PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1454091
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1454091
According to Stratistics MRC, the Global Hydrolyzed Plant Protein Market is accounted for $2243 million in 2023 and is expected to reach $3328 million by 2030 growing at a CAGR of 5.8% during the forecast period. Hydrolyzed plant protein is derived from various plant sources like soy, wheat, or peas through a process called hydrolysis, where proteins are broken down into smaller peptides and amino acids. This process enhances the protein's solubility and digestibility. Hydrolyzed plant protein is commonly used as a flavour enhancer, texturizer, or nutritional supplement in food products, especially in vegan or vegetarian alternatives to animal-based proteins.
Rising demand for plant-based products
Plant-based diets are perceived as healthier and more sustainable alternatives to traditional animal-based diets, driving consumers to seek plant-derived protein sources like hydrolyzed plant protein. Moreover, the growing popularity of veganism and vegetarianism further accelerates the demand for plant-based protein products. Hydrolyzed plant protein serves as a versatile ingredient in a wide range of plant-based food and beverage applications, including snacks, meat substitutes, and protein bars, catering to the diverse dietary preferences of consumers.
Taste and texture challenges
Hydrolyzed plant protein, while offering nutritional benefits, can sometimes exhibit off-flavors, bitterness, or undesirable textures, especially when used in high concentrations or in certain food applications. The hydrolysis process, which breaks down large protein molecules into smaller components, can alter the sensory properties of the protein, affecting taste and texture. Additionally, the source of hydrolyzed plant protein, such as soy, wheat, or peas, may contribute distinct flavour profiles or textures, which hampers the market demand.
Expanding food and beverage industry
The expanding food and beverage industry serves as a significant driver for the growth of the hydrolyzed plant protein market. Hydrolyzed plant protein plays a crucial role in this landscape by offering a sustainable and plant-based alternative to traditional protein sources. Moreover, manufacturers in the food and beverage industry are incorporating hydrolyzed plant protein into a wide range of products to meet this demand. From plant-based meat alternatives to dairy-free beverages and snack bars, hydrolyzed plant protein enhances the nutritional profile and texture of various food and beverage formulations.
Substitute products
Animal-based proteins, such as whey and casein, represent one category of substitutes. These proteins are widely utilized in the food industry and are often favored for their superior taste, texture, and perceived nutritional quality, particularly in sports nutrition and functional food applications. Additionally, alternative plant proteins, including pea protein, rice protein, and hemp protein, pose a significant threat to the hydrolyzed plant protein market.
Covid-19 Impact
The COVID-19 pandemic had a significant impact on the hydrolyzed plant protein market. Initially, the pandemic disrupted global supply chains, leading to logistical challenges and shortages of raw materials. Furthermore, consumer behavior shifted during the pandemic, with increased demand for shelf-stable and nutritious food products. This led to a surge in sales of plant-based protein products, including hydrolyzed plant protein, as consumers sought out healthier options for home cooking and meal preparation.
The dry powder segment is expected to be the largest during the forecast period
The dry powder segment is estimated to hold the largest share. The dry powder form offers flexibility in product formulation, enabling precise control over protein content and flavor profiles. Manufacturers can easily incorporate hydrolyzed plant protein powder into various food products, such as protein bars, shakes, snacks, and baked goods, enhancing their nutritional value and sensory attributes. Additionally, consumers' dry powder-hydrolyzed plant protein provides convenience and versatility in incorporating plant-based protein into their diets.
The food and beverages segment is expected to have the highest CAGR during the forecast period
The food and beverages segment is anticipated to have lucrative growth during the forecast period, owing to its versatile applications and functional properties. Hydrolyzed plant protein serves as a valuable ingredient in various food and beverage formulations, contributing to texture enhancement, flavour enrichment, and nutritional fortification. It is commonly used in soups, sauces, dressings, and condiments to enhance viscosity, mouthfeel, and the overall sensory experience. Moreover, in bakery products, hydrolyzed plant protein helps to improve dough handling, texture, and moisture retention, resulting in softer and more resilient baked goods.
Asia Pacific commanded the largest market share during the extrapolated period. With a rapidly growing population, increasing urbanization, and rising disposable incomes, consumers in this region are becoming more health-conscious and are actively seeking out nutritious and sustainable food options. Additionally, the prevalence of lactose intolerance and other dietary restrictions further fuels the demand for plant-based alternatives, including hydrolyzed plant protein.
North America is expected to witness profitable growth over the projection period, driven by a combination of factors, including consumer demand for plant-based products and a well-established food industry. The United States and Canada lead the way in the consumption of plant-based products, driven by trends such as vegetarianism, veganism, and flexitarianism. These dietary preferences, along with concerns about animal welfare, environmental sustainability, and personal health, contribute to the increasing demand for hydrolyzed plant protein in the region.
Key players in the market
Some of the key players in the Hydrolyzed Plant Protein Market include Kerry Inc., Griffith Foods Inc., Cargill Incorporated, Tate & Lyle, Archer Daniels Midland Company, Roquette Freres, FrieslandCampina Ingredients, Kelisema, A. Costantino & C. Spa, New Alliance Dye Chem Pvt. Ltd. and Aarkay Food Products Ltd.
In February 2023, Kerry, a world leader in taste and nutrition for the food, beverage and pharmaceutical markets announced its new distribution agreement with Azelis, a leading innovation service provider in the specialty chemicals and food ingredients industry.
In February 2023, Kerry established strategic partnership with Caldic for value creation in the taste, nutrition, and functional ingredients market in Europe