This article is written and sponsored by Transparency Market Research.
Protein, the building block of life, is an essential component of a balanced diet. While mostly obtained from animal meat, the environmental cost of animal husbandry has compelled many across the globe to rethink their sources of protein. This trend, along with the rising number of vegan and vegetarian individuals around the globe, is creating substantial demand for plant-based products, including texturized vegetable protein.
With that, the texturized vegetable protein market is projected to grow at a 6% CAGR, according to Transparency Market Research.
Texturized vegetable protein products are made from wheat, rice, lentil, chia, soy, peas, fava beans, flax, and corn. The products are available in various forms such as slices, granules, chunks, and flakes. While soy protein products lead the global texturized vegetable protein market in terms of demand, the increasing popularity for pea protein, lentil protein, and fava bean protein is anticipated to open new growth avenues.
Rising Demand for High-Protein, Vegetable-Based Snacks Fuels Growth
Texturized vegetable protein products are available in various forms, including snacks and functional bars, ready meals, baby food, and animal feed. With snacks and functional bars easy to eat and available in convenient packaging, they are the preferred products among the Millennial population.
Products in the texturized vegetable protein market are available via several distribution channels such as online retail, hypermarkets, supermarkets, traditional grocery stores, specialty food stores, and convenience stores. Geographically, the major regional markets participating in the landscape of the global texturized vegetable protein industry include Latin America, East Asia, Oceania, North America, Europe, Middle East and Africa, and South Asia.
Manufacturers Developing Innovative Products
Leading player in the global texturized vegetable protein market include Cargill, Inc., Vestkron A/S, Wilmar International Ltd., MGP Ingredients, Sotexpro S. A., Beneo GmbH, Archer Daniels Midland Company, CHS, Inc., Roquette Freres, Gushen Biotechnology Group Co., Ltd., Puris Proteins LLC, and Crown Soya Protein Group, among others. Manufacturers are ramping up product innovation and focusing on Millennials as a key growth driver. Innovations in soy protein products as well as increasing development and production of vegetable protein based snacks is likely to favor the expansion of the global texturized vegetable protein market in coming years.
Manufacturers are also undertaking growth strategies, such as strategic partnerships, investments, new product launches, and geographical expansion to strengthen their foothold. For example, Beyond Meat and Rouquette entered into a strategic partnership in January of 2020, aiming to increase the supply of pea protein to meet growing demand in Europe and North America. Additionally, new fava bean and pea protein products were launched by VestKorn in November of 2019 to meet the growing demand for sustainable meat substitutes.
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