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2024-2033 Textured Vegetable Protein Market: What Growth Rate is Predicted?

The market for textured vegetable protein has been expanding vigorously in the past few years. It is projected to grow from $1.78 billion in 2023 to $1.91 billion in 2024, with a compound annual growth rate (CAGR) of 7.1%. The historic growth pace is linked to factors such as the globalization of dietary trends, retail and foodservice adoption, changes in consumer tastes, food security, and cost-effectiveness.

The market size of textured vegetable protein is predicted to experience a significant surge in the forthcoming years. It is projected to ascend to $10.65 billion in 2028 with a compound annual growth rate (CAGR) of 53.8%. Factors contributing to this growth during the prediction period include a variety of product offerings, focus on nutritional values, absence of allergens and gluten, adaptability in cooking, and broader market reach. The major trends during the prediction period are expected to be product innovations, health and wellness movements, concerns over sustainability, advancements in food processing technology, and the clean label movement.

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What Aspects Are Driving the Expansion of the textured vegetable protein Market?

The escalating request for plant-derived ingredients is believed to drive the growth of the textured vegetable protein market in the future. Ingredients sourced from plants are obtained from diverse plant parts which include fruits, vegetables, rice, wheat, maize, pulses, and other food crops. There’s a heightened demand for these ingredients due to raising health awareness among consumers and growing concerns about animal welfare. Textured vegetable proteins, used as meat substitutes, are also plant-derived. In 2021, the Plant Based Foods Association, a non-profit organization from the US, reported that the market value of plant-based foods in the U.S. hit a record $7.4 billion, marking a 6.2% rise compared to 2020. Thus, the surge in the demand for plant-derived ingredients is fueling the growth of the textured vegetable protein market.

What Key Segments Define the Textured Vegetable Protein Market?

The textured vegetable protein market covered in this report is segmented –

1) By Product Type: Textured Soy Protein, Textured Wheat Protein, Textured Pea Protein, Other Product Types

2) By Nature: Organic, Conventional

3) By Application: Food Products, Animal Nutrition/Pet Food

What Trends Are Influencing the Evolution of the Textured Vegetable Protein Market?

The main trend in the market for textured vegetable protein revolves around innovative product development. To provide alternatives to textured vegetable protein, leading businesses in the plant-based ingredients sector are prioritizing new product creation. As an example, KMC, an ingredients firm based out of Denmark, introduced the first-ever textured potato protein powder as a substitute for meat in February 2022. This powder is then processed into a textured substance that mimics the structure of meat, possesses significant nutritional benefits, and can create a fried crust.

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Which Geographic Areas Are Influencing the Growth of the Textured Vegetable Protein Market?

North America was the largest region in the textured vegetable protein market in 2023. The regions covered in the textured vegetable protein market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Textured Vegetable Protein Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the textured vegetable protein market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Textured Vegetable Protein Market Include

1. Textured Vegetable Protein Market Executive Summary

2. Textured Vegetable Protein Market Segments

3. Textured Vegetable Protein Market Size And Template Market Growth Rate

4. Key Textured Vegetable Protein Market Trends

5. Major Textured Vegetable Protein Market Drivers

……

25. Key Mergers And Acquisitions In The Textured Vegetable Protein Market

26. Top Textured Vegetable Protein Companies

27. Textured Vegetable Protein Market Opportunities And Strategies

28. Textured Vegetable Protein Market, Conclusions And Recommendations

29. Appendix

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