Press release
Plant-Based Proteins Propel Hydrolyzed Vegetable Protein Market to New Heights
Meticulous Research® has released a comprehensive report titled, '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 projects robust growth for the hydrolyzed vegetable protein (HVP) market, with an expected compound annual growth rate (CAGR) of 9.9% from 2024 to 2030, reaching an estimated $6.14 billion by 2030.The rising demand for processed and convenience foods, along with the growing trend toward vegetarian and vegan diets, is fueling this growth. Consumers are increasingly aware of the health benefits of plant-based proteins, and this awareness, coupled with trends in health and wellness, is driving the market forward. Additionally, the growing number of people with intolerance to animal proteins presents further opportunities for HVP market players. However, competition from isolates and concentrates, alongside fluctuations in raw material prices, poses challenges to the market's expansion.
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Market Leaders
Key companies shaping the hydrolyzed vegetable protein landscape include Kerry Group Plc (Ireland), Cargill, Incorporated (U.S.), Rouquette Frères (France), Ajinomoto Co., Inc. (Japan), Tate & Lyle PLC (U.K.), Foodchem Group (China), Titan Biotech Limited (India), Archer-Daniels-Midland Company (U.S.), Aipu Food Industry (China), and Axiom Foods Inc. (U.S.).
Market Segmentation
The report breaks down the HVP market by source, form, process, and application, providing insights into regional and global trends. It covers historical market data for 2021 and 2022, estimated data for 2024, and projections through 2030.
• By Source: Soy, wheat, pea, corn, rice, and other sources. In 2024, soy is anticipated to dominate due to its cost-effectiveness, widespread cultivation, and versatility in enhancing flavor. Meanwhile, pea protein is expected to exhibit the highest CAGR, driven by its growing popularity in plant-based diets.
• By Form: The market is divided into solid and liquid forms. Solid HVP is projected to maintain its lead in 2024, but the liquid segment is expected to grow rapidly, thanks to its longer shelf life and adaptability across applications.
• By Process: The two processes involved are acid & alkaline and enzymatic. While acid & alkaline processes will likely dominate in 2024 due to enhanced digestibility and flavor, enzymatic processes will grow rapidly, driven by their superior functional and nutritional qualities.
• By Application: Food & beverages will hold the largest market share, supported by increased demand for plant-based and convenience foods. However, nutritional supplements are expected to grow at the fastest pace due to rising health consciousness.
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Distribution Channels
In terms of distribution, the market is segmented into offline and online channels. While offline channels, including modern grocery stores and supermarkets, will continue to dominate, the online segment is forecasted to grow at the highest rate as e-commerce continues to expand.
Regional Insights
North America will lead the market in 2024, driven by the region's strong demand for functional foods, health supplements, and plant-based products. The presence of key market players and a growing vegan population also contribute to its dominant position. The Asia-Pacific region, however, is set to experience the highest growth due to rising health awareness, advancements in food processing technology, and a large 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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