Global Textured Vegetable Protein Market was valued at $987.9 million in 2019, and is projected to reach $2,139.6 million by 2027, registering a CAGR of 9.2% from 2021 to 2027. Textured vegetable protein is plant-based protein that acts as a replacement for animal-based protein such as egg, meat, and others. The demand for textured vegetable protein is expected to experience growth due to increase in demand from the health-conscious consumers looking for protein rich food.

Furthermore, the demand for textured vegetable protein is anticipated to increase due to surge in need for nutritional food in the market. Consumers are shifting their focus toward healthy diets and are increasing their intake of protein owing to increase in awareness about the benefits offered by nutritional and health products. This in turn significantly contributes toward the growth of the textured vegetable protein market.

By product type, the others segment is expected to grow at the highest CAGR during the textured vegetable protein market forecast period owing to the increase in consumer awareness regarding animal cruelty and the negative impact of meat products on human health.

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By region, Asia-Pacific is anticipated to grow at the highest CAGR during the textured vegetable protein market forecast period. Asian consumers have been seeking beyond food and drink to functional foods to boost their wellbeing with the rise in health and wellness trend in the region.

Key findings of the study

By product type, the textured soy protein segment accounted for the highest textured vegetable protein market share in 2019, growing at a CAGR of 9.0% from 2021 to 2027.
By form, the chunks segment occupied maximum share in the market in 2019 and is expected to dominate the market during the forecast period.
By end user, the business to consumer segment occupied maximum share in the market in 2019 and is expected to dominate the market during the forecast period.
By region, North America accounted for highest share in 2019 and is expected to grow at a CAGR of 7.9% during the forecast period.
Some of the prominent players operating in the global textured vegetable protein industry analyzed in this report include Archer Daniels Midland Company, Cargill, Incorporated Inc., Du Pont de Nemours and Company, Foodchem International Corporation, Hung Yang Foods Co., Ltd., Sonic Biochem Extraction Pvt Ltd, Südzucker Group(Beneo), Victoria Group A.D. ,and Wilmar International Limited.

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