According to The Insight Partners' research, the South & Central America Textured Vegetable Protein Market was valued at US$ 165.5 Million in 2024 and is expected to reach US$ 258.1 Million by 2031, registering a CAGR of 6.6% from 2024 to 2031.
Government initiatives to promote consumption of vegetable proteins and rise in veganism are among the critical factors attributed to the South & Central America textured vegetable protein market expansion.
Government bodies across various countries are promoting the consumption of vegetable protein and plant-based meat owing to the rising environmental concerns and health benefits offered by these products. Additionally, governments of various countries are actively investing in research and development and new product launches of plant-based meat products. n July 2023, Saudi Arabia's Ministry of Environment, Water and Agriculture (MEWA) signed two agreements to support the development of plant-based food options. These agreements involve the Cooperative Societies Council, Saudi Greenhouses Management, and Ayla Food Options Co. The goals are to create plant-based foods that resemble animal products, set up a research center, and promote healthier vegetarian choices, food security, and sustainability.
Several countries have announced investments in meat substitute ingredients such as plant protein and textured vegetable protein. Saudi Arabia is heavily investing in biotechnology and high-tech agriculture to increase its protein production and reduce dependence on livestock imports, in line with its Vision 2030 goals for food self-sufficiency. Key initiatives include developing alternative proteins from local sources, leveraging advanced farming techniques, and creating biotech hubs. Also, with German funding, a collaboration between Sokoine University of Agriculture in Tanzania and Mozambican partners developed processing technologies for indigenous vegetables and legumes. The project, known as VEGI-LEG, aims to enhance food and nutrition security by processing nutrient-dense local crops, such as pigeon peas and African indigenous vegetables. Thus, government initiatives to promote the consumption of meat alternative products are expected to offer lucrative growth opportunities to the market during the forecast period.
On the contrary, regulatory challenges hamper the growth of South & Central America textured vegetable protein market.
South & Central America Textured Vegetable Protein Market Segmentation Analysis:
- By Source, the South & Central America Textured Vegetable Protein Market is segmented into Soy, Pea, and Others. The Soy segment is projected to expand at 6.9% CAGR during 2024 - 2031.
- By Product Type, the South & Central America Textured Vegetable Protein Market is segmented into Flakes, Chunks, and Others. The Others segment is projected to expand at 6.2% CAGR during 2024 - 2031.
- By Category, the South & Central America Textured Vegetable Protein Market is segmented into Conventional and Organic. The Conventional segment is projected to expand at 6.5% CAGR during 2024 - 2031.
- By Application, the South & Central America Textured Vegetable Protein Market is segmented into Food and Beverages, Meat and Meat Alternatives, Sweet and Savory Snacks, Bakery and Confectionery, Others, and Animal Nutrition. The Food and Beverages segment is projected to expand at 6.8% CAGR during 2024 - 2031.
By country, the South & Central America Textured Vegetable Protein Market is categorized into Brazil, Argentina, and the Rest of South & Central America. The Rest of South & Central America is projected to expand at 6.8% CAGR during 2024 - 2031.
Key players operating in the Textured Vegetable Protein Market are Roquette Freres SA, Archer-Daniels-Midland Co, MGP Ingredients Inc, Cargill Inc, International Flavors & Fragrances Inc, Foodchem International Corp, Ingredion Inc, Axiom Foods Inc, Puris, and DSM-Firmenich AG, among others.
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