New York, USA, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Hydrolyzed Vegetable Protein Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR),” Hydrolyzed Vegetable Protein Market Information By Form, By Application, and By Region - Forecast till 2032”, The global hydrolyzed vegetable protein market will touch USD 2.3 billion at a 7.50% CAGR by 2032, as per the recent Market Research Future report
Drivers
Growing Active Lifestyle Trend to Boost Market Growth
Growing health consciousness amid people all across the globe is the main factor driving the HVP industry. One of the chief factors driving the growth of the hydrolyzed vegetable protein market is the increased use of hydrolyzed plant protein as HVP flavor enhancer for a variety of foods, including sauces, stews, seasoned snack foods, soups, gravies, dips, hot dogs, and dressings, as well as the rise in demand for protein-based diets and protein-rich natural ingredients among consumers who are health conscious.
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Report Scope:
| Report Attribute | Details |
| 2032 Market Size | USD 2.3 Billion |
| CAGR | 7.50% (2023–2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2018-2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Form, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Key Market Drivers | The increasing demand for processed & convenience foods and meat analogs and rising awareness about the health benefits of plant-based proteins |
| The popularity of ready-to-eat and processed foods |
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Key Players
Eminent industry players profiled in the global hydrolyzed vegetable protein market report include.
- Ajinomoto Co. Inc.
- Tate & Lyle PLC
- Griffith Foods Inc.
- Dien
- Incorporated
- Titan Biotech Limited
- Chaitanya Biologicals Private Limited
- and New Alliance Dye Chem Pvt. Ltd.
Due to the existence of several local and foreign industry competitors, the hydrolyzed vegetable protein market is fragmented and very competitive. They have used a variety of techniques, such as joint ventures, collaborations, contracts, worldwide expansions, new product launches, and more, to stay competitive and meet the clients' evolving demands. Large companies are also extensively investing in R&D projects to bolster their portfolios and get a foothold in the market.
Opportunities
Increasing Use in Functional Beverages to offer Robust Opportunities
Increasing usage of HVP in the functional beverages in response to rising consumer concerns about their nutritional intake would help the market develop. Plant proteins that have been hydrolyzed aid in maintaining lean muscle mass and enhancing metabolism, which increases their consumption rate in the functional beverage manufacturing application across the world.
Restraints and Challenges
Health Issues to act as Market Restraint
The various health issues arising from the ingredients and availability of protein alternatives may act as market restraints over the forecast period.
Browse In-depth Market Research Report (128 Pages) on Hydrolyzed Vegetable Protein Market: https://www.marketresearchfuture.com/reports/hydrolyzed-vegetable-protein-market-11990
Market Segmentation
The global hydrolyzed vegetable protein market is bifurcated based on form and application.
By form, dry powder will lead the market over the forecast period.
By application, food and beverages will domineer the market over the forecast period.
COVID-19 Analysis
For the lockdowns that the government imposed during the epidemic, the COVID-19 has adversely affected almost every end-user business. The pandemic had a significant impact on the supply chain & the industrial facilities, but this varied by industry. The increased supply and production demands from customers during the pandemic & the post-pandemic period, however, caused the food and beverage industry to suffer a significant increase. As a result of rising global demand for high-quality natural and organic food supplements in response to public concern over the HVP benefits as well as the benefits of diets high in protein, the market for hydrolyzed vegetable protein has since recovered. Additionally, throughout the shutdown & in the post-Covid period, the sector has benefited from expanding tendencies in processed foods and vegan diets.
Regional Analysis
North America to Head Hydrolyzed Vegetable Protein Market
In 2022, this market was headed by North America (45.80%). This is due to the considerable and well-established demand for HVP in vegan products as a functional component & flavor enhancer in the food and beverage sector. The market has grown as a result of the increased demand for processed & convenience goods in the area. The region also boasts of a robust healthcare industry that employs HVP in dietary supplements for medical purposes. In addition, the North American region's market in the US had the utmost market share, while the market in Canada had the quickest rate of growth. Due to its vast and well-established food and beverage sector, which generates a substantial amount of demand for HVP like a flavor enhancer & functional ingredient, North America dominated the business in terms of revenue. Additionally, the region's rising demand for processed & convenience foods have contributed to the market's expansion. The region also has a strong healthcare sector that uses HVP in medicinal nutrition products.
APAC to Have Admirable Growth in Hydrolyzed Vegetable Protein Market
From 2023-2032, the APAC market is anticipated to rise significantly. This is brought on by both rising awareness of the health benefits of protein and increased demand for organic, plant-based food components. In addition, the area provides the maximum plant-based protein sources, like soybean and wheat, which helps the industry grow. Additionally, the Indian market for hydrolyzed vegetable protein in the Asia-Pacific region had the quickest rate of growth. China's market for the product had the biggest market share. Due to the increased demand for natural & plant-based dietary components as well as the growing understanding of the health advantages of protein, the Asia Pacific area is anticipated to see a profitable CAGR between 2023 and 2030. The area also produces the most plant-based protein sources, including soybean and wheat, which contributes to the market's expansion.
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