The textured vegetable protein market size was valued at US$ 1.93 billion in 2024 and is expected to reach US$ 2.93 billion by 2031; it is estimated to register a CAGR of 6.1% from 2024 to 2031.

Manufacturers offer textured vegetable protein to the food and beverages industry for the production of meat substitutes, ready-to-eat products, and gluten-free and allergen-free alternatives. Textured vegetable protein mimics the texture of ground meat, making it ideal for vegetarian and vegan products, such as plant-based burgers, meatballs, sausages, and nuggets. It is used in frozen meals, soups, and stews. Pea-based textured vegetable protein offers a gluten-free alternative for consumers with allergies or dietary restrictions related to wheat or soy. The popularity of textured vegetable protein has increased in the last few years owing to changing lifestyles and rising demand for healthy products. Textured vegetable protein is also used in the formulation of animal feed due to its nutritional properties. It is used as a protein-rich ingredient in feed for poultry, swine, cattle, and aquaculture. High-quality textured vegetable protein formulations are designed to improve digestibility in animals. Thus, the versatility and cost-effectiveness of textured vegetable protein fuel the market growth.

The manufacturers provide textured vegetable protein through their network of distributors and suppliers operating across the globe. Manufacturers directly sell their products in bulk to distribution channels such as supermarkets, hypermarkets, convenience stores, grocery stores, and online platforms. Distributors or suppliers help manufacturers reach the targeted customer. Textured vegetable protein is produced in large batches and involves huge shipments. Distributors buy large quantities of textured vegetable protein from market players and distribute small orders in distinct locations, ensuring timely delivery. Textured vegetable protein suppliers ensure that the distributors and their sales force are well-trained regarding product information and timely product delivery to gain a competitive advantage. Major textured vegetable protein distributors worldwide manage large inventories and increase capacities according to their sales forecasts. Distributors sign agreements or contracts with major market players to conduct logistics, warehousing, and sales operations.

In the textured vegetable protein market, Asia Pacific is expected to register highest CAGR during 2024-2031. Asia Pacific is expected to grow at the fastest CAGR over the forecast period due to the increasing awareness of the importance of a healthy diet and an active lifestyle. The textured vegetable protein market in Asia Pacific is divided into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. With increasing awareness of the nutritional benefits of textured vegetable protein, along with associated safety compared to animal-based meat, are resulting in greater demand for these products.

In 2020, "Japan's Ministry of Agriculture, Forestry, and Fisheries" (MAFF) established a "Food Tech Study Group" to diversify protein sources in the Japanese diet. As per the Good Food Institute (GFI) report, Asia-Pacific region, especially China, is one of the significant regions for transforming the global protein industry. The dominance is attributed to its large population and growing acceptance of meat alternatives. The governments in Asia have shown commitment to protein alternatives, planning to increase soybean production over the next five years to meet the rising demand for meat substitutes. Furthermore, the rapid expansion of textured vegetable protein in India is driven by traditional vegetarian culture and the increasing adoption of plant-based proteins among young consumers.

A few players operating in the global textured vegetable protein market include Archer-Daniels-Midland Co, Cargill Inc, Ingredion Inc, Roquette Freres SA, International Flavors & Fragrances Inc, MGP Ingredients Inc, Puris, DSM-Firmenich AG, Axiom Foods Inc, and Foodchem International Corp. Players operating in the global textured vegetable protein market focus on providing high-quality products to fulfill customer demand. Also, they are focusing on launching new and high-quality products for their customers.

The overall global textured vegetable protein market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the textured vegetable protein market.