Meticulous Research® has unveiled a new report, ‘Hydrolyzed Vegetable Protein Market by Source (Soy, Wheat, Pea, Corn, Rice), Form (Solid, Liquid), Process (Acid Alkaline, Enzymatic), Application (Food and Beverages, Infant Nutrition, Nutritional Supplement) - Global Forecast to 2030’. This report predicts a strong growth trajectory for the hydrolyzed vegetable protein market, with a projected CAGR of 9.9% from 2024 to 2030, reaching a market value of $6.14 billion by the end of the forecast period.
The increasing consumer preference for vegetarian and vegan foods, along with the surge in demand for processed and convenience food products, is driving this market’s growth. Additionally, growing awareness about the health advantages of plant-based proteins and a shift toward healthier eating habits are key factors fueling this trend. However, market growth may be constrained by the widespread availability of alternative protein products, such as isolates and concentrates, and the volatility of raw material prices.
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Key Companies in the Market
Major players operating in the hydrolyzed vegetable protein market include prominent companies like Kerry Group Plc, Cargill, Incorporated, Rouquette Frères, Ajinomoto Co., Inc., Tate Lyle PLC, Foodchem Group, Titan Biotech Limited, Archer-Daniels-Midland Company, Aipu Food Industry, and Axiom Foods Inc.
Segmentation Overview
The hydrolyzed vegetable protein market is segmented by source, form, process, and application, with detailed analysis at regional and global levels.
- Source: Soy is expected to remain the leading source for hydrolyzed vegetable protein in 2024, driven by its cost-effectiveness and favorable flavor profile. However, pea protein is gaining momentum and is expected to see the highest CAGR over the forecast period.
- Form: Solid HVP will dominate the market, but liquid HVP is set to grow rapidly due to its extended shelf life and flexibility in various food applications.
- Process: Acid alkaline processes will continue to account for the larger market share due to their efficiency in improving digestibility and flavor. Enzymatic processes, offering enhanced nutritional benefits, will grow at the fastest rate.
- Application: Food beverages will account for the largest market share, but the nutritional supplements segment will see the fastest growth due to rising consumer demand for protein-rich diets.
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Market Distribution
Offline sales channels, such as supermarkets and grocery stores, will continue to dominate the distribution landscape in 2024, but online channels will experience rapid growth driven by the increasing convenience and availability of online shopping.
Regional Market Dynamics
North America will hold the largest market share in 2024, owing to a strong demand for plant-based products, health supplements, and the presence of key industry players. Asia-Pacific, however, will witness the highest CAGR, supported by a growing focus on healthy eating, technological advancements, and a significant vegetarian population.
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Key questions answered in the report-
- Which are the high-growth market segments in terms of source, form process, application, distribution channel, and country/region?
- What is the historical market for hydrolyzed vegetable protein across the globe?
- What are the market forecasts and estimates for the period of 2024 to 2030?
- What are the major drivers, restraints, challenges, opportunities, and trends in the hydrolyzed vegetable protein market?
- Who are the major players in the global market, and what are their market shares?
- Who are the major players in various countries, and what are their market shares?
- How is the competitive landscape?
- What are the recent developments in the hydrolyzed vegetable protein market?
- What are the different growth strategies adopted by the major players in the market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the hydrolyzed vegetable protein market, and how do they compete with other players?
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