PUBLISHER: The Business Research Company | PRODUCT CODE: 1428226
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428226
Hydrolyzed vegetable proteins (HVP) are derived from plant-based protein sources and serve as flavor enhancers in a variety of prepared dishes, including soups, chili, sauces, gravies, stews, potato chips, and pretzels.
The primary sources of hydrolyzed vegetable protein include soy, wheat, corn, peas, and other plant-based ingredients. Soy, a small bean extensively cultivated for both human and animal consumption, is used to produce hydrolyzed protein, which functions as a flavor enhancer in food. These proteins are manufactured in dry powder and liquid forms, offering diverse functions such as flavoring agents and emulsifying agents. They find applications in various food sectors, including bakery and confectionery, processed food products, meat substitutes, and beverages.
The hydrolyzed vegetable proteins market research report is one of a series of new reports from The Business Research Company that provides hydrolyzed vegetable proteins market statistics, including hydrolyzed vegetable proteins industry global market size, regional shares, competitors with a hydrolyzed vegetable proteins market share, detailed hydrolyzed vegetable proteins market segments, market trends and opportunities, and any further data you may need to thrive in the hydrolyzed vegetable proteins industry. This hydrolyzed vegetable proteins market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The hydrolyzed vegetable proteins market size has grown strongly in recent years. It will grow from $1.53 billion in 2023 to $1.64 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The rise observed in the historical period can be credited to a surge in the need for high-quality proteins within developing markets, the expansion of the pet food industry, a rising demand for functional foods, an increasing appetite for sustainable ingredients, and a growing preference for organic and natural products.
The hydrolyzed vegetable proteins market size is expected to see strong growth in the next few years. It will grow to $2.21 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The anticipated expansion in the forecast period can be ascribed to an increasing desire for plant-based proteins, the continual growth of the food and beverage industry, heightened health consciousness, elevated levels of obesity, and a rising preference for ready-to-eat meals. Noteworthy trends expected in the forecast period encompass progress in food technology, the widening scope of the cosmetics industry, and the introduction of sustainable ingredients.
The anticipated rise in the hydrolyzed vegetable protein market is expected to be fueled by the increasing popularity of vegetarian and vegan diets. Vegetarian and vegan diets, which exclude animal-origin foods, are driving the demand for hydrolyzed vegetable protein derived from plant sources. This plant-based protein offers a versatile and sustainable solution to meet the dietary preferences of vegetarian and vegan consumers. For example, a report from The Plant-Based Foods Association, a U.S.-based trade association for the plant-based food industry, revealed that plant-based foods achieved $8 billion in U.S. retail sales in 2022, marking a 6.67% increase from $7.5 billion in 2021. Hence, the growing adoption of vegetarian and vegan diets is a key factor propelling the hydrolyzed vegetable protein market.
The increasing emphasis on health consciousness among consumers is poised to drive the hydrolyzed vegetable protein market in the foreseeable future. Health consciousness involves individuals or groups actively striving to preserve and enhance well-being. Consumers are becoming more mindful of their health, and hydrolyzed vegetable proteins are often perceived as healthier alternatives to animal-derived proteins. As evidence, the Global Wellness Economy Monitor 2023 report by the Global Wellness Institute, a U.S.-based non-profit organization, noted that the nutrition market, healthy eating, and weight loss increased from $911 billion to $1,079 billion by 2022. This underscores the impact of rising health consciousness in propelling the hydrolyzed vegetable protein market.
A significant trend gaining traction in the hydrolyzed vegetable protein market is the focus on product innovations. Key companies in the market are directing their efforts towards introducing new and innovative products to maintain their market position. For example, in November 2022, Crespel & Deiters GmbH & Co. KG, a Germany-based wheat protein manufacturing company, unveiled Lory Tex, a textured wheat protein. Loryma's wheat proteins, known for providing texture, are utilized in the creation of vegetarian and vegan substitutes for meat and fish, enhancing flavor, promoting health, and presenting visually appealing options. The texturized wheat proteins from Lory Tex play a crucial role in balanced diets and serve as the foundation for inventive culinary creations and forward-looking food innovations. Wheat texturates, with their meat-such as texture, prove ideal for vegetarian products and protein enhancement in low-carb diets utilizing vegetable proteins.
Major players in the hydrolyzed vegetable protein market are embracing strategic investments, exemplified by the Archer-Daniels-Midland Company's substantial investment, to address the growing demand for substitute proteins through significant capacity expansion. Archer-Daniels-Midland Company (ADM) is set to invest $300 million, expanding its global production of alternative proteins to meet the increasing customer demand for high-quality plant-based proteins. In April 2022, ADM announced this substantial investment to significantly boost its alternative protein manufacturing in Decatur, Illinois. The company plans to establish a groundbreaking Protein Innovation Center in Decatur, collaborating with its Food Application Center and Animal Nutrition Technology Center to enhance its Decatur-based innovation complex. This initiative aims to strengthen ADM's capacity to collaborate closely with consumers, providing tailored solutions to meet their specific needs.
In January 2022, The Crespel & Deiters Group, a German wheat protein manufacturing firm, completed the acquisition of Extruded Cereal Products B.V. for an undisclosed sum. This strategic move enables Crespel & Deiters Group to broaden its technological capabilities, ensure a sufficient supply of sought-after ingredients, and introduce a new processing step to its extensive array of wheat refining options. Extruded Cereal Products B.V. is a Netherlands-based manufacturing company specializing in vegetable proteins.
Major companies operating in the hydrolyzed vegetable proteins market report are Cargill Inc., Archer Daniels Midland Company, Caremoli SPA, Jones-Hamilton Co., Ajinomoto Co. Inc., Kerry Group plc., Symrise AG, Koninklijke DSM N.V., Givaudan SA, Tate And Lyle plc., Sensient Technologies Corporation, Griffith Foods Inc., Sun Impex International Foods LLC, Aipu Food Industry Co. Ltd., Exter, Titan Biotech Limited, Chaitanya Biologicals Pvt. Ltd, Aarkay Food Products Ltd., Nactis Flavours, Caremoli Dien Inc., New Alliance Dye Chem Pvt. Ltd., Dien Inc., Shanghai Bichain Industrial Chemical Co. Ltd., Astron Chemicals S.A., Henan Hengernuo Biotechnology Co. Ltd., PMV Nutrient Products Pvt. Ltd., Shandong Jianyuan Group Co. Ltd.
North America was the largest region in the hydrolyzed vegetable proteins market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hydrolyzed vegetable proteins market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the hydrolyzed vegetable proteins market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The hydrolyzed vegetable protein market consists of sales of hydrolyzed sunflower protein and hydrolyzed almond protein. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Hydrolyzed Vegetable Proteins Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on hydrolyzed vegetable proteins market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for hydrolyzed vegetable proteins ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The hydrolyzed vegetable proteins market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.