The Hydrolyzed Vegetable Protein market is set for substantial growth, aiming to reach a projected value of around US$ 2,886.0 million by 2033, with an impressive value-based CAGR of approximately 7.2% from 2023. The dominance of top players, accounting for about 36.3% in 2022, signifies a competitive landscape driving innovation and market expansion.
A few of the health benefits of hydrolyzed vegetable protein include better digestion, a lower chance of heart disease, and a stronger immune system. These qualities of products made with hydrolyzed vegetable protein have helped them gain popularity with consumers who are willing to pay more for goods like snacks made with hydrolyzed pea protein.
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In the last five years, consumers’ preferences have been shifting towards vegetable protein. This also is considered an outcome of them becoming more conscious about their health which has led to rise in the demand for nutritional food products. Coupled with rising health awareness, some of the leading companies have been promoting hydrolysed vegetable protein products’ benefits towards controlling and preventing diseases commonly associated with obesity and cholesterol. Consequently, hydrolysed protein derived from soy, wheat, pea, rice, flax, and other vegetarian sources have been registering sales uptick. Of these, the demand for soy protein is significantly high. FMI has forecast it to account for over 39% of the total market in 2021.
Key Takeaways from the hydrolysed vegetable protein Market Study
- Hydrolysed vegetable protein market will showcase growth at a positive pace through 2031. It has been forecast to exhibit 5.3% Y-o-Y growth in 2021
- In North America, the U.S. has emerged dominant, accounting for 80.8% share in 2021
- UK will remain a key market, exhibiting 4.1% Y-o-Y growth in 2021
- Germany and France to remain lucrative markets for hydrolysed vegetable protein in Europe
- Healthy growth expected in Japan and South Korea, while dominance in East Asia is likely to remain with China
“Companies operating in the hydrolysed vegetable protein market has been keenly focusing on product development and differentiation to carve a niche amid their respective competitive industries and this will favor overall expansion of the market in the coming years,” said a lead analyst at FMI.
Product Development by Market Players to Spur Growth Opportunities
An increasing number of consumers across the world have been showing inclination towards vegan protein. This has been encouraging companies to invest in new product development based on hydrolysed vegetable protein. The rising demand for sustainable solutions has been paving way for innovation. Besides this, preference towards products with higher shelf-life has emerged as chief driver of innovations within the market. Resultantly, a slew of product launches has been recorded in the last few years, which are expected to aid the overall expansion.
For instance, in 2019, DuPont launched six new hydrolysed vegetable protein nuggets from its SUPRO and TRUPRO product range. These new products offer more protein and less sodium and are is suitable for the manufacturers of snacks, serials, nutrition bar and others. These hydrolysed vegetable protein products include SUPRO soy protein nuggets with cocoa range and TUPRO pea protein nuggets.
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Who is winning?
A few of the leading players operating in the Hydrolysed vegetable protein market are Glanbia Plc., Cargill Inc., Kerry Group PLC, DuPont de Nemours, Inc., Tate & Lyle Plc., Fuji Oil Holdings, Inc., The Scoular Company, Wilmar International Limited, AMCO Proteins, Roquette Frères, Puris Proteins LLC, Burcon NutraScience Corporation, Axiom Foods, Inc., Ajinomoto Co., Inc., and others.
The hydrolysed vegetable protein based products market has witnessed rapid growth in the past few years. Surge in the demand for plant-based products has resulted in fierce competition among manufacturers, suppliers, retailers, and food brands. Due to increasing competition, players in the hydrolysed vegetable protein market are compelled to invest, innovate, and introduce new products.
This has resulted in the expansion of hydrolysed vegetable protein portfolio by some of the renowned market players. For instance, Kerry Company’s strategy is to target regions such as Asia, EMEA, and Latin America, for growth via expanding its production footprint and business development with key regional and local players.
Get Valuable Insights into hydrolysed vegetable protein market
Product Type
- Soy Protein
- Wheat Protein
- Pea Protein
- Rice Protein
- Chia Protein
- Flax Protein
- Corn protein
Form
- Chunks
- Slice
- Flakes
- Granules
End Users
- Household
- Commercial
- Industry
- Food Industry
- Snacks & Functional Bars
- Ready Meals
- Sports Nutrition
- Clinical Nutrition
- Baby Food
- Meat Analogues/Meat Extenders
- Other
- Food Industry
- Animal Feed
Distribution Channel
- Direct
- Indirect
- Hypermarket
- Convenience Stores
- Traditional Store
- Online Retails
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Middle East and Africa (MEA)
- Oceania
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