DUBLIN, Aug. 17, 2023 /PRNewswire/ -- The "Hydrolyzed Vegetable Proteins Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts - 2023 to 2031" report has been added to ResearchAndMarkets.com's offering.
The hydrolyzed vegetable proteins market is expected to witness significant growth at a CAGR of 5.5% during the forecast period of 2023 to 2031.
The increasing consumer demand for plant-based protein products is driving the adoption of hydrolyzed vegetable proteins derived from sources such as soy, wheat, corn, and peas. Hydrolyzed vegetable proteins find extensive applications in the food and beverage industry as flavor enhancers, functional ingredients, and nutritional supplements. The growing preference for plant-based diets, health consciousness, environmental sustainability, and ethical considerations have propelled the demand for hydrolyzed vegetable proteins.
They offer a viable solution to consumers seeking protein-rich alternatives to animal-based products. The health benefits of plant-based proteins, clean label trends, and technological advancements are also contributing to the market growth of hydrolyzed vegetable proteins.
Increasing Consumer Demand for Plant-Based Proteins
The hydrolyzed vegetable proteins market is driven by the increasing consumer demand for plant-based protein products. There is a notable shift in dietary preferences, with more individuals adopting plant-based diets for health, environmental, and ethical reasons. Hydrolyzed vegetable proteins offer a viable alternative to animal-based proteins, providing essential amino acids and nutritional benefits. The rising popularity of vegan and vegetarian lifestyles has contributed to the demand for plant-based protein products, including hydrolyzed vegetable proteins.
Clean Label and Natural Ingredient Trends
The clean label and natural ingredient movement in the food industry is another significant driver for the hydrolyzed vegetable proteins market. Consumers seek products with transparent and simple ingredient lists. Hydrolyzed vegetable proteins align well with this trend as they are perceived as clean, natural, and sustainable protein sources. They are used as flavor enhancers, natural additives, and functional ingredients in various food and beverage applications.
Technological Advancements and Product Innovation
Technological advancements and product innovation play a crucial role in driving the hydrolyzed vegetable proteins market. Manufacturers invest in research and development to improve the quality, functionality, and application versatility of hydrolyzed vegetable proteins. There have been advancements in extraction and hydrolysis processes to achieve better taste, texture, and nutritional profiles.
Regulatory Challenges and Labeling Requirements
One significant restraint in the hydrolyzed vegetable proteins market is the regulatory challenges and labeling requirements imposed by different governing bodies. Complying with these regulations can be complex and time-consuming for manufacturers, especially when dealing with multiple markets. Manufacturers must ensure they meet these regulatory requirements to avoid penalties, product recalls, and damage to their brand reputation.
Soy-Based Hydrolyzed Vegetable Proteins Dominate the Market by Source
Soy-based hydrolyzed vegetable proteins held a significant revenue share in the market in 2022 and are expected to grow at the highest CAGR during the forecast period. Soy proteins offer a complete amino acid profile, improve the texture and flavor of products, and are commonly used in vegan and vegetarian applications, meat substitutes, dairy alternatives, and sports nutrition products.
Processed Food Products and Meat Substitutes Dominate the Market by Application
Processed food products, such as snacks, soups, sauces, and dressings, held a prominent share in the hydrolyzed vegetable proteins market in 2022. Hydrolyzed vegetable proteins are used in these products as flavor enhancers, natural additives, and functional ingredients. Meat substitutes also play a vital role in the hydrolyzed vegetable proteins market, witnessing high revenue and expected to contribute to the highest CAGR during the forecast period.
North America Remains the Global Leader
North America held a significant share in the hydrolyzed vegetable proteins market in 2022, primarily driven by the growing demand for plant-based protein alternatives and the increasing adoption of vegetarian and flexitarian diets. Asia Pacific is expected to exhibit the highest CAGR during the forecast period, driven by rapid urbanization, increasing disposable incomes, and changing dietary patterns.
Market Competition to Intensify During the Forecast Period
The hydrolyzed vegetable proteins market is characterized by intense competition among key players. Top players focus on product innovation and development to meet the evolving needs of the food and beverage industry. Sustainability and environmental responsibility are also key areas of focus for market players.
Historical & Forecast Period
This study report represents an analysis from 2021 to 2031, considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each segment is estimated for the forecast period.
Research Methodology
The complete research study was conducted in three phases: secondary research, primary research, and expert panel review. The report includes quantitative market estimations for each micro market for every geographical region and qualitative market analysis, including micro and macro environment analysis, market trends, competitive intelligence, segment analysis, top winning strategies, emerging trends, and technological analysis.
Market Segmentation
Source
- Soy
- Wheat
- Corn
- Pea
- Others
Function
- Flavoring Agent
- Emulsifying Agent
- Others
Application
- Bakery & Confectionary
- Processed Food Products
- Meat Substitutes
- Beverages
- Others
Companies Mentioned
- Archer Daniels Midland Company
- Cargill, Inc.
- Kerry Group
- Ajinomoto Co., Inc.
- Tate & Lyle PLC
For more information about this report visit https://www.researchandmarkets.com/r/rkm4re
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