Dublin, May 26, 2021 (GLOBE NEWSWIRE) -- The "Textured Vegetable Protein Market by Source, Type, Application, and Geography - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The Textured Vegetable Protein Market is anticipated to grow at the rate of 6.1% CAGR by 2026.
Changing consumer preferences are parting possibilities for innovations in the texturized vegetable protein market. Presently, manufacturers choose for considered risks by introducing products that strike the right balance between indulgence and health. This new trend has been instrumental in attaining repeat purchases for plant-based products.
Manufacturers in the texturized vegetable protein market are concentrating on protein claims for packaging and other marketing strategies. Companies to improve the consumer experience are growing R&D activities to find the right mix of protein with natural flavors and textures to boost product uptake.
Apart from meat substitutes and snacks, manufacturers make incremental opportunities through nutritional supplements, bakery products, and beverages. Rapidly increasing demand for Ready-to-Eat food products owing to a hectic lifestyle and busy schedules is projected to drive the market growth.
In the market based on source, the soy segment has a significant share in the textured vegetable protein market. This is because it is a low-fat protein vegetable source, and it is often taken as a substitute for meat owing to the low cost compared to animal-based protein. Since textured soy is a perfect meat substitute, it is gaining more demand among vegan consumers. Thus, these soy features are majorly responsible for increasing soy demand as an essential source for textured vegetable protein.
In terms of the type of textured vegetable protein, the slice type has more demand. This is because the slices are derived by processing different kinds of beans high in protein. These slices contain essential amino acids, minerals, and vitamins that significantly impact metabolism. The textured vegetable protein slices are generally used as meat alternatives as burger patties.
The textured vegetable protein application is primarily used as the meat alternatives where meat alternatives have the highest share in the market growth. This is attributed to the increasing awareness among the public about protein benefits, increasing the vegan population's rate where they prefer only vegetarian food. Additionally, the soy source protein helps chronic diseases and helps in better body function compared to meat.
North America has a considerable share in the textured vegetable protein market, as observed in the regional market. The increasing population of vegans is driving the market growth in the region. Also, the growing preference for plant-based food in hospitals since the healthcare facilities are offering vegan meals over the processed meat food boosts the demand for textured vegetable protein in this region.
Globally, consumers have reduced the intake of meat in their diet, ascribed to rising health concerns. This has resulted in increasing preference for plant-based proteins, which serve as a perfect alternative to meat products. This factor is anticipated to significantly fuel the demand for textured vegetable protein, which will eventually drive the global textured soy protein market's growth in the prevailing years.
Hence, owing to the health benefits of textured vegetable protein and increasing awareness about plant-based protein compared to meat protein, the textured vegetable protein market is gaining momentum. Besides that, the importance of protein in the daily diet is the primary factor driving the product demand.
The report also gives market players information about their productive strategies, products portfolio, and new developments in the products.
Textured Vegetable Protein Market by Source
Textured Vegetable Protein Market by Type
Textured Vegetable Protein Market by Application
Cereals & snacks
Textured Vegetable Protein Market by Geography
Rest of the World
Competitor Comparison Analysis
Mergers and Acquisitions, Legal, Awards, Partnerships
Product Launches and execution
Shandong Wonderful Industrial Group
Shandong Yuxin Bio-Tech
Crown Soya Protein Group
AGT Food & Ingredients
Companies to Watch
The Scoular Company
Hung Yang Foods
For more information about this report visit https://www.researchandmarkets.com/r/s1ruyk
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