Meticulous Research^®—a leading global market research company, published a research 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.’

According to this latest publication from Meticulous Research^®, the hydrolyzed vegetable protein market is expected to grow at a CAGR of 9.9% from 2023 to 2030 to reach $6.14 billion by 2030. The growth of this market is attributed to the increased demand for processed & convenience foods, the growing popularity of vegetarian and vegan diets, the rising awareness about the health benefits of plant-based protein, and growing health and wellness trends. Additionally, increasing intolerance for animal protein and emerging economies are expected to offer significant growth opportunities for market players. However, the wide availability & high preference for isolates and concentrates and fluctuating raw material prices restrain the market’s growth.

Key Players

The key players operating in the hydrolyzed vegetable protein market are 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.).

The hydrolyzed vegetable protein market study presents historical market data in terms of value (2021 and 2022), estimated current data (2023), and forecasts for 2030. This market is segmented based on source, form, process, application, and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.

Based on source, the hydrolyzed vegetable protein market is segmented into soy, wheat, pea, corn, rice, and other sources. In 2023, the soy segment is expected to account for the largest share of the hydrolyzed vegetable protein market. The large market share of this segment can be attributed to its cost-effectiveness, the widespread availability of soy crops, the large number of manufacturers engaged in large-scale production, and its strong umami flavor, which enhances the taste profile of diverse food products and conceals off-flavors or bitterness in processed foods. However, the pea segment is expected to register the highest CAGR during the forecast period.

Based on form, the hydrolyzed vegetable protein market is segmented into solid and liquid. In 2023, the solid segment is expected to account for the larger share of the hydrolyzed vegetable protein market. However, the liquid segment is expected to register the highest CAGR during the forecast period due to its high shelf life, natural and fresh appeal, and versatility for various applications.

Based on process, the hydrolyzed vegetable protein market is segmented into acid & alkaline and enzymatic. In 2023, the acid & alkaline segment is expected to account for the larger share of the hydrolyzed vegetable protein market. The large market share of this segment is attributed to the benefits offered by this process, such as enhanced digestibility & flavor, allergen reduction, and clean label appeal. However, the enzymatic segment is expected to register the highest CAGR during the forecast period due to the benefits offered by this process, such as improved functional properties, solubility, and nutritional enhancement.

Based on application, the hydrolyzed vegetable protein market is segmented into food & beverages, infant nutrition, nutritional supplements, and other applications. In 2023, the food & beverages segment is expected to account for the largest share of the hydrolyzed vegetable protein market. The large market share of this segment is attributed to increased demand for vegetable protein from plant-based product manufacturers, high demand for vegetarian products, and increased production of functional and convenience food products. However, the nutritional supplements segment is expected to register the highest CAGR during the forecast period.

Based on distribution channel, the hydrolyzed vegetable protein market is segmented into offline and online. In 2023, the offline segment is expected to account for the largest share of the hydrolyzed vegetable protein market. The large market share of this segment is attributed to the growing number of modern groceries offering high-quality products, the availability of a wide range of products, and the enhanced shopping experience offered by modern groceries, hypermarkets, and supermarkets. However, the online segment is expected to register the highest CAGR during the forecast period.

Based on geography, in 2023, North America is expected to account for the largest share of the hydrolyzed vegetable protein market. The key factors attributed to the major market share of North America are the extensive utilization of hydrolyzed vegetable protein in the region due to the increased production of functional and convenient food & beverages, rising concerns over animal products and protein, increasing vegan population, growing preference for plant based-products, high demand for health supplements, and presence of numerous key hydrolyzed vegetable protein manufacturers in the region. However, Asia-Pacific is projected to register the highest CAGR during the forecast period. The growth of this regional market is attributed to growing awareness about the health benefits of protein-rich diets, increasing focus on nutrition, technological advancements in the food & beverages industry, wide availability of raw materials, and a substantial 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 2023 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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