Market Trends of united states textured vegetable protein Industry
The growing popularity of plant-based diets has led to an influx of TVP prices
- Textured vegetable protein (TVP) prices increased by 1.92% during 2017-2022. TVP prices increased due to more companies entering the plant-based foods industry, and the growing popularity of plant-based diets led to an influx of TVPs. Thus, the competition among brands and their different pricing strategies influenced the prices of TVPs.
- The prices of soybean, wheat, corn, and peas also played a key role in the prices of TVP. The prices of TVP reached USD 23.4/kg in 2021 due to the need to alleviate the low grain prices in 2020. Similarly, soybean prices went from as high as USD 12.04/kg in 2017 to USD 9.40/kg in 2022. This fluctuation in prices was due to unfavorable weather conditions lowering the cultivation of summer crops in 2019. At the same time, the cost of corn and soybeans was quite high in 2021. With a 25% increase to USD 33 per bushel in September, from USD 25 per bushel in 2018, the price of conventional soybeans reached a seven-year high in 2021. During 2021-2022, the average corn price increased by 21% Y-o-Y to USD 5.45 per bushel.
- Rising prices have affected consumers and food service professionals alike. Rising prices are a top concern in purchasing food products, especially when it comes to plant-based protein, which is not a staple. An increasing number of consumers have altered their shopping behavior and actively look for more affordable retailers and brands. The war in Ukraine, interest rates, weather patterns, and conditions in China all affect the soybean market. Soybean is currently trading at near-record highs. However, it is weather-dependent. La Nina and El Nino patterns are major factors impacting US soybean yields. They affect soybean prices more than 70% of the time.
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