Hydrolyzed Vegetable Protein Market Size, Share, Growth, and Industry Analysis, By Type (Soy, Corn, Wheat, Pea, Rice and Others), By Application (Food Industry, Beverages, Cosmetics and Others) and Regional Forecast to 2032

Updated On: 02 September 2024

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HYDROLYZED VEGETABLE PROTEIN MARKET REPORT OVERVIEW

The global Hydrolyzed Vegetable Protein Market size was USD 22.0 million in 2023 and the market is projected to touch 34.49 million by 2032, exhibiting a CAGR of 4.6% during the forecast period.

The hydrolyzed vegetable protein (HVP) market has been expanding at a fast pace, due to the rising trends of plant proteins and clean label. HVP’s utility is in the food industry as a seasoned and proteineous food conditioner and is used more frequently in soups sauces, snacks and ready to eat foods. This has also been made possible by the increased consciousness about vegetarian and vegan meals and cumulative food allergies and sensitives which has played a major role in the market. This means that manufacturers are aiming at sourcing the materials for making HVP products from non-GMO sources and adopting sustainable means of production to fit the needs of the consumers who are becoming health conscious and also aware of the hostile effects of their actions on the environment.

In terms of region, the highest contribution in the HVP market comes from North America and Europe owing to the processed food industry and acceptance of plant-based food products. However, the Asia-Pacific region can be seen as a potential market contender mainly due to its progressing urbanization, growing purchasing power, and, therefore, preference for Western diets. In addition to extraction and hydrolysis technologies, technological improvement has also enhanced the quality and functionality of HVPs, broadening the category of applications. It is clear that in the future, two primary concepts to focus on are innovation and sustainability, which will be defining factors in the market and for its consequent products.

COVID-19 IMPACT: Increased Demand for Packaged Foods to Boost Market Growth Significantly

The global COVID-19 pandemic has been unprecedented and staggering, with the hydrolyzed vegetable protein market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

As people tend to eat at home more often due to lockdown, consumption of processed and convenience foods increased, which expectantly triggered higher consumption of HVP as the enhancer of the flavor and the source of protein. The outbreak of the pandemic greatly influenced people decision regarding their well-being, thus there has been a rise in the consumption of products made from plant protein, as well as those referred to as clean-label, including HVP.

Expansion of wall marked new opportunities in online grocery shopping and in the e-commerce field, which opened new ways for product distribution to the consumer. Large businesses established in the production and sales of HVP products and continuously innovated their products that will suit the current global trends of providing healthy and environmentally-sensitive foods. The market is anticipated to boost the hydrolyzed vegetable protein market growth following the pandemic.

LATEST TRENDS

"Plant-Based Protein Surge to Drive Market Growth"

Increased focus on the health-conscious diets and veganism has greatly contributed to the increase in demand for HVP as an essential plant protein source. HVP can be successfully used in plant-based meat analogs, snacks, and RTE products by food producers. HVP is being increasingly applied to functionally functional foods and nutraceuticals for the protein content in addition to flavor enhancing characteristics. It is for such consumers that these products are developed to afford them more health related benefits. These latest developments are anticipated to boost the hydrolyzed vegetable protein market share.

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HYDROLYZED VEGETABLE PROTEIN MARKET SEGMENTATION

By Type                  

Based on type the global market can be categorized into Soy, Corn, Wheat, Pea, Rice and Others.

• Corn: HVP produced from the corn is made from corn gluten meal and has average protein level as well as a different taste. It is applied in snacks, soups, and sauces typically where moderate taste elevating as compared to soy is needed. Corn HVP is less prominent than soy and is slowly being incorporated into certain uses and locations since it is non-allergenic and gluten-free.
• Wheat: HVP derived from wheat contains aromatic wheat and is made up of wheat gluten so is a good source of protein. Meat products, when baked or fried, biscuits, cakes, soups and salted snacks are the primary examples where this ingredient plays a major role in flavoring and for the extra protein moudel. It is saleable in Europe because of the people’s diet concern, but it has a disadvantage in market segments where coeliac disease is prevalent.
• Pea: HVP produced from yellow peas is used for pea based product as it is hypoallergenic and has good balance of amino acid. Another product that has benefited from improved rennet availability is methyl cellulose which is applied in meat substitutes, dairy products and various food product because of its neutral flavor and good solubility. Gaining favour gradually from the growing demand for the plant diet and protein dishes that cause no harm to allergic people.
• Rice: Rice-based HVP is a protein produced from rice and is acclaimed for having low allergens and is easily metabolized. Generally integrated into infant food, nutraceuticals and pharmaceuticals as well as functional foods and medicinal products. Expanding usage rates, especially in Asia and among consumers moving toward healthy eating, who are looking for products without additives and viable proteins.

By Application

Based on application the global market can be categorized into Food Industry, Beverages, Cosmetics and Others.

• Food Industry: The widespread application of HVP is in enhancing flavors in soups, sauces, snacks, and ready-to-eat, enhancing the taste perception, depth and richness that is associated with umami. It is a primary component of plant-based meat products as it provides the protein content and the savory taste that remind people of actual meat. Suc Hector and HVP are incorporated into different food products to enhance the protein level in response to consumer demands for healthy foods.
• Beverages: It is popularly added to protein shakes and fortified beverages because apart from it giving people their daily needed protein intake, it is of plant origin. It is used to add taste to the savoury beverages, and even broths to give the drinks an unbelievably rich feeling as regards to taste. HVP is used in MRD and other NBs to enhance their protein content and nutritional profile of the products.
• Cosmetics: HVP works as emollient in skin care products and facilitates better skin texture and skin hydration. As well as being taking internally to boost overall health, silicones are used externally in shampoos and conditioners to improve hair strength, texture and sheen, and to leave the hair feeling and cuticle looking soft and silky. For this reason, HVP is added in anti-ageing creams and serums to maintain firm skin or skin that has not aged too fast.

DRIVING FACTORS

"Rising Demand for Plant-Based Proteins to Boost the Market"

There is market pressure from the growing demand for plant protein that is purported to be health beneficial and environmentally sustainable than animal protein hence the growing demand for HVP. Consumers are now more conscious with the food they eat; thus, food products that have nutritional benefits are much more preferred. This is because as people’s buying powers have increased, so has their preference for protein; HVP being a rich source of protein, is therefore ideal for this market. Clean label requirements, which make the products simpler and free from additives, Agents expect the use of HVP as a natural enhancer of the flavor and proteinaceous material.

"Increasing Convenience Food Consumption to Expand the Market"

Consumer demanding due to constantly busy schedules to grab convenient food mixes and processed foods that contain HVP due to its flavourful nature. Increasing population growth especially in the third world countries led to urbanization, thereby resulting to change in diet from natural foods to processed foods such as HVP. The growing legion of vegan and vegetarian individuals worldwide is providing stimulus for the deployment and usage of HVP for various food applications. These factors are anticipated to drive the hydrolyzed vegetable protein market share.

RESTRAINING FACTOR

"Negative Perceptions to Potentially Impede Market Growth"

Some of the consumers may have negative attitude towards HVP because of its relationship with processed foods and chemical hydrolysis methods result in high preference for whole food items that have been processed least. HVP is obtained from soy, wheat, and other products that are considered allergenic and this poses a problem when targeting consumers with special diets. Indeed, though HVP is highly sought after due to flavour promoting abilities, it can also, at times, lend off a rather sharp or objectionable taste and cohesiveness to some products and this off-putting to consumers. The factors are anticipated to hinder the growth of the hydrolyzed vegetable protein market growth.

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HYDROLYZED VEGETABLE PROTEIN MARKET REGIONAL INSIGHTS

"Asia Pacific Dominating the Market with High Consumer Awareness and, Clean Label and Sustainability Trends"

The market is primarily segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

North American consumers are very conscious of health and wellness trend and this has been seen beside such foods like plant based and protein rich foods. HVP is right at home here as an ingredient of beaming flavor, quality enhancements, and added nutritional value. It has a good level of food processing technologies due to innovation and better processing technologies of the region. Such a process facilitates the development and widespread use of HVP in proliferated food products, such as snacks, 편athom meals, and meat substitutes. North American consumers are particularly sensitive to the texturant these simple, familiar ingredients for the products. Chocolate and confectionery products that people prefer include HVP and those derived from non-GMO and organic sources. People in North America are changing their habits when it comes to meals, and there is a shift towards vegan/vegetarian diets. Such a shift in diet increase the need for non-animal proteins like HVP to the detriment of animal-centric formulations.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The hydrolyzed vegetable protein market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of wardrobe options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in hydrolyzed vegetable protein, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• Koninklijke (Koninklijke DSM N.V.): Heerlen, Netherlands
• Innova (Innova Market Insights): Arnhem, Netherlands
• Givaudan: Vernier, Switzerland
• Ingredion Incorporated: Westchester, Illinois, USA
• Kerry Group: Tralee, County Kerry, Ireland

INDUSTRIAL DEVELOPMENT

March 2022: ProDiem™ NutriPLus is a plant protein blend that improves the taste and nutritional value to the consumers. Hydrolyzed pea protein blended with other plant protein and used for protein fortification of non-sensitizing food stuffs for appetizers, imitation meats, nutritionals etc. This product fills the niches of clean label, sustainability, and increased demand for plant-based products with nutritional value.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.