The global for Texturized Vegetable Protein (TVP) market had a valuation of USD 2.16 Billion in 2022 and is projected to achieve a substantial increase, reaching USD 4.0 Billion by 2032. This growth will be underpinned by a robust compound annual growth rate (CAGR) of 6% throughout the forecast period.
The expansion in market revenue can be attributed to the growing adoption of TVP across various industries, including Food & Beverage (F&B), animal feed, and personal care. Additionally, advancements in TVP processing techniques, particularly within the food industry, are contributing to increased sales. In the food sector, TVP is increasingly utilized as a substitute for meat in products like burgers, sausages, and nuggets, which is further fueling its demand.
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Competitive Landscape:
- ADM (Archer Daniels Midland Company)
- Cargill, Incorporated
- I. Du Pont De Nemours and Company
- Kerry Group
- Roquette Frères S.A.
- Tate & Lyle PLC
- Bunge Limited
- CHS Inc.
- Burcon NutraScience Corporation
- AGT Food and Ingredients Inc.
Texturized Vegetable Protein (TVP) Market Growth
- Increasing Consumer Interest in Plant-Based Foods: A growing number of consumers were adopting plant-based diets or incorporating more plant-based options into their meals. TVP is a popular choice for vegetarians, vegans, and individuals looking to reduce their meat consumption while still enjoying protein-rich foods.
- Health and Sustainability Concerns: The health benefits of consuming plant-based proteins and the environmental sustainability associated with reducing meat consumption were driving demand for TVP.
- Rising Health and Fitness Trends: With a growing focus on health and fitness, many individuals were looking for protein sources to support their active lifestyles. TVP is a low-fat, high-protein option that meets these demands.
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Texturized Vegetable Protein (TVP) Market Segmentation
Product Type Outlook:
- Soy
- Wheat
- Pea
- Others
End-Use Outlook:
- Food Processing
- Retail
- Others
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