|
Forecast Period
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2024-2028
|
|
Market Size (2022)
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USD 1.19 billion
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CAGR (2023-2028)
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5.89%
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Fastest Growing Segment
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Processed Food Products
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|
Largest Market
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North America
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Market Overview
Global Hydrolyzed Vegetable Proteins Market has valued at USD 1.19 billion in 2022 and is anticipated to project impressive growth in the forecast
period with a CAGR of 5.89% through 2028. The global hydrolyzed vegetable
proteins market refers to the industry involved in the production and
distribution of hydrolyzed proteins derived from various plant sources. These
proteins are processed through hydrolysis, which breaks down large protein
molecules into smaller peptides, making them more digestible and suitable for
use in various food and beverage products.
Key Market Drivers
Plant-Based Diet Trends
The global food industry is undergoing a significant transformation,
with plant-based diets gaining momentum worldwide. As consumers become more
health-conscious and environmentally aware, they are increasingly turning to
plant-based alternatives for their nutritional needs. This shift in dietary
preferences has a profound impact on the food ingredients market, particularly
on hydrolyzed vegetable proteins. Plant-based diets are no longer niche
choices; they have entered the mainstream. More consumers are choosing to
reduce their consumption of animal products or eliminate them entirely in favor
of plant-based alternatives. This shift is driven by health considerations,
ethical concerns, and environmental awareness. With plant-based diets, there is
a growing demand for meat alternatives that provide the taste, texture, and
nutritional profile of traditional animal-based products. Hydrolyzed vegetable
proteins, derived from sources like soy, wheat, and peas, are essential
ingredients in the formulation of plant-based meat substitutes. They play a
crucial role in mimicking the flavor and texture of meat, making them an
integral component of this burgeoning market. Hydrolyzed vegetable proteins are
valued for their ability to enhance flavor in plant-based products. They
provide the savory or umami taste that is often associated with meat,
contributing to the palatability of vegetarian and vegan dishes. Additionally,
these proteins can be fortified with essential amino acids and nutrients,
improving the overall nutritional content of plant-based foods. Mimicking the
texture and mouthfeel of meat is a significant challenge in plant-based product
development. Hydrolyzed vegetable proteins can improve the texture and
mouthfeel of plant-based products, making them more appealing to consumers.
Whether it's a juicy burger patty or a tender piece of plant-based
"chicken," these proteins play a vital role in achieving the desired
product characteristics. Today's consumers are not only concerned about their
health but also about the ingredients in the products they consume. Hydrolyzed
vegetable proteins are considered clean label ingredients, as they are derived
from natural sources and undergo minimal processing. This aligns with the clean
label trend, making them an attractive choice for food manufacturers aiming to
meet consumer demands for transparency and simplicity. The plant-based diet
trend is not limited to Western markets. It is a global phenomenon, with
increasing adoption in Asia, Latin America, and other regions. This global expansion
is driving the demand for hydrolyzed vegetable proteins on a larger scale, as
food companies worldwide seek to capitalize on this trend.
Clean Label and Natural Ingredients
Consumer preferences in the food industry are undergoing a significant
transformation, with a growing demand for clean labels and natural ingredients.
As people become more health-conscious and seek transparency in the products
they consume, the global hydrolyzed vegetable proteins market is experiencing a
surge in growth. Clean labels have become more than just a buzzword; it is now
a guiding principle for many consumers. This trend is driven by a desire for
transparency and a demand for products with fewer easily recognizable
ingredients. Hydrolyzed vegetable proteins are gaining popularity because they
align with clean label expectations, making them an attractive choice for food
and beverage manufacturers. Hydrolyzed vegetable proteins are produced through
a process called hydrolysis, which breaks down large protein molecules into
smaller peptides. This process is considered minimal compared to some other
food processing techniques. As a result, hydrolyzed vegetable proteins are
perceived as less processed and more natural, which resonates with consumers
seeking clean label products. Hydrolyzed vegetable proteins are derived from
plant sources such as soy, wheat, peas, and rice. This natural origin is a
significant selling point, especially in a market where consumers are looking
to reduce their reliance on animal-derived ingredients. The use of plant-based
proteins further enhances the perception of naturalness. One of the key
attributes of hydrolyzed vegetable proteins is their ability to enhance flavor
naturally. They provide umami and savory notes, which are essential in many
culinary applications. Instead of relying on artificial flavor enhancers, food
manufacturers are increasingly turning to these proteins to improve the taste
of their products naturally. Clean label products typically have shorter
ingredient lists, which are more straightforward and easier to understand.
Hydrolyzed vegetable proteins can be used to replace or reduce the need for
certain additives or flavor enhancers, contributing to cleaner and simpler
product formulations.
Rising Health and Wellness Awareness
In today's world, a global wave of health and wellness consciousness is
sweeping across consumers of all demographics. People are becoming increasingly
mindful of their dietary choices, seeking products that align with their health
and wellness goals. This shift in consumer preferences is significantly
contributing to the growth of the global hydrolyzed vegetable proteins market. As
individuals become more health-conscious, they are scrutinizing their diets to
make choices that promote well-being. Hydrolyzed vegetable proteins are
emerging as a favorable option for those looking to improve their dietary
habits. These proteins are derived from plant sources and are often considered
a healthier alternative to some animal-based proteins, making them a natural
choice for health-conscious consumers. The health and wellness movement often
involves a shift towards reducing meat consumption. Many consumers are opting
for flexitarian, vegetarian, or vegan diets to lower their intake of saturated
fats and cholesterol associated with animal products. Hydrolyzed vegetable
proteins are essential ingredients in plant-based meat alternatives, helping
replicate the taste, texture, and nutritional profile of traditional meat
products. Hydrolyzed vegetable proteins can be fortified with essential amino
acids and nutrients, making them a valuable ingredient for enhancing the
nutritional content of various food products. This is especially important for
consumers who seek not only plant-based options but also products that offer balanced
nutrition. Weight management and maintaining a healthy body weight are central
to the health and wellness movement. Hydrolyzed vegetable proteins are often
used to create low-calorie, high-protein products that cater to individuals
looking to manage their weight without compromising on taste or nutrition. Health-conscious
consumers may also have specific dietary needs, such as gluten-free,
dairy-free, or allergen-free diets. Hydrolyzed vegetable proteins can be used
to formulate products that meet these dietary requirements, expanding their
appeal to a broader audience. Alongside health awareness, consumers are
increasingly looking for clean labels and natural products. Hydrolyzed
vegetable proteins are perceived as clean label ingredients because they are
derived from natural plant sources and undergo minimal processing. This aligns
with the clean eating trend, making them an attractive choice for
health-focused consumers.
Global Expansion and Emerging Markets
The global hydrolyzed vegetable proteins market is experiencing
remarkable growth, driven by dynamic factors that extend far beyond established
markets. As the world becomes increasingly interconnected and consumers
worldwide embrace healthier and sustainable dietary choices, the global
expansion into emerging markets is significantly boosting the hydrolyzed
vegetable proteins market. Dietary preferences that were once specific to
certain regions are now transcending borders. The global appetite for healthier
and plant-based diets is fueling the demand for hydrolyzed vegetable proteins
worldwide. People in emerging markets are becoming more health-conscious,
adopting plant-based eating habits, and seeking clean label ingredients,
aligning with global dietary trends. Emerging markets, particularly in Asia,
Latin America, and Africa, are witnessing a rapid expansion of their
middle-class populations. As disposable incomes rise, consumers in these
regions are increasingly able to afford premium and health-focused food products.
Hydrolyzed vegetable proteins, with their clean label and nutritional benefits,
are well-suited to cater to this growing demographic. The ongoing urbanization
trend in emerging markets is changing consumer lifestyles. People in urban
areas have busier schedules and are seeking convenient, ready-to-eat food
options. Hydrolyzed vegetable proteins can be incorporated into a wide range of
processed and convenience foods, making them an ideal ingredient for
manufacturers looking to cater to urban consumers. Improved logistics and the
globalization of supply chains have made it easier for hydrolyzed vegetable
protein producers to reach emerging markets. These advances reduce the cost of
transportation and make it more feasible for manufacturers to distribute their
products globally. The cultural acceptance of plant-based diets varies across
regions, but there is a growing openness to alternative protein sources in many
emerging markets. As consumers become more aware of the environmental and
health benefits of plant-based diets, they are more willing to incorporate
hydrolyzed vegetable proteins into their traditional cuisines.
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Key Market Challenges
Allergenicity Concerns
One of the foremost challenges faced by the industry is allergenicity.
Some hydrolyzed vegetable proteins, particularly those derived from soy and
wheat, can trigger allergies in individuals with sensitivities to these
ingredients. As consumer awareness of allergenic risks increases, food
manufacturers must navigate labeling regulations and manage potential
liabilities associated with allergen cross-contamination.
Cost of Production
Producing hydrolyzed vegetable proteins can be a complex and
resource-intensive process. The cost of production, including raw materials,
processing, and quality control measures, can be relatively high. In a
competitive market, managing costs while maintaining product quality can be
challenging for manufacturers.
Taste and Functional Challenges
Hydrolyzed vegetable proteins are often used to enhance the flavor and
functionality of food products. However, achieving the desired taste and
texture can be challenging, particularly in plant-based meat substitutes.
Developing products that closely mimic the sensory attributes of traditional
meat can require significant research and development efforts.
Competition from Other Ingredients
Hydrolyzed vegetable proteins face competition from a variety of other
plant-based protein sources, such as pea protein, rice protein, and fungal
protein. The choice of which protein source to use in formulations depends on
factors like cost, taste, and nutritional profile. As new plant-based protein
sources emerge, manufacturers must carefully assess their suitability for
specific applications.
Key Market Trends
Plant-Based Boom Continues
The plant-based diet trend shows no signs of slowing down. Consumers are
increasingly opting for plant-based alternatives to meat and dairy, driven by
health, environmental, and ethical considerations. Hydrolyzed vegetable
proteins, derived from soy, wheat, peas, and other plant sources, will play a
pivotal role in the formulation of plant-based meat and dairy substitutes.
Focus on Sustainability
Sustainability is a critical concern for consumers, and it extends to
their dietary choices. Hydrolyzed vegetable proteins, which are sourced from
renewable plant-based raw materials, align with sustainability goals. Brands
that can demonstrate their commitment to environmentally responsible practices
will have a competitive advantage.
Customized Protein Solutions
Food manufacturers are increasingly seeking customized hydrolyzed
vegetable protein solutions that meet specific formulation needs. Whether it's
enhancing flavor, improving texture, or fortifying with specific nutrients, the
market is moving towards providing tailored protein solutions to cater to
diverse product categories.
Diversification of Protein Sources
While soy and wheat have traditionally been dominant sources of
hydrolyzed vegetable proteins, the market is diversifying. Manufacturers are
exploring alternative protein sources, such as pulses (peas, lentils), rice,
and even underutilized crops, to meet the growing demand for diverse
plant-based options.
Segmental Insights
Source Insights
Based on the category of Source, the industry is divided into several
segments, including soy, wheat, corn, peas, and others. In 2022, the soy
category emerged as the dominant force in the market, primarily due to its
cost-effectiveness and the widespread availability of soy crops. The demand for
Hydrolyzed Vegetable Protein (HVP) derived from soy stems from its easy
accessibility, health advantages, popularity in vegetarian and vegan diets,
affordability, and its ability to enhance flavors. Soy is recognized as a
valuable source of protein, and soy-based HVP serves as a comparatively healthy
alternative to animal-based flavorings because it contains low levels of fat,
calories, and cholesterol. Moreover, soy-based HVP is more budget-friendly than
its animal-based counterparts, making it a cost-effective choice for food
manufacturers. Additionally, its robust umami flavor contributes to improving
the taste of various food products while concealing undesirable flavors or
bitterness in processed foods.
Looking ahead, the segment related to pea derived HVP is anticipated to
experience a substantial CAGR from 2023 to 2030. Pea protein hydrolysate is a
favored protein supplement among athletes, bodybuilders, and health-conscious
individuals due to its high protein content and potential health advantages.
These advantages include enhanced muscle growth, reduced muscle soreness, and
lowered blood pressure. This makes it an appealing option for individuals
seeking to boost their overall health and athletic performance. Furthermore, it
is commonly employed in sports medicine due to its ability to enhance the
absorption of amino acids compared to intact proteins, ensuring optimal
nutrient delivery to muscles. In addition to its health benefits, pea HVP is
devoid of common allergens such as dairy, soy, and gluten, making it a safe
selection for individuals with food allergies or sensitivities.
Application Insights
Based on the category of Application, the market is categorized into
bakery and confectionery, processed food items, meat alternatives, beverages,
and other sectors. In 2022, the processed food products segment emerged as the
dominant force in the industry, accounting for the largest share of revenue.
This was primarily attributed to the increasing utilization of Hydrolyzed
Vegetable Protein (HVP) in processed food products. HVP is a versatile
ingredient widely employed in the food industry due to its capacity to enhance
both flavor and texture, alongside its cost-effectiveness and ease of
incorporation. In processed foods, HVP is commonly utilized as an emulsifying
agent, a flavor booster, and a texture modifier.
The growing demand for processed foods, driven by their convenience,
extended shelf life, and evolving consumer lifestyles, is expected to boost the
demand for HVP as a key component in these products. On the other hand, the
meat substitutes sector is projected to record the most rapid Compound Annual
Growth Rate (CAGR) from 2023 to 2030. HVP is frequently harnessed as an
ingredient in meat alternatives, such as plant-based burgers or meatless
meatballs, to impart a meat-like flavor and texture. It can also serve as a
seasoning or flavor enhancer in a wide array of vegetarian and vegan dishes. An
advantage of using HVP in place of meat is its typically lower cost, making it
an economical choice for individuals on a budget. Additionally, being
plant-based, it aligns well with the preferences of vegetarians and vegans.
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Regional Insights
In terms of revenue, North America asserted its dominance in the
industry during 2022, primarily due to the presence of a substantial and
well-established food and beverage sector. This sector generated a significant
need for Hydrolyzed Vegetable Protein (HVP) as both a flavor enhancer and a
functional ingredient. Moreover, the increasing appetite for processed and
convenient food offerings in the region played a pivotal role in boosting
market expansion. Additionally, North America boasts a highly developed
healthcare industry that incorporates HVP into medical nutrition products.
Furthermore, the region experiences a high prevalence of various health
conditions, such as obesity and diabetes, which has resulted in an elevated demand
for healthier food choices, including products containing HVP.
Looking ahead, the Asia Pacific region is poised to witness a lucrative
CAGR from 2023 to 2030, driven by several factors. These include the growing
demand for natural and plant-based food components and an increased awareness
of the health benefits associated with protein consumption. Additionally, the
region stands as the largest producer of plant-based protein sources like
soybeans and wheat, further bolstering market expansion.
Recent Developments
- In February 2020, Kerry Group made public its acquisition of Pevesa
Biotech, a Spanish firm specializing in organic and hypoallergenic plant
protein components for various nutritional purposes, including general, infant,
and clinical nutrition. This acquisition formed a crucial element of Kerry's
strategic plan to broaden its presence in the Hydrolyzed Vegetable Protein
(HVP) market and offer customers both organic and hypoallergenic plant protein
ingredients.
Key Market Players
- Ajinomoto Co Inc
- Kerry Group PLC
- Shanghai Aipu Food Industry Co Ltd
- Titan Bio-tech Ltd
- Cargill Inc
- Roquette Freres SA
- DSM BV
- Tate & Lyle PLC
- Archer-Daniels-Midland Co
- Griffith Foods SA De CV
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By Source
|
By Function
|
By Application
|
By Region
|
|
|
- Flavoring Agent
- Emulsifying Agent
- Others
|
- Bakery & Confectionary
- Processed Food Products
- Meat Substitutes
- Beverages
- Others
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- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
|
Report Scope:
In this report, the Global Hydrolyzed Vegetable Proteins Market has been
segmented into the following categories, in addition to the industry trends
which have also been detailed below:
- Hydrolyzed Vegetable Proteins Market, By Source:
o Soy
o Wheat
o Corn
o Pea
o Others
- Hydrolyzed Vegetable Proteins Market, By Function:
o Flavoring Agent
o Emulsifying Agent
o Others
- Hydrolyzed Vegetable Proteins Market, By Application:
o
Bakery & Confectionary
o
Processed Food Products
o
Meat Substitutes
o
Beverages
o
Others
- Hydrolyzed Vegetable Proteins Market,
By Region:
o North America
§ United States
§ Canada
§ Mexico
o Europe
§ Germany
§ United Kingdom
§ France
§ Italy
§ Spain
o Asia-Pacific
§ China
§ Japan
§ India
§ Australia
§ South Korea
o South America
§ Brazil
§ Argentina
§ Colombia
o Middle East & Africa
§ South Africa
§ Saudi Arabia
§ UAE
§ Kuwait
Competitive Landscape
Company Profiles: Detailed
analysis of the major companies present in the Global Hydrolyzed Vegetable
Proteins Market.
Available Customizations:
Global Hydrolyzed Vegetable Proteins market report with the given
market data, Tech Sci Research offers customizations according to a company's
specific needs. The following customization options are available for the
report:
Company Information
- Detailed analysis and profiling of
additional market players (up to five).
Global Hydrolyzed Vegetable Proteins Market is an upcoming report to be
released soon. If you wish an early delivery of this report or want to confirm
the date of release, please contact us at [email protected]