Textured Protein Market to Reach $2.7 billion, Globally, by 2032 at 9.4% CAGR: Allied Market Research

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Apr 08, 2024, 12:41 ET

Rise in demand for plant-based proteins, innovation in food processing technology, and growing food industry investments and partnerships are the factors that boost the growth of the textured protein market.

WILMINGTON, Del., April 8, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Textured Protein Market by Application (Meat Alternatives, Soups & Stews, Snacks, Cereals, Bakery Products, and Others), Form (Slices, Flakes, Granules, and Chunks), and Product Type (Textured Soy Protein, Textured Wheat Protein, and Textured Pea Protein): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the "textured protein market" was valued at $1.1 billion in 2022, and is estimated to reach $2.7 billion by 2032, growing at a CAGR of 9.4% from 2023 to 2032.

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Prime determinants of growth

The Textured Protein market has experienced significant growth, driven by several key factors. Firstly, increase in consumer awareness about health and sustainability boosts the demand for plant-based protein sources, where textured protein plays a significant role. As more people adopt vegetarian, vegan, or flexitarian diets, there is a rise in need for alternative protein options, and textured protein, derived from soy, wheat, pea, or other plant sources, serves as a versatile and nutritious substitute for meat products. This trend is reinforced by concerns over animal welfare, environmental sustainability, and the desire for healthier dietary choices, creating a favorable environment for the expansion of the textured protein market.

Advancements in food processing and ingredient formulation drive innovation in textured protein products. Manufacturers are constantly developing new ways to improve the taste, texture, and nutritional profile of textured proteins, making them more appealing to consumers. This includes upgrading extrusion technology, optimizing ingredient blends, and exploring novel sources of plant-based proteins. The rise of clean-label and non-GMO trends is pushing companies to innovate with cleaner, more natural production processes and ingredients, which is further fueling the growth of the textured protein market. The expansion of distribution channels, such as online retail platforms and specialty food stores, is making it easier for consumers to access textured protein products. This is helping to expand the market and reach a broader base of consumers. Collaborations and partnerships between food manufacturers, ingredient suppliers, and retailers play a key role in facilitating market penetration and product diversification.

Report coverage & details:

Report coverage & details:
Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$1.1 billion
Market Size in 2032	$2.7 billion
CAGR	9.4 %
No. of Pages in Report	432
Segments Covered	Application, Form, Product Type, And Region
Drivers	Rising Demand for Plant-Based Proteins
	Innovation In Food Processing Technology
	Growing Food Industry Investments and Partnerships
Opportunities	Targeting Niche Markets
Opportunities	Sustainable Sourcing and Production
Restraints	Taste And Texture Challenges
Restraints	Competition From Meat Alternatives

The snacks segment to maintain its leadership status during the forecast period

By application, the snacks segment held the highest market share in 2022, accounting for nearly one-fourth of the global textured protein market revenue, and is estimated to maintain its leadership status during the forecast period. However, the others segment is projected to manifest a significant CAGR of 11.1% from 2023 to 2032.

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The chunks segment to maintain its leadership status during the forecast period

By from, the chunks segment held the highest market share in 2022, accounting for one-third of the global textured protein market revenue, and is estimated to maintain its leadership status during the forecast period. In addition, the flakes segment is projected to manifest the highest CAGR of 10.0% from 2023 to 2032.

The textured soy protein segment to maintain its leadership status during the forecast period

By product type, the textured soy protein segment held the highest market share in 2022, accounting for more than two-fifths of the global textured protein market revenue, and is estimated to maintain its leadership status during the forecast period. In addition, the textured pea protein segment is projected to manifest the highest CAGR of 10.0% from 2023 to 2032.

North America to maintain its dominance by 2032

By region, North America has the highest market share in terms of revenue in 2022, accounting for more than one-third of the global textured protein market revenue. In addition, the Asia-Pacific region is expected to witness the fastest CAGR of 9.9% from 2023 to 2032.

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Leading Market Players: -

Cargill Incorporated
ADM
DuPont
The Scoular Company
beneo
Axiom Foods Inc.
Shandong Yuxin Biotechnology Co., Ltd
MGP
Kansas Protein Foods LLC
Foodchem International Corporation

The report provides a detailed analysis of these key players in the global textured protein market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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