The global hydrolyzed vegetable protein market is anticipated to reach a valuation of US$ 1,444 million in 2023, with a robust Compound Annual Growth Rate (CAGR) of 7.2% projected between 2023 and 2033. This acceleration is expected to culminate in a market valuation of US$ 2,886 million by 2033.
Hydrolyzed vegetable protein, derived from the hydrolysis of plant protein sources, offers a meaty taste to food products without the need for animal meat. Its widespread application in the global food & beverage industry is poised for significant growth in the coming years.
The rising preference for hydrolyzed vegetable protein reflects a shift in consumer choices, As awareness grows about the detrimental health effects of animal proteins, plant-based alternatives have gained traction.
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Plant-based proteins offer numerous benefits over animal-derived counterparts, including the absence of harmful compounds such as saturated fat and cholesterol. This factor is driving the acceleration of the hydrolyzed vegetable protein market, bolstered by the increasing adoption of veganism and vegetarianism.
Key markets for hydrolyzed vegetable protein, including the United States, the United Kingdom, and China, are witnessing the emergence of both established companies and new entrants. Future Market Insights predicts that granules will dominate the market in terms of form, while soy protein is expected to experience significant demand due to its advantages over other plant-based protein sources.
Key Takeaways from the Report:
- Between 2018 and 2022, the market for hydrolyzed vegetable protein progressed at a CAGR of 8%.
- Hydrolyzed vegetable protein sales reached a valuation of US$ 1,341.4 million in 2022.
- The United States hydrolyzed vegetable protein market is set to expand at a steady CAGR of 2% between 2023 and 2033.
- Soy protein is poised to dominate the market based on product type with a 9% share.
- Direct distribution channels comprise of a 6% share in the global market.
“The only thing likely to hold back the acceleration of the market is the lack of studies regarding the potential of hydrolyzed vegetable protein to trigger allergies. If a conclusive study does prove that hydrolyzed vegetable protein does not trigger allergies, it would provide a substantial boost to the market.”-Says an FMI Analyst
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Who is Winning?
Innovation in marketing is dominating the competitive landscape in the market for hydrolyzed vegetable protein. Players are also focusing on new product launches and acquisitions to strengthen their grasp on the global market.
Ajinomoto Co., Inc., Glanbia Plc, Tate & Lyle Plc., Cargill Inc., Puris Proteins LLC, DuPont de Nemours, Inc., Scoular, Fuji Oil Holdings, Inc., Innova Flavors, Wilmer International Limited, Axiom Foods, Inc., AMCO Proteins, Burcon NutraScience Corporation, and Roquette Fréres are the leading players in the market for hydrolyzed vegetable protein.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global hydrolyzed vegetable protein market, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033. The study divulges compelling insights on the hydrolyzed vegetable protein market based on form (chunks, slice, flakes, granules), product type (soy protein, wheat protein, pea protein, rice protein, chia Protein, flax protein, corn protein), end use (household, commercial, industry, animal feed), and distribution channel (direct, indirect) across seven regions.
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About Future Market Insights (FMI)
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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