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.
Improved digestion, a decreased risk of heart disease, and a stronger immune system are just a few of the health advantages of hydrolyzed vegetable protein. Products created with hydrolyzed vegetable protein are becoming more and more popular among consumers who are willing to pay more for items like snacks made with hydrolyzed pea protein due to these attributes.
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Consumer preferences have shifted towards plant-based protein during the past five years. This is also seen as a result of their increased health consciousness, which has increased demand for nutrient-dense dietary items. Along with growing health consciousness, some of the top corporations have been highlighting the advantages of hydrolyzed vegetable protein products for managing and avoiding disorders frequently linked to obesity and cholesterol. As a result, the sales of hydrolyzed protein from soy, wheat, pea, rice, flax, and other vegetarian sources have increased. The demand for soy protein is by far the highest of these. According to FMI’s projection, it will represent more than 39% of the 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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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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