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Hydrolyzed Vegetable Proteins Market 2024 - By Industry Share, Growth Analysis, Technological Innovations, Opportunities, New Business Strategies And Forecast To 2033
Hydrolyzed Vegetable Proteins Market
As per the report, the hydrolyzed vegetable proteins market size has grown strongly in recent years. It will grow from $1.53 billion in 2023 to $1.64 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The hydrolyzed vegetable proteins market size is expected to see strong growth in the next few years. It will grow to $2.21 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%.
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Vegetarian And Vegan Surge Fueling Hydrolyzed Vegetable Protein Market Growth
The growing popularity of vegetarian and vegan diets is expected to propel the growth of the hydrolyzed vegetable protein market going forward. 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. Therefore, the growing popularity of vegetarian and vegan diets is driving the growth of the hydrolyzed vegetable protein market.
Innovative Products Drive Growth In Hydrolyzed Vegetable Protein Market
Product innovations are a key trend gaining popularity in the hydrolyzed vegetable protein market. 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 November 2022, Crespel & Deiters GmbH & Co. KG, a Germany-based manufacturing company of wheat protein, launched the textured wheat protein Lory Tex. Loryma's texture-providing wheat proteins are used to make vegetarian, vegan meat, and fish substitutes that are more flavorful, healthy, and visually attractive. Wheat proteins with texture from Lory Tex play a vital role in a balanced diet and serve as the foundation for innovative culinary innovations and future-oriented food inventions. Wheat texturate, with its meat-like texture, is perfect for veggie goods and protein enhancement in low-carb diets employing vegetable proteins.
The hydrolyzed vegetable proteins market covered in this report 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
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Major companies operating in the hydrolyzed vegetable proteins market report 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., Sensient Technologies Corporation, Griffith Foods Inc., Sun Impex International Foods LLC, Aipu Food Industry Co. Ltd., Exter, Titan Biotech Limited, Chaitanya Biologicals Pvt. Ltd, Aar*kay Food Products Ltd., Nactis Flavours, Caremoli Dien Inc., New Alliance Dye Chem Pvt. Ltd., Dien Inc., Shanghai Bichain Industrial Chemical Co. Ltd., Astron Chemicals S.A., Henan Hengernuo Biotechnology Co. Ltd., PMV Nutrient Products Pvt. Ltd., Shandong Jianyuan Group Co. Ltd.
Contents of the report:
1. Executive Summary
2. Hydrolyzed Vegetable Proteins Market Report Structure
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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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