Textured Vegetable Protein Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product Type (Textured Pea Protein, Textured Wheat Protein, Textured Soy Protein, and Others), By Application (Cereals & Snacks, Meat Alternatives), Region

Textured Vegetable Protein Market size was valued at US$ 2,672.1 million in 2023 and is expected to grow at a CAGR of 7.4% from 2024 to 2030. Textured Vegetable Protein (TVP) is a defatted soy flour product used as a meat analogue in vegetarian and vegan foods. It's high in protein, low in fat, and offers a meat-like texture, making it popular in various food applications. The rising adoption of plant-based diets, increasing health consciousness, and growing environmental concerns related to meat production are driving market growth. In 2022, the plant-based meat market, a key application area for TVP, reached $8 billion globally, indicating strong demand.

Technological advancements in food processing, such as improved extrusion techniques, are enhancing TVP's texture and palatability, further boosting its market appeal. The COVID-19 pandemic has also accelerated interest in plant-based proteins due to concerns about the safety and sustainability of animal-based foods. However, challenges such as off-flavors in some products and texture limitations compared to real meat may hinder market growth. Additionally, soy allergies and consumer preferences for whole foods in some regions pose challenges. The Asia Pacific region held the major market share in 2023 and is expected to dominate the global Textured Vegetable Protein Market in the forecasted years, driven by large populations, increasing health awareness, and growing disposable incomes.

Textured Vegetable Protein Market Key Developments:

In 2022, Cargill introduced a new line of textured pea and canola proteins, expanding beyond soy-based TVP to cater to diverse consumer preferences and allergen concerns.