Repeat Purchases of Plant-based Products to Drive Global Texturized Vegetable Protein Market
Changing consumer preferences are leaving scope for innovations in the texturized vegetable protein market. Currently, manufacturers are opting for calculated risks by introducing products that strike the right balance between indulgence and health. This new trend has been instrumental in achieving repeat purchases for plant-based products.
On the other hand, manufacturers in the texturized vegetable protein market are focusing on protein claims for packaging and other marketing strategies. In order to enhance consumer experience, companies are increasing R&D activities to find the right mix of protein with natural flavors and textures to boost product uptake. Apart from meat substitutes and snacks, manufacturers are generating incremental opportunities through the sales of nutritional supplements, bakery products, and beverages. Since the share of regional and local players is higher in the texturized vegetable protein market, tie-ups with local farmers to obtain high-quality produce will be prominent in the coming years.
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Frozen Meals and Dairy Items Promise Long-term Growth of Manufacturers
The concept of clean label is intensifying competition in the market for texturized vegetable protein. Hence, manufacturers are increasing efforts to obtain clean label for their products to bolster their credibility credentials in the global market landscape. On the other hand, companies are leveraging opportunities by making available texturized vegetable protein for manufacturers of nutritional beverages, frozen meals, and dairy items. Convenience food is another key driver, which is boosting the uptake of plant-based foods, by fulfilling the demand for ‘ready-to-eat’ meals.
Analysts of Transparency Market Research opine that apart from snacks, there are high growth opportunities in frozen breakfast items, such as plant-based sausage patties and waffles. Manufacturers in the texturized vegetable protein market are introducing new dairy items to capitalize on the growing plant-based food trend. Moreover, calorie-conscious consumers are the key target audience for manufacturers, since plant-based protein helps in the production of low-calorie food products and lower sugar levels.
Increase in Demand for High-protein Snacks among Millennials
Consumers are growing increasingly conscious about the advantages of plant-based foods. Awareness about how the meat industry has led to environmental stress has accelerated the uptake of texturized vegetable protein, especially in the food & beverage industry and households, among others. Manufacturers in the texturized vegetable protein market are increasingly innovating in soy protein. As such, soy protein product type segment of the texturized vegetable protein market is estimated to reach an output of ~715,800 metric tons by the end of 2029. Hence, leading manufacturers, such as DuPont – an innovator in food ingredients and chemicals is expanding its portfolio in plant protein nuggets by including soy and pea protein made products.
Manufacturers are increasing the production of texturized vegetable protein to meet the growing demand for snacks among the millennial population. It is found that millennials have high preference for high-protein snacks, as compared to any other age group. Hence, ingredient manufacturers are launching nutritional bars to cater to ‘on-the-go’ snacking requirements of consumers.