Texturized Vegetable Protein Market Increasing Healthcare Cost Boosts Market Growth by 2029
The latest market report published by Transparency Market Research on the texturized vegetable protein market includes global industry analysis and opportunity assessment for
2019-2029
. Revenue generated from the global
texturized vegetable protein market
is estimated to be valued at ~
US$ 1.1 Bn
in
2019
, which is projected to grow at a CAGR of
~6%
, to reach
US$ 2 Bn
by
2029
.
Among consumers, there is an increase in health consciousness, consumption of guilt-free food, and orientation toward environment protection. Vegan foods and flexitarian diets have gained considerable traction in the market. Consumers are increasingly opting for plant-based products, such as texturized vegetable protein, seitan, and others. Texturized vegetable protein satiate consumer demand for gluten-free, vegan, and high-protein food products.
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Increasing awareness among consumers about the benefits of plant-based diets and rising demand for food & beverage products with high nutritional benefits and sensory taste are fueling the demand for texturized vegetable protein products. Approximately
14%
of Australians are making a concerted effort to avoid red meat. Around
34%
to
39%
of urban Thai and Indonesian population have reduced consumption of animal-based protein in the past two years. This is due to the rising awareness of ethical issues linked to meat consumption and increasing focus on the detrimental health impacts of meat consumption.
In response to this trend, manufacturers are launching new products with plant protein sources in the texturized vegetable protein market. For instance, DuPont expanded its plant-based protein product range with a new pea protein for beverages (TRUPRO) in October
2018.
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Increasing Healthcare Cost Boosts Market Growth
The cost of healthcare has risen twice as fast as general inflation, primarily due to the extensive research and development activities carried out in the pharmaceutical industry. Increasing cost of healthcare has compelled people to opt for vegetarian products, as these plant-based products provide health benefits, such as weight management, lower blood sugar levels, protect against certain cancers, lower risk of heart attacks, and reduce pain from arthritis, among others. Spurred by this factor, the texturized vegetable protein market will witness impressive growth.
According to the European Federation of Pharmaceutical Industries and Association (EFPIA), Pharmaceutical Research and Manufacturers of America (PhRMA) and Japan Pharmaceutical Manufacturers Association (JPMA), R&D expenditure in the pharmaceutical industry in Europe increased from
US$ 37,030.6 Mn
in
2011
to
US$ 38,055.6 Mn
in
2012
, while in the U.S., it rose from
US$ 36,374 Mn
in
2011
to
US$ 36,810 MN
in the same year.
The U.S. accounted for the highest healthcare spending in the world, which is
17.9%
of its GDP; about
US$ 8,362
per person. Similarly, spending on healthcare is increasing year-on-year in other developed countries, such as France, Germany, and Japan. Apart from developed countries, healthcare spending is also rising in developing countries such as India and China. Increasing healthcare spending in turn will drive the texturized vegetable protein market.
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