According to MarketsandMarkets, the Textured Vegetable Protein Market is estimated to be valued at USD 1.1 billion in 2020 and is projected to reach USD 1.5 billion by 2025, recording a CAGR of 6.2%, in terms of value. The growing demand for meat alternatives, as well as the increase in health awareness among consumers, are propelling the demand for textured vegetable protein. With the advancement of new technologies and innovative experiments in the food and beverage sector, the usage of textured vegetable protein has been dominant in the North American market, due to rise in vegan and flexitarian population, whereas the Asia Pacific region is growing fastest owing to new technologies and increase in the export of food and beverages.
The textured vegetable protein market in this region is estimated to witness robust growth propelled by the economic developments of countries such as China, India, Japan, and Australia. The shift of industrialization and investments in Asia Pacific regions has grown substantially over the past decade, especially in China, which contributes to rapid economic growth. Therefore, several key market players in the region such as Wilmar International (Singapore), Fuji Oil Co. (Japan), Sun NutraFoods (India), Shandong Yuxin Soybean Protein (China), and Crown Soya Protein Group (China) have been emphasizing on developments to provide a large product portfolio in textured vegetable protein. The region also hosts a strong agricultural production base, which is a key factor in the production of vegetable-sourced protein.
Key players are ADM (US), Cargill (US), CHS (US), Roquette Freres (France), DuPont (US), Wilmar International (Singapore), The Scoular Company (US), Puris Foods (US), VestKorn (Norway), MGP Ingredients (US), Beneo GmbH (Germany), Shandong Yuxin Bio-Tech (China), FoodChem International (China), Shandong Wonderful Industrial Group (China), Axiom Foods (US), AGT Food & Ingredients (Canada), Sun NutraFoods (India), Crown Soya Protein Group (China), La Troja (Spain), and Hung Yang Foods (Taiwan).
