Hydrolyzed Plant Protein Market to Witness Significant Incremental Opportunity During 2020 - 2030

Healthy snack foods are becoming popular among the working population across the world due to changing lifestyles, increasing urbanization, and hectic work schedules. Hydrolyzed plant proteins play a key role in the preparation of several foods such as sausages, meat analogs, cereals, and soups, by the formation and stabilization of emulsions. Hydrolyzed plant protein is also used as a flavor enhancer in meat analogs to improve and enhance its flavor and taste. Thus, the increasing use of hydrolyzed plant protein in various food preparations, especially in convenience food products, is boosting the growth of the global hydrolyzed plant protein market. In recent years, the global hydrolyzed plant protein market has witnessed substantial growth, and this trend is anticipated to continue over the forecast period of 2020-2030, at a significant CAGR of 5%.

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Key Takeaways from Hydrolyzed Plant Protein Market Study:

Rising inclination of consumers toward plant-based food and plant-based diets, coupled with increasing trend of veganism in countries such as the U.S., the U.K., Germany, France, Spain, the Netherlands, and others, is boosting the growth of the global hydrolyzed plant protein market.
Food manufacturers use hydrolyzed plant protein to rebuild lost flavors during drying, freezing, and canning processes. Hydrolyzed plant protein has various applications in the production of breakfast cereals, soups, noodles, pasta, and others.
Hydrolyzed plant protein is acquired through the hydrolysis process, owing to which, its demand is also increasing for use in many cosmetics and personal care products. In addition, increasing demand for sports and infant nutrition has also led to rising demand for cost-effective hydrolyzed plant proteins as key ingredients from the manufacturers of nutritional products.
North America, Europe, and East Asia, collectively account for more than 70% of the value market share in the global hydrolyzed plant protein market. Increasing use of plant-based ingredients, not only in food products, but also in many industrial applications, is also boosting the growth of the global hydrolyzed plant protein market.
The market is facing production and supply chain issues due to restrictions as a result of the global COVID-19 pandemic. Growth of the market has thus been affected to some extent, with recovery expected in the fourth quarter of 2020.

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Global Hydrolyzed Plant Protein Market: Competitive Landscape

Leading manufacturers in the global hydrolyzed plant protein market space are launching new and innovative products to cater to the increasing consumer demand for vegan products.

For instance, in March 2017, Kerry Group Plc. introduced a new plant-based protein solution using the hydrolysis technique and flavor-masking technology, which caters to the demand for vegan products in the market.
In addition, key players in the global hydrolyzed plant protein landscape are focusing on mergers and acquisitions, along with partnerships, to establish a strong regional presence in different countries.

For instance, in October 2018, Tate & Lyle announced an extended partnership with Quadra, a North American distributor. The company selected Quadra as its preferred national distributor in Canada for its food & beverage solutions division.

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