Hydrolyzed Plant Protein Market is Expected to reach US$ 3,978.1 Million by 2034

The rising consumer preference for natural and plant-based products has driven a surge in demand for plant-based foods in recent years. This trend also translates into a growing demand for plant protein sources. With consumers cutting back on dairy and soy proteins due to reasons such as allergies, health concerns, sustainability, or animal welfare, rice and pea proteins have emerged as two of the fastest-growing segments in the global plant protein market.

The hydrolyzed plant protein market is expected to achieve a valuation of US$ 2,456.2 million by 2024, reaching US$ 3,978.1 million by 2034, with a projected CAGR of 5.6% from 2024 to 2034.

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Market growth is fueled by several factors, including the rising consumer preference for plant-based diets, increased awareness of health benefits, ethical manufacturing practices, technological advancements, and strategic collaborations among industry leaders. These elements contribute to the market's steady expansion, driven by concerns about nutrition and sustainability.

Companies operating in the hydrolyzed plant protein market can capitalize on the growing demand for plant-based products by diversifying into various sectors such as food, beverages, and nutritional supplements. Embracing innovation, sustainable sourcing practices, and strategic partnerships presents opportunities to meet evolving customer preferences for environmentally friendly products.

Understanding Hydrolyzed Vegetable Protein

Hydrolyzed vegetable protein (HVP) is a flavor enhancer commonly used in processed foods like soups, chili, sauces, gravies, stews, hot dogs, dips, snacks, and mass-produced vegetarian products made from soy. It is produced by boiling soy, corn, or wheat in hydrochloric acid and then neutralizing the solution with sodium hydroxide, breaking down the vegetable proteins into amino acids, including glutamic acid, which is well-known in its sodium salt form as monosodium glutamate (MSG).

List of Key Companies Profiled in The Report

Kerry Inc.
Tate & Lyle
Cargill Incorporated
Archer Daniels Midland Company
Roquette Frères
Griffith Foods Inc.
FrieslandCampina Ingredients
New Alliance Dye Chem Pvt. Ltd.
ASTRON LIMITED
Others

Market Trends

Several trends are shaping the Hydrolyzed Plant Protein market, reflecting the evolving preferences and expectations of consumers. One notable trend is the incorporation of hydrolyzed plant protein into ready-to-drink beverages and smoothies. As consumers seek convenient and nutritious options, the trend towards protein-fortified beverages creates opportunities for hydrolyzed plant protein to feature prominently in this dynamic market segment.

Another trend is the focus on allergen-free and non-GMO hydrolyzed plant protein options. Manufacturers are responding to the demand for allergen-friendly products by sourcing plant proteins from hypoallergenic plants and emphasizing transparency in labeling. Additionally, the market is witnessing a trend towards plant protein blends, combining different plant protein sources to enhance the amino acid profile and overall nutritional value of hydrolyzed plant protein products.

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Competitive Landscape

In the competitive landscape of the global hydrolyzed plant protein market, major players are strategically prioritizing innovation and scalability to drive profitability. Leading companies are investing significantly in research and development to pioneer advanced processing techniques that enhance the functionality and quality of hydrolyzed plant proteins, meeting diverse customer demands. Sustainability and efficiency in production processes are key focuses, with the integration of new technologies to minimize environmental impact. Expanding product portfolios to include hydrolyzed proteins from various plant sources is crucial for maintaining a competitive advantage. Collaborations with agricultural partners are also important to ensure a reliable supply chain, reduce production costs, and improve scalability.

Recent key developments include Kerry's strategic acquisitions of c-LEcta, a biotechnology innovation business, and Enmex, a Mexican enzyme maker, in 2022. These acquisitions strengthen Kerry's position in enzymes for cereals and grains, aligning with its commitment to developing tastier, more sustainable, and healthier products. Additionally, Tate & Lyle's rebranding in 2023 signifies its evolution into a specialist food and beverage solutions provider, emphasizing science, solutions, and society. This transformation reflects Tate & Lyle's dedication to innovation and positions the company as a unique brand focused on delivering innovative solutions to consumers.

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This release was published on openPR.