Meticulous Research®, a prominent global market research firm, recently released a comprehensive report titled, “Textured Vegetable Proteins Market by Type (Soy, Wheat, Pea), Nature (Inorganic, Organic), Form (Chunks, Slices, Flakes, Granules), Application (Meat Alternatives, Snack Foods, Bakery, Animal Feed) – Global Forecast to 2030.” According to the findings, the textured vegetable proteins market is poised to experience substantial growth, with a projected compound annual growth rate (CAGR) of 10.5% from 2024 to 2030. This growth is expected to propel the market value to approximately $5.07 billion by 2030.
Several factors contribute to this significant expansion in the market. The rising demand for processed and convenience foods, coupled with the growing popularity of meat alternatives, plays a pivotal role in driving market growth. Consumers are increasingly becoming aware of the health benefits associated with plant-based proteins, further fueling this trend. Additionally, substantial growth and investment in the plant-based food sector indicate a robust future for textured vegetable proteins.
Emerging economies also present notable growth opportunities for vendors in this sector, particularly as consumers in these regions increasingly seek alternatives to traditional animal proteins. However, the market faces certain challenges, including the availability of other types of vegetable proteins that could compete with textured options. Fluctuating raw material prices may also pose obstacles to sustained growth.
Despite these challenges, the overall outlook for the textured vegetable proteins market remains positive, driven by evolving consumer preferences and the broader shift towards plant-based diets.