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.
Hydrolyzed vegetable protein has a multitude of health benefits, including improved digestion, a lower risk of heart disease, and a stronger immune system. Products containing hydrolyzed vegetable protein are becoming increasingly popular among consumers who are willing to pay more for items such as snacks containing hydrolyzed pea protein.
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Consumer preferences have evolved in favour of plant-based protein during the previous five years. This is also attributable to an increase in health consciousness, which has led to a rise in demand for nutrient-dense foods. Along with the development in health consciousness, some prominent corporations have emphasised the benefits of products containing hydrolyzed vegetable protein for treating and avoiding diseases commonly associated with obesity and high cholesterol. As a result, sales of hydrolyzed protein from soy, wheat, pea, rice, flax, and other vegetarian sources have surged. Soy protein is by far the most popular. It will account for more than 39% of the market in 2021, according to FMI.
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
Product Development by Market Players to Spur Growth Opportunities
Vegan protein is becoming increasingly popular among customers all over the world. Corporations have responded by investing in the creation of novel products based on hydrolyzed vegetable protein. The rising demand for long-term solutions has cleared the way for innovation. Aside from that, a preference for longer-lasting products has emerged as the key driver of market innovation. As a result, there has been a flood of product introductions in recent years, which are expected to add to total growth.
DuPont, for example, introduced six new hydrolyzed vegetable protein nuggets from its SUPRO and TRUPRO product lines in 2019. These new products contain more protein and reduced salt, making them ideal for snack, serial, nutrition bar and other makers. SUPRO soy protein nuggets with chocolate range and TUPRO pea protein nuggets are examples of hydrolyzed vegetable protein products.
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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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