Texturized Vegetable Protein Market: Global Industry Analysis 2013 – 2017 and Opportunity Assessment 2018 – 2028 is the new report published by Future Market Insights which offers insights on the global texturized vegetable protein market. Growing number of consumers preferring a “flexitarian” diet, a portmanteau of flexible vegetarianism, individuals whose protein intake is dependent on sustainable sources like plant-based foods and drastically reducing the consumption of meat in their diet, is expected to be a significant factor driving the use of texturized vegetable protein. Manufacturers are also striving to develop plant-based food products which offer meat familiar texture and taste attributes, with the help of advanced food technology. This demonstrates the intensity of the consumer demand for plant-based meat substitutes
Global Texturized Vegetable Protein Market: Key Takeaways
The key differentiation strategy is to offer products that are organic and non-GMO, in order to leverage opportunity arising from the rising demand for additive-free, chemical-free, and non-GMO food products
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In terms of product type, the demand for texturized pea protein is the highest, followed by texturized soy protein, attributed to its allergen-free portfolio and non-GMO status
E-commerce and online stores are easing barriers to entry since they offer significant benefits to small-scale manufacturers, who might face various challenges such as high marketing and distribution costs
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One of the major challenges for the texturized vegetable protein market is the price volatility of grains due to climatic changes. Irregularity in the climate and seasonal variations affect crops due to critical and uneven rainfall patterns, resulting in unpredictable yields.
Global Texturized Vegetable Protein Market: Forecast by Product Type
This segment includes soy, wheat, and pea. The average selling price for texturized pea protein is relatively high in global texturized vegetable protein than other segments. Soy segment is expected to remain dominant in the global texturized vegetable protein market throughout the forecast period with a revenue share of 85.9% by 2028. Soy segment is expected to rank relatively high on the attractiveness index in the global texturized vegetable protein market by 2028 end, however, texturized pea protein is expected to account for a relatively higher growth rate in the texturized vegetable protein market over the forecast period.
Global Texturized Vegetable Protein Market: Forecast by End Use
End-use segment consists of food processing industry segment which is further segmented into snacks and functional bars, ready meals, meat analogues, meat extender, others. Among food processing industry segment, texturized vegetable protein finds application as a meat extender, which was estimated to account for a revenue share of over 42% within the food processing industry segment in 2017. In 2017, the household segment was estimated to be valued at US$ 217.4 Mn which is expected to increase at a CAGR of 5.6% over the forecast period.
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Global Texturized Vegetable Protein Market: Forecast by Form
This segment includes chunks, slices, flakes, and granules. In terms of volume, granules segment is expected to remain dominant in the global texturized vegetable protein market. Granules segment in the global texturized vegetable protein market is expected to create absolute $ opportunity of US$ 213.5 Mn between 2018 and 2028.
Global Texturized Vegetable Protein Market: Forecast by Region
North America, Latin America, Eastern Europe, Western Europe, APEJ, Japan and MEA are the seven regions that are included in this report. North America is the dominant market in the global texturized vegetable protein market in terms of value. The North America texturized vegetable protein market was estimated to be valued at US$ 303.3 Mn in 2017 and is expected to expand at a value CAGR of 4.6% over the forecast period. The Asia Pacific excluding Japan market is expected to expand at a robust rate of 6.3% in terms of revenue over the forecast period due to the steadily increasing production capacity for soy food products in this region.
Global Texturized Vegetable Protein Market: Key Players
ROQUETTE FRERES S.A., CHS, Inc., Archer Daniels Midland Company, Cargill, Inc., E.I. du Pont de Nemours & Co., MGP Ingredients, Inc., Sonic Biochem Extractions Limited, Sotexpro, BENEO GmbH, Victoria Group, Shandong Yuxin Soybean Protein Co. Ltd., Crown Soya Protein Group are the key vendors included in this report.