The global structured plant protein market is expected to register a CAGR of 10.25%. Main highlights. Largest Segment by Region – Europe: The demand for meat substitutes has soared as the market share of vegan foods has increased, and the vegan or flexi population in the region has increased significantly in recent years.
New York, January 23, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Textured Vegetable Protein Market – SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028” – https://www .reportlinker. com/p06381342/?utm_source=GNW
Largest Segment by Distribution Channel – On-Trade: The channel accounts for more than two-thirds of the value of DVT consumption, with more restaurants and hotels turning to DVT-based animal substitutes to cater for vegan diets. Fastest growing segment by region – Asia-Pacific: Many international food companies together with regional players are developing innovative meat substitutes derived from legumes, wheat, potatoes and other plant-based ingredients. Fastest growing segment by distribution channel – On-Trade: The growth of the online food delivery industry, where various smartphone applications are constantly expanding their target market, will contribute to the development of the segment.
Textured Vegetable Protein Market Trends
On-Trade is the largest segment by distribution channel.
The on-trade channel is the largest distribution segment for global textured plant protein sales. Nearly 65% of the total value of TVP consumption is satisfied through this channel and it is expected to grow more important and register a CAGR of 10.8% during the forecast period. In 2021, there were an estimated 79 million vegans worldwide. While the veganism trend is growing, it still covers only 1% of the world’s population. The number of vegans is estimated to reach a much higher level. This trend will support the DVT market as more restaurants and hotels look forward to offering DVT-based meat substitutes to cater for vegan diets. The off-trade channel recorded growth of 28.35% in the three-year period 2016-2021, mainly attributable to the development of the supermarket/hypermarket channel. The fastest growing channel for textured plant protein sales worldwide is the online channel, which is expected to register a CAGR of 15.83% during the forecast period. Online retailers are more popular with consumers because they offer a wide variety of DVT products in raw, frozen and processed forms.
The growth of the ready-to-cook (RTC) and ready-to-eat (RTE) categories is a major driving force for the online TVP retail channel, as companies rely on textured protein ingredients to provide textured similar to meat. Only 9.10% of the total TVP sold was through the online channel in 2021. This situation is expected to change as the online channel is projected to garner nearly 13.79% of the total market share by 2028. The channel online is a much easier commercial channel for businesses as it is less capital intensive and the process of launching a product is much easier than in the offline retail segment.
Europe is the largest segment by region.
Europe is the largest TVP market in the world and accounted for approximately 33.4% of the market value in 2021. With the growing market penetration for vegan food and the growing number of vegans and flexitarians among the European population, the meat market alternatives have exploded in the region. In 2020, around 27% of the German population was flexible. German flexitarians prefer to consume TVP in the form of patties/burgers, sausages, and ground beef because these products replicate the taste and texture of animal meat. The flexitarian population is limiting meat consumption due to animal welfare concerns. The Middle East is expected to be the fastest growing region in terms of textured plant protein consumption. It is expected to register a CAGR of 12.01% in terms of value during the forecast period. As a huge part of the world’s population travels to Arab countries for tourism purposes, there is an increased demand for meat alternatives in countries like Saudi Arabia and the UAE. There has been a growing perception of healthy vegetarian food options among people in the Middle East region.
North America holds the second-highest share of the global textured plant protein market. The United States is one of the key markets for textured plant proteins. The increased demand for meat alternatives is driven by an ever-growing number of Americans adopting veganism or turning to flexible diets. To meet soybean demand in the country, about 4.4 billion bushels of soybeans were produced in the United States in 2021, an increase of about 200 million bushels from the previous year.
Competitive analysis of the textured vegetable protein market
The global textured plant protein market is fragmented, with the top five companies occupying 6.86%. The major players in this market are Bob’s Red Mill Natural Foods, Ingredion Incorporated, Roquette Freres, Univar Solutions Inc. and Vippy Industries Ltd (in alphabetical order).
The Market Estimates (ME) sheet in Excel format 3 months of analyst support Read the full report: https://www.reportlinker.com/p06381342/?utm_source=GNW
About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need, instantly, in one place.