Hydrolyzed Vegetable Proteins Market
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Hydrolyzed Vegetable Proteins Market size reached USD 1.44 billion in 2023 and is poised to exhibit over 7.3% CAGR between 2024 and 2032, driven by the growing prevalence of obesity.
Fast-food consumption has grown multifold, pushed by the shifting consumer inclination toward on-the-go or ready-to-eat food products. Fast food requires less time and effort, therefore, has gained significant popularity among the youth and working-class population. Hydrolyzed vegetable proteins, such as soy protein, rice protein, pea protein, and others, are added to these products to enhance their nutritional composition. However, the availability of several product alternatives may hamper industry revenue.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Hydrolyzed Vegetable Proteins Market size in 2023: | USD 1.44 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 7.3 |
| 2023 Value Projection: | USD 2.72 Billion |
| Historical Data for: | 2018 to 2022 |
| No of Pages: | 350 |
| Tables, Charts & Figures: | 268 |
| Segments Covered: | Form, Product type, End-use, and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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The increasing disease burden has prompted individuals to make lifestyle changes and consume diets with rich nutritional composition, which may stimulate vegetable protein demand in the long run. The positive outlook of the fast-food business worldwide is a key contributor driving the hydrolyzed vegetable proteins market demand.
The soy protein segment share will expand at 7.5% CAGR during 2023 to 2032, credited to the numerous health benefits associated with soy protein. It helps promote muscle strength and weight loss. Several studies claim that regular consumption of soy protein can help elevate energy levels and aid illnesses such as osteoporosis, heart disease, and hormone imbalance. These attributes make it popular among fitness-oriented and health-conscious individuals, thus driving product sales.
The food beverages segment held over 41% share of the hydrolyzed vegetable proteins market in 2022. Healthy snacks and food items have gained commendable traction among the working population, backed by changing lifestyles, urbanization, and tight work schedules. Hydrolyzed vegetable proteins are extensively used as foaming and stabilizing agents and taste enhancers in a variety of food items, such as sausages, meat analogs, cereals, and soups. Besides, the ability of these ingredients to provide meat-like flavor, texture, appearance, and structure to non-meat items will favor their adoption across the food & beverages industry.
U.S. hydrolyzed vegetable proteins market size accounted for USD 700 million in 2022. Leading manufacturers of hydrolyzed vegetable protein, such as Synergy and Basic Food Flavours, are based in the United States. These firms are anticipated to step up their efforts in the coming years to make these products more affordable and effective. In addition, an expanding working population and increasing fast food sales in the country will help the United States emerge as a prominent consumer of hydrolyzed vegetable proteins.
Some of the leading companies involved in the hydrolyzed vegetable proteins market are:
Market, By Form
Market, By Product Type
Market, By End-use
The above information has been provided for the following regions and countries:
Notable players in the market include Kerry Group Plc, Ajinomoto Co., Inc., Jones-Hamilton Co, DSM, Diana Group, Brolite Products Co. Inc., Caremoli Group, Tate & Lyle Plc, Givaudan, and Griffith Laboratories.
The soy protein segment is estimated to grow at over 7.5% CAGR through 2032, given its numerous health benefits and ability to relieve conditions like hormonal imbalance and osteoporosis.
The food & beverages segment accumulated over 41% of the hydrolyzed vegetable proteins industry share in 2022, owing to its widespread usage as a taste enhancer, stabilizer, and foaming agent in a range of food items.
The market size of hydrolyzed vegetable proteins was valued at USD 1.44 billion in 2023 and is primed to observe over 7.3% CAGR from 2024 to 2032, attributed to the high incidence rate of diabetes and increasing fast food consumption worldwide.