Textured Protein Market Expected to Reach $2.7 Billion by 2032

According to a new report published by Allied Market Research, titled, “Textured Protein Market," The textured protein market size 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.

Textured protein is a kind of protein that is processed to have a texture such as meat. It is derived from plant-based sources such as soybeans, peas, or wheat gluten. These proteins are transformed into fibrous structures resembling meat through various methods such as extrusion or spinning. Textured protein is commonly used as a substitute for meat in vegetarian and vegan diets or to extend meat products. It is versatile and flavored & seasoned to imitate the taste and texture of different meats, making it a popular option for plant-based meals.

Textured protein market opportunities has experienced significant growth in recent years, driven by various industry trends, growth drivers, and business opportunities. One of the key trends that shapes the market is the increase in preference of consumers for plant-based protein alternatives, which has been fueled by concerns regarding health, sustainability, and animal welfare. This trend has led to a surge in demand for textured protein products, which offer a meat-like experience without the environmental and ethical concerns associated with traditional meat consumption. Furthermore, improvements in food processing technologies have enabled manufacturers to develop textured protein products with better taste, texture, and nutritional profiles, thereby further boosting market growth.

The increase in popularity of flexitarianism, where people mainly eat plant-based meals in their diets, has created a significant market opportunity for textured protein products. In addition, as consumers become more aware of the environmental impact of livestock farming, such as greenhouse gas emissions and land use, they are seeking sustainable protein alternatives, which is driving demand for textured protein. Moreover, collaborations and partnerships among food manufacturers, ingredient suppliers, and retailers are fostering innovation and expanding the availability of textured protein products in the market.

Although the textured protein market growth has promising prospects, it also faces significant challenges. One of the primary concerns is how consumers perceive textured protein products, especially regarding taste, texture, and overall acceptance as a meat substitute. To overcome these challenges, it is crucial to invest in continuous innovation and R&D to improve the sensory attributes of textured protein products. In addition, industry players must comply with regulatory constraints and labeling requirements related to the classification and marketing of textured protein products. To address these regulatory hurdles, collaboration with regulatory authorities and adherence to evolving regulatory standards is necessary.

In the middle of these challenges, there are also business opportunities that arise from these challenges. Expanding into unexplored geographical regions and untapped market segments presents a promising opportunity. This provide significant growth opportunities for companies in the industry. In addition, diversifying product offerings to include flavored and value-added textured protein products help cater to change in consumer preferences and increase market penetration. Investing in marketing and promotional activities to raise awareness and educate consumers about the benefits of textured protein products stimulate market demand and drive sales growth. Furthermore, technological advancements such as plant-based meat analogs and 3D printing technologies help with product innovation and differentiation, which give companies a competitive advantage in the market.

The textured protein market segmentation is divided into product type, form, application, and region. By product type, the market is classified into textured soy protein (TSP), textured wheat protein (TWP), and textured pea protein (TPP). By form, the market is divided into slices, flakes, granules, and chunks. By application, the market is segregated into meat alternatives, meat extenders, soups and stews, snacks, cereals, bakery products, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, LA, and MEA.

By product type, the textured protein market forecast is fragmented into textured soy protein (TSP), textured wheat protein (TWP), and textured pea protein (TPP). The textured soy protein segment accounted for a major textured protein market share in 2022 and is expected to grow at a significant CAGR during the forecast period. Soy protein is a cost-effective and versatile plant-based protein source, making it appealing to manufacturers seeking affordable alternatives to meat. In addition, soy protein offers a high nutritional value, including essential amino acids, making it suitable for a wide range of dietary preferences. Moreover, advancements in food processing technologies have enabled the development of textured soy protein with improved texture and flavor, further driving its adoption in various food applications.

By form, the textured protein market analysis is categorized into slices, flakes, granules, and chunks. By application, the market is divided into meat alternatives, meat extenders, soups and stews, snacks, cereals, bakery products, and others. The granules segment accounted for a major textured protein market share in 2022 and is expected to grow at a significant CAGR during the forecast period. The demand for granules has increased in the textured protein market due to their versatility and ease of use in various food applications. Granules are convenient for food manufacturers as they are easily incorporated into a wide range of products, such as burgers, meatballs, and sausages. Granules provide a desirable texture similar to minced meat, enhancing the sensory experience of plant-based meat alternatives. With increase in consumer preference for plant-based protein options, granules offer a practical solution for formulators to create meat-like textures, driving their popularity and the textured protein market demand.

By application, the market is divided into meat alternatives, meat extenders, soups & stews, snacks, cereals, bakery products, and others. The meat alternative segment accounted for a major market share in 2022 and is expected to grow at a significant CAGR during the forecast period. The rise in trend of health consciousness among consumers has resulted in the preference for plant-based options, which are widely perceived as healthier alternatives to traditional meat. Concerns about environmental sustainability and animal welfare have prompted individuals to seek meat alternatives, which have a lower carbon footprint and are free of cruelty. In addition, advancements in food processing technologies have made it possible to create textured protein products that closely resemble the taste, texture, and appearance of meat, further driving consumer acceptance and demand for meat alternatives.

By region, the market is analyzed across North America, Europe, Asia-Pacific, LA, and MEA. North America accounted for a major market share in 2022 and is expected to grow at a significant CAGR during the forecast period. The demand for plant-based protein alternatives is on the rise due to increased awareness about health and sustainability. Technological advancements have improved the texture and taste of textured protein products, which are becoming more attractive to consumers. As meat alternatives become more available in retail outlets and restaurants, consumers are gaining greater access and driving demand. Furthermore, favorable government policies and initiatives that support sustainable and plant-based food options are also contributing to the market growth in North America.

Competitive Analysis

Major players such as British Foods PLC, Bob’s Red Mill Natural Foods, Ingredion Inc., Roquette Frere, and Vippy Industries Ltd have adopted product approval, partnership, agreement, and acquisition as key developmental strategies to improve the product portfolio of the textured protein market trends.

Key Takeaways of Textured Protein Market Report

• By product type, the textured soy protein (TSP) segment was the highest revenue contributor to the textured protein Industry in 2022 and is expected to grow at a significant CAGR during the forecast period.
• By form, the granules segment was the highest revenue contributor to the market in 2022 and is expected to grow at a significant CAGR during the forecast period.
• By application, the meat alternative segment was the highest revenue contributor to the market in 2022 and is expected to grow at a significant CAGR during the forecast period.
• By region, the North America region was the highest revenue contributor to the market in 2022 and is expected to grow at a significant CAGR during the forecast period.