Market Trends of europe textured vegetable protein Industry
Rising demand is expected to help control the prices
- Textured vegetable protein (TVP) is the highest-valued meat substitute in Europe. It was priced around 136% higher than tofu in 2022. In the European market, TVP is usually available as diced, chunks, crumbles, or minced in different colors and sizes, aiming to cater to an extensive range of applications. These include replacing minced beef with minced TVP. In most cases, chunks cost about 10% more than minced TVP in 2022. TVP is expected to observe a decline in prices during the forecast period, owing to the product experiencing competitive prices in the region due to the surging demand and higher production.
- The prices of soybeans, wheat, corn, fava beans, and peas play a key role in the price of TVP. In 2021, Europe suffered from low yields, with wheat production down by 1.17% compared to 2017. Another major barrier to achieving price parity for plant-based proteins is the lack of manufacturing facilities, as plant-based companies typically use contract manufacturers.
- The price of TVP sourced from wheat may rise during the forecast period due to the region's rising wheat prices. In Europe, the price of wheat reached up to USD 453 per ton in 2022 due to the export ban from India, the second-largest wheat producer globally. Russia's invasion of agricultural superpower Ukraine and the ongoing war are projected to increase the price of wheat. The broader consumers consist largely of price-sensitive consumers who are less concerned about ethical or environmental factors and stick to price points while considering plant-based eating. Product development and enhancements, including improved taste and lower prices in the plant-based meat category, are expected to create opportunities in the future.
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