Textured Vegetable Protein Market Report: Size, Share and Outlook by 2031

The textured vegetable protein (TVP) market was valued at approximately US$ 1.93 billion in 2024 and is projected to grow to around US$ 2.93 billion by 2031, reflecting a compound annual growth rate (CAGR) of 6.1% during the period from 2024 to 2031.

Manufacturers supply textured vegetable protein to the food and beverage sector for creating meat alternatives, ready-to-eat meals, and options that are gluten-free and allergen-free. TVP effectively replicates the texture of ground meat, making it an excellent choice for vegetarian and vegan products, including plant-based burgers, meatballs, sausages, and nuggets. It is also incorporated into frozen meals, soups, and stews. Pea-based textured vegetable protein serves as a gluten-free option for individuals with allergies or dietary restrictions related to wheat or soy. The rising popularity of textured vegetable protein in recent years can be attributed to shifting lifestyles and an increasing demand for healthier food options. Additionally, TVP is utilized in animal feed formulations due to its nutritional benefits, serving as a protein-rich component in feed for poultry, swine, cattle, and aquaculture. High-quality formulations of textured vegetable protein are designed to enhance digestibility in animals, further driving market growth due to its versatility and cost-effectiveness.

Manufacturers distribute textured vegetable protein through a network of global distributors and suppliers. They often sell their products in bulk to various distribution channels, including supermarkets, hypermarkets, convenience stores, grocery stores, and online platforms. Distributors play a crucial role in helping manufacturers reach their target customers. Textured vegetable protein is produced in large quantities, necessitating significant shipments. Distributors purchase substantial amounts of TVP from manufacturers and then fulfill smaller orders across different locations, ensuring prompt delivery. Suppliers of textured vegetable protein ensure that their distributors and sales teams are well-informed about the products and capable of delivering them on time, which provides a competitive edge. Major distributors in the textured vegetable protein market manage extensive inventories and adjust their capacities based on sales forecasts. They often enter into agreements with leading market players to handle logistics, warehousing, and sales operations efficiently.

In the textured vegetable protein market, the Asia Pacific region is anticipated to exhibit the highest CAGR from 2024 to 2031. This region is expected to experience rapid growth due to increasing awareness regarding the significance of a healthy diet and an active lifestyle. The textured vegetable protein market in Asia Pacific encompasses countries such as Australia, China, India, Japan, South Korea, and other areas within the region. The growing recognition of the nutritional advantages of textured vegetable protein, along with its perceived safety compared to animal-based meat, is driving demand for these products.

In 2020, Japan's Ministry of Agriculture, Forestry, and Fisheries (MAFF) initiated a "Food Tech Study Group" aimed at diversifying protein sources within the Japanese diet. According to a report by the Good Food Institute (GFI), the Asia-Pacific region, particularly China, is pivotal in transforming the global protein landscape. This dominance is largely due to its vast population and the increasing acceptance of meat alternatives. Governments in Asia are committed to promoting protein alternatives, with plans to boost soybean production over the next five years to satisfy the growing demand for meat substitutes. Moreover, the rapid growth of textured vegetable protein in India is fueled by its traditional vegetarian culture and the rising popularity of plant-based proteins among younger consumers.

Key players 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. These companies are focused on delivering high-quality products to meet customer needs and are actively engaged in launching new and innovative products.

The overall size of the global textured vegetable protein market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry participants to validate the findings and gain deeper analytical insights. Participants in this research included industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the textured vegetable protein sector.