Hydrolyzed Vegetable Protein Market Forecasts to 2028 – Global Analysis By Sources (Soy, Rapeseed, Corn, Rice, Pea, Wheat and Other Sources), Form (Dry Powder, Paste and Liquid), Function (Flavoring Agent, Emulsifying Agent and Other Functions), Application (Food Products, Personal Care Products, Functional Beverages and Other Applications) and By Geography
According to Stratistics MRC, the Global Hydrolyzed Vegetable Protein Market is accounted for $1.21 billion in 2022 and is expected to reach $1.86 billion by 2028 growing at a CAGR of 7.5% during the forecast period. Protein that has been processed and comes from plant sources is known as hydrolyzed vegetable protein. Vegetables are treated with a potent acid or base to make them, which dissolves the plant's cell walls and proteins. The outcome is a highly concentrated form of protein that can be added as a food additive. Both manufacturers and consumers can benefit from HVP in a number of ways. It contributes to enhancing the texture and flavor of food products as well as their shelf life and is a cost-effective source of high-quality protein.
According to the World Health Organization (WHO), around 18 million people die from cardiovascular diseases globally every year.
Market DynamicsDriverRising consumption among athletes and sports enthusiasts
In dietary supplements and protein powders, hydrolyzed vegetable protein is used as a source of protein. During the forecast period, market growth is anticipated to be aided by athletes' increasing use of protein hydrolysate products. Due to their capacity to offer a high-quality source of protein that is readily digestible and absorbed by the body, protein hydrolysates, including hydrolyzed vegetable protein, are being used more frequently in sports nutrition products. For athletes and sports enthusiasts who eat vegetarian or vegan diets, hydrolyzed vegetable protein is especially appealing because it offers a plant-based protein source that can aid in muscle growth and recovery.
RestraintStringent food regulations and costly manufacturing process
Being a relatively new product, the manufacturing process for hydrolyzed vegetable protein is still quite expensive. As a result, it is challenging for manufacturers to compete with less expensive substitutes like soy protein isolate. Moreover, new product introductions are challenging in the food industry because of the strict regulations. The adoption of hydrolyzed vegetable protein is being held up by the need for approval from numerous regulatory bodies.
OpportunityGrowing demand in plant-based protein foods
The market is primarily driven by the rising popularity of vegan diets and the inclusion of plant proteins in processed foods. Consumer preference for plant proteins has changed as a result of allergies brought on by animal proteins and the abundance of nutrients found in plants. Additionally, consumer preferences for plant protein are being driven by scientific advancements, changing public perceptions regarding the safety of animal-based products, and the production of plant protein, which is more environmentally friendly than animal protein. Moreover, brands are introducing plant-based protein products in retail and foodservice chains as a result of the expanding health and wellness trend.
ThreatCauses various health issues
Monosodium glutamate (MSG) in HVPs is responsible for a number of health problems, including headaches, weakness, nausea, sweating, tightness or pressure in the face, numbness, and burning in the face and neck. Although the Food and Drug Administration (FDA) does not forbid the use of MSG, consumer disapproval could limit market expansion.
Covid-19 ImpactDue to a decline in the sales of packaged food products and other food items, the COVID-19 outbreak had minimal impact on the growth of the global market. However, because people chose to take immunity-boosting supplements during the COVID-19 outbreak, the demand for functional foods and nutraceuticals saw an increasing rise. Moreover, it is anticipated that in the near future, demand for plant-based protein supplements will increase due to a decline in the consumption of meat, poultry, and seafood products worldwide.
The soy segment is expected to be the largest during the forecast period
The soy segment is anticipated to have the largest market share during the forecast period due to the cost-effectiveness and widespread availability of soy crops. Soy-based HVP is in high demand due to its accessibility, favorable health effects, acceptance in vegetarian and vegan diets, affordability, and flavor-enhancing capabilities. As a low-fat, low-calorie, and low-cholesterol alternative to animal-based flavorings, soy is a good source of protein. With a revenue share of over 48.60% in 2022, the soy segment dominated the market. Additionally, it has a potent umami flavor that improves the flavor of many food products and helps cover up off flavors or bitter tastes in processed foods.
The dry powder segment is expected to have the highest CAGR during the forecast period
During the forecast period, it is anticipated that the dry powder segment will grow at the highest rate. The natural nutrients of vegetables, their longer shelf life, accurate composition, and precise pH value are all taken into account when producing hydrolyzed vegetable protein powder. It is widely used in sectors of the food industry that deal with products with umami flavors, such as seasonings for meaty flavors, Asian cuisines, and snack seasoning. Throughout the forecast period, market expansion will be aided by its widespread applications.
Region with largest shareDuring the forecast period, Europe is anticipated to witness significant market share. The top four revenue-producing nations are Italy, Germany, the UK, and France. Hydrocolloids, artificial sweeteners, and fat substitutes are a few of the market segments in Europe that are expanding quickly. Givaudan SA and Kerry Group Plc are two well-known suppliers of hydrolyzed vegetable protein in the area. Companies in the European region are aiming for consumers with modified technologies by creating novel products with organoleptic properties similar to real meat as meat substitutes, thus favoring the hydrolyzed vegetable protein market.
Region with highest CAGROver the forecast period, Asia Pacific is anticipated to have the highest CAGR. The market is anticipated to grow as a result of the rising demand for nutrient-dense foods and beverages in important Asian nations like China, India, South Korea, Japan, and Australia. Additionally, growth in international trade, rising per capita income in Asia, and expanding populations in the major Asian nations are all predicted to contribute to the Asia Pacific market's expansion.
Key players in the marketSome of the key players profiled in the Hydrolyzed Vegetable Protein Market include Aarkay Food Products Ltd., Ajinomoto Co., Inc., Akola Chemicals Ltd., Archer-Daniels-Midland, Astron Chemicals S.A., Belvita Food Ingredients Pvt. Ltd., Brolite Products Co. Inc., Caremoli SpA, Cargill Inc., Chaitanya Biologicals Private Limited, Diana Group, Dien Inc., DSM, Givaudan SA, Good Food, Inc., Griffith Foods Inc., Jones-Hamilton Co., Kerry Group Plc., Koninklijke DSM NV, McRitz International Corporation, Merck and Co. Inc., Michimoto Foods Products Co. Ltd., New Alliance Dye Chem Pvt. Ltd., Roquette Frères, Shanghai Bichain Industrial Chemical, Sun Impex International Foods Llc, Tate & Lyle PLC, Titan Biotech Ltd. and Unitechem Co. Ltd.
Key DevelopmentsIn May 2023, ADM, a global leader in sustainably sourced nutrition, and Air Protein, a pioneer in air-based nutritional protein that requires no agriculture or farmland, decoupling protein production from traditional supply chain risks, announced that they have entered into a Strategic Development Agreement to collaborate on research and development to further advance new and novel proteins for nutrition.
In April 2023, Ajinomoto Co., Inc. has concluded a joint research and development agreement with Logomix Inc. (“Logomix”), a start-up company with proprietary genome engineering platform. Through this agreement and the resulting interaction between Logomix’s genome engineering platform and Ajinomoto Co.’s amino-acid production technology and expertise, the two companies will pursue joint research of a sustainable amino-acid production method that will contribute to attaining carbon neutrality.
In February 2023, ADM, one of the world’s leaders in science-backed nutrition solutions, announced today that it has opened a new production facility in Valencia, Spain to help meet rising global demand for probiotics, postbiotics and other products that support health and well-being.
Sources Covered
• Soy
• Rapeseed
• Corn
• Rice
• Pea
• Wheat
• Other Sources
Forms Covered
• Dry Powder
• Paste
• Liquid
Functions Covered
• Flavoring Agent
• Emulsifying Agent
• Other Functions
Applications Covered
• Food Products
• Personal Care Products
• Functional Beverages
• Other Applications
Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (
Drivers, Constraints, Opportunities,
Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements