The new market report “Texturized Vegetable Protein Market: Demand for Pea to Surge Exponentially During the Forecast Period: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028” by Future Market Insights provides new forecasts and insights into the global market for texturized vegetable protein up to 2028.
According to the report, the market for vegetable proteins is expected to grow significantly at an annual rate of 4.9 percent in the forecast period 2018-2028. An important factor here is the growing number of consumers who do not eat meat. In particular, vegans depend on plant products as protein sources, and an increasing number of flexitarians is also spurring on the markets. Vegan burgers are currently enjoying great popularity. The startup Hungry Planet, for example, uses soy-based raw materials to mimic the texture of meat.
The market report for textured vegetable protein covers the product categories soya, wheat and peas. Special features of the individual segments are also highlighted. For example, the average sales price for textured pea protein is relatively high compared to other segments. Furthermore, despite the high growth rate of pea protein, soy is expected to dominate the market for textured protein.
The research report divides the forecasts according to product type, intended use and region, among other things. North America will therefore be the dominant market for textured vegetable proteins in terms of value, with US$ 303.3 million. However, the Southeast Asian market is expected to have the greatest growth prospects. Key players in this market include ROQUETTE FRERES S.A., Archer Daniels Midland Company, Cargill Inc. and Sonic Biochem Extractions Limited. Factors such as e-commerce and online stores facilitate market entry, as they offer significant advantages to small manufacturers who may be faced with various challenges such as high marketing and distribution costs.
Similar market analyses by Future Market Insights include reports on the egg replacement market and the halal cosmetics market in the Asia-Pacific region.