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 provides several 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 a premium for things such as hydrolyzed pea protein snacks.
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Consumer preferences have changed in favour of plant-based protein over the last five years. This is also a result of their increased health awareness, which has increased demand for nutrient-dense food items. The advantages of products containing hydrolyzed vegetable protein for treating and preventing illnesses commonly associated with obesity and high cholesterol have been highlighted by some of the main firms along with the rise in health awareness. This has led to an increase in the sales of soy, wheat, pea, rice, flax, and other vegetarian sources of hydrolyzed protein. Soy protein is by far the most widely used of these. According to FMI’s forecast, 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 2021In North America, the U.S. has emerged dominant, accounting for 80.8% share in 2021UK will remain a key market, exhibiting 4.1% Y-o-Y growth in 2021Germany and France to remain lucrative markets for hydrolysed vegetable protein in EuropeHealthy growth expected in Japan and South Korea, while dominance in East Asia is likely to remain with ChinaProduct 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.
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 ProteinWheat ProteinPea ProteinRice ProteinChia ProteinFlax ProteinCorn proteinForm
ChunksSliceFlakesGranulesEnd Users
HouseholdCommercialIndustryFood IndustrySnacks & Functional BarsReady MealsSports NutritionClinical NutritionBaby FoodMeat Analogues/Meat ExtendersOtherAnimal FeedDistribution Channel
DirectIndirectHypermarketConvenience StoresTraditional StoreOnline RetailsRegion
North AmericaLatin AmericaEuropeEast AsiaSouth AsiaMiddle East and Africa (MEA)Oceania
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