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The Rising Demand for Hydrolyzed Vegetable Proteins Global Market Analysis and Growth Perspective 2023-2032: Cargill Inc., Archer Daniels Midland Company, Caremoli SPA
Hydrolyzed Vegetable Proteins Market
The Business Research Company's Hydrolyzed Vegetable Proteins Global Market Report 2023 identifies the growing popularity of vegetarian and vegan diets is the major driver for the hydrolyzed vegetable protein market's growth in the forecast period. Vegetarian and vegan diets refer to different variations of vegetarianism in which no food of animal origin is consumed. Hydrolyzed vegetable protein, derived from plant sources, serves as a versatile and sustainable option for meeting the protein needs of vegetarian and vegan consumers. For instance, in April 2023, according to a report published by The Plant-Based Foods Association, a US-based trade association representing the plant-based food industry, plant-based foods accounted for $8 billion in U.S. retail sales in 2022, representing an increase of approximately 6.67% from $7.5 billion in 2021.
The global hydrolyzed vegetable proteins market is expected to grow from $1.42 billion in 2022 to $1.53 billion in 2023 at a compound annual growth rate (CAGR) of 7.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The hydrolyzed vegetable proteins market is expected to reach $2.03 billion in 2027 at a CAGR of 7.3%.
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Major competitors in the hydrolyzed vegetable proteins market are Cargill Inc., Archer Daniels Midland Company, Caremoli SPA, Jones-Hamilton Co., Ajinomoto Co. Inc., Kerry Group plc., Symrise AG, Koninklijke DSM N.V., Givaudan SA, Tate And Lyle plc.
A key trend in the hydrolyzed vegetable proteins market includes product innovation. Major companies operating in the hydrolyzed vegetable protein market are focused on innovating new products to sustain their position in the market. For instance, in June 2020, Cargill Inc., a US-based food company, launched a new plant-based protein brand called PlantEver in China. This brand offers two plant-based products: a chicken-alternative nugget and a beef-alternative patty. These products aim to provide Chinese consumers with the nutritional benefits of vegetarian products while delivering the satisfying taste of meat.
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The hydrolyzed vegetable proteins market is segmented -
1) By Source: Soy, Wheat, Corn, Pea, Other Sources
2) By Form: Dry Powder, Liquid
3) By Function: Flavoring Agent, Emulsifying Agent, Other Functions
4) By Application: Bakery And Confectionary, Processed Food Products, Meat Substitutes, Beverages, Other Applications
5) By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the hydrolyzed vegetable proteins market
The Business Research Company's "Global Hydrolyzed Vegetable Proteins Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Hydrolyzed Vegetable Proteins Market Include:
1. Executive Summary
2. Hydrolyzed Vegetable Proteins Market Characteristic
3. Hydrolyzed Vegetable Proteins Market Trends And Strategies
4. Hydrolyzed Vegetable Proteins Market - Macro Economic Scenario
5. Hydrolyzed Vegetable Proteins Market Size And Growth
……………
27. Hydrolyzed Vegetable Proteins Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Hydrolyzed Vegetable Proteins Market
29. Hydrolyzed Vegetable Proteins Market Future Outlook And Potential Analysis
30. Appendix
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