturing side, vegan brand Rebellyous Foods (US) aims to reduce the price of all plant-based meat products with its high-capacity production methods, which it uses to make its meat alternatives and plans to offer their license to other manufacturers by help them produce economical animal-free food products.
