Global Hydrolyzed Vegetable Protein Market Size Likely to Expand at a CAGR of 6.9% By 2033

As per the current market research conducted by CMI Team, the global Hydrolyzed Vegetable Protein Market size is expected to record a CAGR of 6.9% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 1,951.2 Million. By 2033, the valuation is anticipated to reach USD 3,556.8 Million.

Hydrolyzed Vegetable Protein Market: Growth Factors and Dynamics

• Increasing Consumer Demand for Plant-Based Products: Growing consumer awareness regarding health and sustainability is driving the demand for plant-based alternatives. Hydrolyzed vegetable protein serves as a versatile and nutritious ingredient in vegetarian and vegan food products, contributing to market growth.

• Rising Preference for Clean Label Ingredients: With consumers becoming more conscious about food labels and ingredients, there is a growing preference for clean label products. Hydrolyzed vegetable protein, derived from natural sources, aligns with this trend, driving its adoption across various food and beverage segments.

• Expanding Food Processing Industry: The growth of the food processing industry, coupled with advancements in food technology, is fueling the demand for hydrolyzed vegetable protein as a flavor enhancer, texturizer, and nutritional supplement in processed foods.

• Innovations in Product Development: Manufacturers are continuously innovating to introduce new formulations and applications of hydrolyzed vegetable protein, such as organic and non-GMO variants, to cater to evolving consumer preferences and dietary requirements.

• Rising Health Consciousness: The increasing focus on health and wellness is driving the demand for products with natural and functional ingredients. Hydrolyzed vegetable protein offers nutritional benefits, including amino acids and vitamins, appealing to health-conscious consumers seeking healthier food options.

• Expanding Application in Non-Food Industries: Hydrolyzed vegetable protein is not only used in food and beverages but also finds applications in pharmaceuticals, cosmetics, and animal feed industries. The diversification of its use across multiple sectors contributes to market expansion and revenue growth.

• Global Shift Towards Meat Alternatives: The rising popularity of meat alternatives, driven by concerns about animal welfare, environmental sustainability, and health, is propelling the demand for hydrolyzed vegetable protein. It serves as a key ingredient in plant-based meat substitutes, offering texture, flavor, and protein content comparable to animal-derived products, thus driving market growth in the meat alternative segment.

Hydrolyzed Vegetable Protein Market: Partnership and Acquisitions

• In 2023, Surthrival introduced a pioneering plant-based protein product sourced from wild foraging, claiming it as the first of its kind. This innovative offering aligns with growing consumer demand for natural and sustainable protein alternatives, catering to health-conscious and environmentally conscious consumers.

• In 2021, Kerry Group acquired Pevesa Biotech, a Spanish company specializing in organic and non-allergenic plant protein ingredients for various nutritional applications. This strategic move aims to bolster Kerry’s position in the hydrolyzed vegetable protein market, offering customers a wider range of innovative and sustainable protein solutions.

Report Scope

Hydrolyzed Vegetable Protein Market: COVID-19 Analysis

The COVID-19 pandemic has significantly impacted the Hydrolyzed Vegetable Protein Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

• Disruption in Supply Chain: The COVID-19 pandemic led to disruptions in the global supply chain, affecting the availability of raw materials and hindering the production and distribution of hydrolyzed vegetable protein products, leading to temporary shortages and price fluctuations.

• Shift in Consumer Purchasing Behavior: During lockdowns and economic uncertainty, consumer purchasing behavior shifted, with increased demand for shelf-stable and essential food items. This change reduced the demand for specialty ingredients like hydrolyzed vegetable protein, impacting market growth temporarily.

• Resilience of Food Processing Industry: As economies reopened and food demand stabilized, the food processing industry, a key consumer of hydrolyzed vegetable protein, demonstrated resilience. Increased production and consumption of processed foods contributed to the recovery of market demand.

• Focus on Health and Nutrition: The pandemic heightened consumer awareness of health and nutrition, leading to a renewed interest in plant-based and functional food ingredients like hydrolyzed vegetable protein, perceived as healthier alternatives to traditional products.

• Innovation in Product Development: Manufacturers responded to changing consumer preferences by innovating and introducing new hydrolyzed vegetable protein formulations, such as organic and non-GMO variants, to meet the evolving market demand and align with post-pandemic health-conscious trends.

• Expansion of Distribution Channels: The adoption of e-commerce platforms and online retail channels expanded post-COVID, providing manufacturers with new avenues to reach consumers directly, and facilitating the recovery of hydrolyzed vegetable protein market sales and distribution.

• Resurgence of Food Service Sector: The gradual reopening of restaurants and food service establishments post-pandemic revitalized demand for hydrolyzed vegetable protein as an ingredient in prepared meals and restaurant dishes, contributing to the market’s recovery.

• Government Stimulus Packages: Government stimulus measures aimed at reviving the economy post-COVID provided financial support to businesses, including those in the food processing industry. This injection of capital helped alleviate financial strains and encouraged investment in production capacity and innovation within the hydrolyzed vegetable protein market, facilitating its recovery.

In conclusion, the COVID-19 pandemic has had a mixed impact on the Hydrolyzed Vegetable Protein Market, with some challenges and opportunities arising from the pandemic.

List of the prominent players in the Hydrolyzed Vegetable Protein Market:

• Cargill Incorporated
• Archer Daniels Midland Company
• Kerry Group plc
• Tate & Lyle PLC
• Ajinomoto Co. Inc.
• Ingredion Incorporated
• DSM Nutritional Products AG
• Givaudan SA
• Symrise AG
• Associated British Foods plc
• Koninklijke DSM N.V.
• Sensient Technologies Corporation
• DuPont de Nemours Inc.
• CHS Inc.
• Bunge Limited
• Others

The Hydrolyzed Vegetable Protein Market is segmented as follows:

By Source

• Pea
• Soy
• Wheat
• Corn
• Rapeseed
• Rice
• Others

By Application

• Food and Beverages
• Pharmaceuticals
• Cosmetics
• Animal Feed
• Others

By Form

• Liquid
• Powder

By End-Use Industry

• Food Processing Industry
• Nutraceutical Industry
• Personal Care Industry
• Animal Feed Industry
• Others

By Distribution Channel

• Direct Sales
• Distributors
• Online Retail
• Offline Retail

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America