Hydrolyzed Vegetable Protein Market to Touch USD 4,000 Million by 2032, Recording a CAGR of 9.05%
Hydrolyzed Vegetable Protein Industry Prospective:
The global hydrolyzed vegetable protein market size was evaluated at $2,000 million in 2022 and is slated to hit $4,000 million by the end of 2030 with a CAGR of nearly 9.05% between 2023 and 2030.
Hydrolyzed Vegetable Protein Market: Overview
Hydrolyzed vegetable protein is a flavor enhancer, which is used in processed foods like sauces, soups, gravies, and some meat products. It is produced by boiling foods such as corn, soy, and wheat in hydrochloric acid and neutralizing it in sodium hydroxide. The by-product obtained from the reaction is hydrolyzed protein.
Key Insights
- As per the analysis shared by our research analyst, the global hydrolyzed vegetable protein market is projected to expand annually at the annual growth rate of around 9.05% over the forecast timespan (2023–2030)
- In terms of revenue, the global hydrolyzed vegetable protein market size was evaluated at nearly $2,000 million in 2022 and is expected to reach $4,000 million by 2030.
- The global hydrolyzed vegetable protein market is anticipated to grow rapidly over the forecast timeline owing to growing consumer awareness regarding health benefits accrued due to the intake of plant-based proteins along with huge demand for products in a slew of applications including processed foods and other convenience foods.
- In terms of raw material, the soy segment is slated to register the highest CAGR over the forecast period.
- Based on end-use, the food & beverages segment is projected to dominate the segment in the coming eight years.
- Based on form, the powder & granules segment is projected to contribute majorly towards the global market size in the upcoming years.
- Region-wise, the North American hydrolyzed vegetable protein industry is projected to register the fastest CAGR over the assessment timeline.
Hydrolyzed Vegetable Protein Market: Growth Factors
Rising customer awareness about health benefits can prompt the growth of the global market by 2030
The global hydrolyzed vegetable protein market is anticipated to grow notably over the forecast timeline. Furthermore, growing consumer awareness regarding health benefits accrued due to the intake of plant-based proteins along with huge demand for products in a slew of applications including processed foods and other convenience foods will promote the growth of the market globally. Moreover, shifting consumer preference towards plant-based protein over animal-derived protein will further scale up the global market growth over the coming years.
Furthermore, hydrolyzed vegetable protein is a cost-efficient substitute for various protein sources, thereby enhancing their acceptance in the food sector. The growing use of the product as meat-based flavors in vegan as well as vegetarian products will embellish the expansion of the global market.
Hydrolyzed Vegetable Protein Market: Restraints
Easy access to substitute products to put brakes on the global industry expansion over forecast period
Easy availability of alternatives such as concentrates and isolated forms of protein could challenge the global hydrolyzed vegetable protein industry surge. Moreover, the high costs of ingredients of the product owing to their scarce availability can pose a huge threat to the growth of the industry across the globe.
Hydrolyzed Vegetable Protein Market: Opportunities
Rising product penetration in sports nutrition to generate new facets of growth for the global market over 2023–2030
Surging the use of the product in sports nutrition as the hydrolyzed vegetable protein is a source of high-protein quality will open new growth avenues for the global hydrolyzed vegetable protein market. Beneficial features such as easy digestibility and absorption in the body can further scale up the growth of the industry globally. The growing use of the product for infant nourishment in developed economies will generate new facades of growth for the global market.
Hydrolyzed Vegetable Protein Market: Challenges
Stringent government regulations related to export of products can put brakes on the global industry expansion
Strict government laws pertaining to product exports along with an increase in the costs of exporting the products can prove as a huge challenge to the global hydrolyzed vegetable protein industry expansion.
Hydrolyzed Vegetable Protein Market: Segmentation
The global hydrolyzed vegetable protein market is sectored into raw material, end-use, form, and region.
In terms of raw materials, the hydrolyzed vegetable protein market across the globe is segregated into corn, soy, wheat, rice, peas, and other segments. Furthermore, the soy segment, which acquired nearly 50% of the global market revenue in 2022, is projected to register the fastest CAGR over the forecast timeline. Moreover, the segmental surge over the forecast period can be due to a rise in the demand for soy in preparation for the product. Moreover, soy protein is easily derived from hydrolysis of the soy plant. Additionally, soy is utilized for improving taste of soups, sauces, spices, and snacks.
Based on the end-use, the global hydrolyzed vegetable protein industry is divided into food & beverages, cosmetic & personal care, and pharmaceutical segments. Moreover, the food & beverages segment, which led the end-use segment in 2022, is expected to lead the segmental expansion even over the forecast timeline. The growth of the segment over the forecast period can be subject to an increase in the application of hydrolyzed vegetable protein in the manufacture of various food items and beverages.
Based on the form, the hydrolyzed vegetable protein market globally is sectored into powder & granules, paste, and liquid segments. Furthermore, the powder & granules segment, which leads the form segment in 2022, is anticipated to steer the global market expansion by 2030. The growth of the segment in the ensuing years can be owing to a surge in product consumption in the form of powder & granules by athletes as sports nutrition.
Hydrolyzed Vegetable Protein Market: Regional Insights
Asia-Pacific is set to establish a strong footing in the global hydrolyzed vegetable protein market in the upcoming years
Asia-Pacific, which accounted for nearly 33% of the global hydrolyzed vegetable protein market earnings in 2022, will be a leading region in the coming eight years. Moreover, the regional market elevation over the forecast timeframe can be credited to increasing demand for nutritional food products in countries such as Australia, China, and India. In addition to this, rising per capita income in the region and surging investments in the food & beverages sector will further boost the regional market value. Furthermore, the presence of giant players in the region will proliferate the size of the market in the APAC zone.
North American hydrolyzed vegetable protein industry is set to register the highest CAGR in the forecast timespan. The growth of the industry in North America over the forecast timeline can be owing to a rise in the products used in canned food items and beverages.
Hydrolyzed Vegetable Protein Market: Competitive Space
The global hydrolyzed vegetable protein market profiles key players such as:
- Royal DSM N.V.
- Archer Daniels Midland Company
- MGP
- Ajinomoto Co. Inc.
- Roquette Frères
- Griffith Foods
- Symrise AG
- Tate & Lyle Plc
- Titan Biotech
- Dohler GmbH
- Sensient Technologies Corporation
- Exter B.V
- Ingredients Inc.
- Cargill Inc.
- Kerry Group Plc
- Aipu Food Industry
- Givaudan SA
The global hydrolyzed vegetable protein market is segmented as follows:
By Raw Materials
- Soy
- Corn
- Wheat
- Peas
- Rice
- Others
By End-Use
- Food & Beverages
- Cosmetic & Personal Care
- Pharmaceuticals
By Form
- Powder & Granules
- Paste
- Liquid
By Region
- North AmericaThe U.S.Canada
- EuropeFrance The UKSpainGermanyItalyRest of Europe
- Asia PacificChinaJapanIndiaSouth KoreaSoutheast AsiaRest of Asia Pacific
- Latin AmericaBrazilMexicoRest of Latin America
- Middle East & AfricaGCCSouth AfricaRest of Middle East & Africa
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