PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1307984
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1307984
Global Hydrolyzed Vegetable Proteins (HVP) market will experience significant growth between 2023 and 2032. Rising consumer awareness regarding the health benefits of plant-based proteins is fueling the demand for HVP as a natural and sustainable protein source.
There has been a commendable rise in sales of clean-label and plant-based food as people from across the globe transition toward vegetarian and vegan lifestyles. According to World Animal Foundation, 22% of the population worldwide is vegetarian, while 629,000 people globally signed up for a veganuary in 2022. These trends, in line with the food industry's focus on product innovation and development, especially in the meat substitutes and savory flavor enhancers segments, are creating lucrative opportunities for HVP manufacturers. Furthermore, the expanding food and beverage industry, coupled with the growing trend of incorporating plant proteins in various applications, is also propelling the growth of the HVP market.
The overall hydrolyzed vegetable proteins market share is segregated based on form, product, end-use, and region.
Regarding the product, the market size from the wheat protein segment will register sizeable gains through 2032. Hydrolyzed wheat protein is considered a valuable ingredient in the cosmetic and personal care industry due to its moisturization and hair-strengthening benefits. The increasing preference for plant-based proteins and clean-label products in the food and beverage industry has fueled the demand for hydrolyzed wheat protein as a natural and sustainable ingredient, contributing to segment gains.
Based on form, the hydrolyzed vegetable proteins market value from the chunks segment will grow appreciably over 2023-2032. The demand for hydrolyzed vegetable protein chunks is growing due to the rising adoption of vegetarian and vegan diets resulting in the increased demand for meat substitutes that provide similar taste and texture. Besides, the growing awareness about the environmental impact of meat consumption has led to a shift towards plant-based protein alternatives, which will propel product uptake in the coming years.
In terms of end-use, the industry from the cosmetics & personal care segment will garner sizeable revenue by 2032. The demand for hydrolyzed vegetable protein is growing in the cosmetics and personal care industry due to its numerous benefits. It is widely used in hair care products as it helps improve hair strength, repair damage, and provide moisturization. Additionally, it is known to enhance the texture and feel of skincare products, making it a sought-after ingredient in the industry.
From a regional perspective, Europe hydrolyzed vegetable proteins industry will depict a recognizable CAGR from 2023 to 2032. There is an increasing trend towards plant-based diets and a growing awareness of the health benefits associated with vegetable proteins. This apart, the demand for natural and sustainable ingredients in the food, beverage, and personal care industries has contributed to the rising demand for hydrolyzed vegetable protein in Europe.