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 (FB), 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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