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Initially invented and patented in the 1960s to extend ground meat as a means of reducing costs without reducing nutritional value, Textured Vegetable Proteins (TVPs) have recently received a huge boost from growing demand in plant-based protein options for vegetarians, vegans, and flexitarians,” reported FN Media Group in a press release on Thursday.
“A research report by Allied Market Research, stated the global TVP market size was valued at $987.9 million in 2019, projecting ~$2.14 billion by 2027, growing at 9.2% from 2021 to 2027,” reported the agency.
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Several multinational firms are capitalizing on the growing TVP food sector, including Nepra Foods (CSE:NPRA) (OTC:NPRFF), DuPont de Nemours (NYSE:DD), MGP Ingredients (NASDAQ:MGPI), and Ingredion Incorporated (NYSE:INGR).
Tapping On Hemp Protein
Nepra Foods (CSE:NPRA) (OTC:NPRFF), a multi-category market leader in allergen-free and plant-based food ingredients and consumer products, has been continuously developing its own proprietary product known as Textured Hemp Protein, currently used in wholesale ingredients and consumer packaged goods.
Hemp protein is an excellent source of plant-based protein, that's lean, rich in amino acids, a good source of iron, magnesium, and manganese, and may prevent cardiovascular disease and cancer.
"Producing our own proprietary textured proteins gives us a huge advantage over most smaller producers who rely on third-party suppliers," said David Wood, CEO of Nepra. "Being able to produce our own allows us to formulate the proteins specifically for what we need while retaining the intellectual property of that formulation and keeping the costs as low as possible."
These wholesale THP™ sales alone are expected to boost company revenue by up to US$3.5 million annually.
"While most everyone in this space is using pea, soy, gluten, and faba beans, our texturized hemp protein has superior flavor, texture, and, most importantly, nutrition. It will be the first like it on the market," added Wood.
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Diversifying Market Offer
While many of its textured protein products are made from soy, Archer-Daniels-Midland Company (NYSE:ADM), an American multinational food processing and commodities trading corporation is reportedly examining cultivated meat, novel sources, and micro fermentation innovation to go deeper into the rising alternative protein sector.
"Consumers are turning to protein alternatives for a variety of reasons, including wellness and concern for the environment," said Leticia Goncalves, President of Global Foods for ADM. "Products aimed at meeting the heightened demand for health-forward solutions that can deliver on evolving consumer taste and texture expectations will continue to come to market over the next decade."
"At ADM, we produce soy crisps with 60% and 80% protein that are perfect for nutritional bar formulations," added Wendy van Buren, ADM’s global commercial growth leader.
DuPont de Nemours (NYSE:DD), a technology-based materials, ingredients, and solutions company is another big name selling textured soy proteins, through its Danisco Planit portfolio, which was launched in 2020.
"We want to support the shift to a more plant-based diet by creating multiple options, thereby enabling nutritious, plant-based food and beverages in every meal, every day — from early-bird breakfast to the midnight snack," said Birgitte Borch, VP of Marketing for DuPont.
Danisco Planit has a substantial portfolio of ~20 plant protein options, including plant protein nuggets sold under its Supro (soy protein) and Trupro (pea protein) ranges.
Likewise, Ingredion Incorporated (NYSE:INGR), an American multinational ingredient provider based in Westchester, Illinois, debuted a new structured vegetable protein, through its VITESSENCE TEX Crumbles 102 textured protein to its range of plant-based solutions for the USA and Canada, in 2021.
"Ingredion's continued investment in this category, including the opening of our South Sioux City, Neb., manufacturing facility, positions us to create the future of plant protein while providing the food and beverage industry with new options for creating differentiated, plant-based products," said Michael Natale, global growth platform leader at Ingredion.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.