According to the report, the Hydrolyzed Vegetable Protein market growing at a CAGR of around 4.9% between 2019 and 2026.
The global hydrolysed vegetable protein market is expected to be valued at 927 MN USD by 2027 at a CAGR of 5.4%. The report global hydrolysed vegetable protein market covers forecast and analysis on a regional and global level. The research report presents a complete valuation of the market, opposition, emerging trends, opportunities, and industry-validated market information. The research report offers significant data of 2016, 2017, & 2018 along with an assessment from 2019 to 2026 based on revenue (USD Million) and volume (Tonnes).
Hydrolysed vegetable protein is a flavor enhancer, which is used in processed foods like sauces, soups, gravies, and some meat products. It is produced by boiling foods such as corn, soy, and wheat in hydrochloric acid and neutralizing it in sodium hydroxide. The by-product obtained from the reaction is hydrolyzed protein. The global hydrolyzed vegetable protein is anticipated to expand at a significant growth rate over the forecast period. This can be attributed to growing consumer awareness regarding plant-based protein ingredients and high demand from various applications, including processed foods and other convenience foods. Moreover, shifting consumer preference towards plant-based protein over animal-derived protein is further escalating the market growth. On the contrary, the availability of alternatives such as concentrates and isolates form of protein could challenge the market presence.
Based on raw material, the global hydrolysed vegetable protein market has been classified into corn, soy, wheat, rice, pea, and others. In 2018, the soy segment has accounted for the largest share in terms of revenue. Hydrolyzed soy protein is obtained from the hydrolysis of individual plants like soy. As hydrolyzed soy protein is used as a flavor enhancer in soups and spices, sauces and snacks because of its high sodium levels, the segment is expected to continue its dominance over the forecast timeline.
The global hydrolysed vegetable protein market is categorized into the food & beverage industry, cosmetic & personal care industry, pharmaceutical industry. The maximum market share is contributed by the food and beverage industry and is further projected to witness remarkable growth over the forecast timeframe. As hydrolyzed vegetable protein is used as a flavor enhancer in many processed foods, and also it is blended with other spices to make seasonings that are used in foods, the market is gaining a positive impact.
Based on form, the global hydrolysed vegetable protein market has been classified into powder & granules, paste, and liquid. The powder & granules segment has dominated the market share in 2018 in terms of revenue and is further expected to exhibit the market presence. Hydrolyzed vegetable protein in powder form is mostly consumed by athletes as sports nutrition to fulfill protein requirements, thus driving the market growth.
Based on the region, Asia-Pacific has dominated the market share in 2018 owing to the growing population and increasing demand for nutritional food products in the region, especially in China, India, and Australia. In addition to this, rising disposable income in the region and increasing investments in the food & beverage industry is further boosting the regional market value. Furthermore, North amerce has accounted for a considerable market share, as people in the region are prone to regular use of canned food products and beverages.
The hydrolysed vegetable protein market is highly merged with major players including Archer Daniels Midland Company, Symrise AG, Tate & Lyle Plc, Dohler GmbH, Sensient Technologies Corporation, Exter B.V, Ingredients, Inc., Cargill Inc., Kerry Group Plc, Givaudan SA, and others. The major approaches implemented by these leading companies in the market are new product launches, key developments, mergers & acquisitions, and collaborations. These companies are focusing more on investment in partnerships, expansions, and innovations to increase their market share.
This report segments the global hydrolyzed vegetable protein market as follows:
Global Hydrolyzed Vegetable Protein Market: Raw Material Segment Analysis
Global Hydrolyzed Vegetable Protein Market: Form Segment Analysis
Global Hydrolyzed Vegetable Protein Market: End-Use Segment Analysis
Global Hydrolyzed Vegetable Protein Market: Regional Segment Analysis