Hydrolyzed Plant Protein Market Forecast to Expand to USD 3,619.28 Million by 2033 - Persistence Market Research

The global hydrolyzed plant protein market is projected to experience significant growth over the coming decade, with a compound annual growth rate (CAGR) of 4.9%. Starting with a valuation of US$ 2,243.2 million in 2023, the market is expected to reach US$ 3,619.28 million by 2033. This growth is driven by the rising consumer preference for plant-based proteins, increasing awareness about their health benefits, and the demand for cost-effective and sustainable protein sources. The market for hydrolyzed plant protein is broad, with applications ranging from food products to cosmetics and sports nutrition.

The key segments driving growth in this market include food and beverage applications, particularly in plant-based meat analogs, snack foods, and beverages. Additionally, there is growing interest in hydrolyzed plant proteins in cosmetics and personal care products, due to their skin and hair conditioning properties. North America and Europe remain the largest markets for hydrolyzed plant proteins, largely due to the increasing adoption of vegan and flexitarian diets and the high demand for plant-based alternatives.

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➤ Key Highlights from the Report

➤ The global hydrolyzed plant protein market is valued at US$ 2,243.2 million in 2023 and is expected to reach US$ 3,619.28 million by 2033.
➤ North America and Europe collectively account for over 60% of the global hydrolyzed plant protein market share.
➤ The demand for hydrolyzed plant proteins is driven by the rising consumer preference for plant-based proteins over animal-based proteins.
➤ The food and beverage industry remains the dominant end-user sector, especially in snacks, cereals, and meat analogs.
➤ Increasing use of hydrolyzed plant proteins in cosmetics and personal care products is emerging as a significant market trend.
➤ Soy and wheat-based hydrolyzed plant proteins are the leading sources in the market, followed by rice and pea proteins.

Market Segmentation

The hydrolyzed plant protein market is categorized into several key segments, each playing a vital role in its expansion. These segments include source, form, and end-use applications.

Source

Hydrolyzed plant proteins are primarily sourced from soy, wheat, rice, peas, and others. Among these, soy and wheat are the dominant sources, owing to their high protein content and widespread cultivation. Rice and pea proteins are also gaining traction due to their hypoallergenic properties and use in plant-based products for sensitive consumers.

Form

Hydrolyzed plant proteins are available in two primary forms: dry powder and liquid. The dry powder form is highly popular due to its convenience and versatility in various applications, including protein shakes, baked goods, and snack foods. The liquid form is preferred in applications where a more immediate use or incorporation is required, such as in sauces or beverages.

End-Use Applications

The food and beverage sector remains the leading end-use application, encompassing a variety of products such as snacks, cereals, beverages, and meat additives. The cosmetics and personal care industry is also experiencing substantial growth, as hydrolyzed plant proteins are used in hair and skin care products for their conditioning benefits. Additionally, the sports nutrition sector and the infant nutrition market are emerging as key growth areas for hydrolyzed plant proteins.

Regional Insights

North America

North America holds a dominant share of the global hydrolyzed plant protein market, primarily due to the increasing adoption of vegan and plant-based diets. The growing awareness of the health benefits of plant-based proteins, along with the rising trend of flexitarianism, supports this growth. Major food manufacturers in the region are incorporating hydrolyzed plant proteins into their products to cater to this rising demand.

Europe

Europe follows closely behind, with similar trends in the adoption of plant-based diets. The increasing prevalence of veganism, along with strong consumer interest in healthier, sustainable protein sources, is driving market expansion. Additionally, the use of hydrolyzed plant proteins in personal care products is contributing to market growth in this region.

Market Drivers

The global market for hydrolyzed plant proteins is being propelled by several key factors. One of the primary drivers is the increasing consumer preference for plant-based proteins. As more individuals adopt plant-based or flexitarian diets, there is a surge in demand for alternatives to animal-based proteins. Hydrolyzed plant proteins, being easily digestible and rich in essential amino acids, are seen as an ideal solution to meet the nutritional needs of this growing consumer base.

Another driver is the rising awareness of health benefits associated with hydrolyzed plant proteins. These proteins are considered to be heart-healthy due to their potential to lower cholesterol levels and reduce the risk of cardiovascular diseases. Their use in functional foods, such as those targeting hypertension, is gaining popularity, further driving market growth.

Market Restraints

Despite the robust growth of the hydrolyzed plant protein market, there are several challenges that could hinder its full potential. One of the main restraints is the high cost of production, especially for sourcing high-quality plant proteins. While hydrolyzed plant proteins are considered more affordable than animal-based proteins, the processing and extraction methods involved can still be costly, particularly for premium sources such as soy and wheat.

Additionally, the limited availability of certain plant protein sources in specific regions may affect the supply chain. For example, the rising demand for soy and pea proteins in North America and Europe may put pressure on their production in other parts of the world. This imbalance could lead to price fluctuations and supply shortages.

Market Opportunities

The hydrolyzed plant protein market presents numerous opportunities for growth. One of the key opportunities lies in expanding product innovation in the food and beverage industry. Manufacturers can develop new hydrolyzed plant protein-based products that cater to the increasing demand for plant-based snacks, dairy alternatives, and meat substitutes.

Furthermore, the cosmetics and personal care industry offers untapped potential. As more consumers seek natural and sustainable ingredients, the use of hydrolyzed plant proteins in skincare, haircare, and other personal care products is expected to grow significantly. This creates a lucrative opportunity for companies to diversify their product offerings and expand into new markets.

Frequently Asked Questions (FAQs)

➤ How Big is the Hydrolyzed Plant Protein Market?
➤ Who are the Key Players in the Global Hydrolyzed Plant Protein Market?
➤ What is the Projected Growth Rate of the Hydrolyzed Plant Protein Market?
➤ What is the Market Forecast for Hydrolyzed Plant Protein by 2033?
➤ Which Region is Estimated to Dominate the Hydrolyzed Plant Protein Industry through the Forecast Period?

Company Insights

✦ Kerry Inc.
✦ Tate & Lyle
✦ Cargill, Incorporated
✦ Archer Daniels Midland Company
✦ Roquette Frères
✦ Griffith Foods Inc.
✦ Kelisema
✦ PEVESA
✦ FrieslandCampina Ingredients
✦ New Alliance Dye Chem Pvt. Ltd.
✦ A. Costantino & C. spa
✦ MGP
✦ AJINOMOTO PHILIPPINES CORPORATION
✦ ASTRON LIMITED

■ In February 2020, Kerry Group completed the acquisition of Pevesa Biotech, strengthening its position in the hydrolyzed plant protein market for specialized nutrition.
■ In December 2019, Roquette Frères launched a new range of premium plant-based proteins as an alternative to meat, addressing rising consumer demand for more sustainable nutrition options.

Conclusion

The hydrolyzed plant protein market is set to witness substantial growth, fueled by the increasing preference for plant-based proteins, their applications in a variety of industries, and the ongoing consumer trend towards healthier lifestyles. With rising demand for both food and beverage products and cosmetics, there are significant opportunities for innovation and expansion. The market, dominated by North America and Europe, is poised for further growth, especially with emerging opportunities in Asia-Pacific and Latin America.

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