The Hydrolyzed Vegetable Proteins Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Hydrolyzed Vegetable Proteins Global Market Report 2024, The hydrolyzed vegetable proteins market size has grown strongly in recent years. It will grow from $1.53 billion in 2023 to $1.64 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to increased demand for high-quality proteins in developing markets, expansion of the pet food industry, increasing demand for functional foods, growing demand for sustainable ingredients, increasing demand for organic and natural products.
The hydrolyzed vegetable proteins market size is expected to see strong growth in the next few years. It will grow to $2.21 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to growing demand for plant-based proteins, expansion of the food and beverage industry, increasing health consciousness, rising obesity levels, growing popularity of ready-to-eat meals. Major trends in the forecast period include advancements in food technology, expansion of the cosmetics industry, introdcution of sustainable ingredients.
The growing popularity of vegetarian and vegan diets is expected to propel the growth of the hydrolyzed vegetable protein market going forward. Vegetarian and vegan diets refer to different variations of vegetarianism in which no food of animal origin is consumed. Hydrolyzed vegetable protein, derived from plant sources, serves as a versatile and sustainable option for meeting the protein needs of vegetarian and vegan consumers. For instance, in April 2023, according to a report published by The Plant-Based Foods Association, a US-based trade association representing the plant-based food industry, plant-based foods accounted for $8 billion in U.S. retail sales in 2022, representing an increase of approximately 6.67% from $7.5 billion in 2021. Therefore, the growing popularity of vegetarian and vegan diets is driving the growth of the hydrolyzed vegetable protein market.
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The hydrolyzed vegetable proteins market covered in this report is segmented –
1) By Source: Soy, Wheat, Corn, Pea, Other Sources
2) By Form: Dry Powder, Liquid
3) By Function: Flavoring Agent, Emulsifying Agent, Other Functions
4) By Application: Bakery And Confectionary, Processed Food Products, Meat Substitutes, Beverages, Other Applications
Product innovations are a key trend gaining popularity in the hydrolyzed vegetable protein market. Major companies operating in the hydrolyzed vegetable protein market are focused on innovating new products to sustain their position in the market. For instance, in November 2022, Crespel & Deiters GmbH & Co. KG, a Germany-based manufacturing company of wheat protein, launched the textured wheat protein Lory Tex. Loryma’s texture-providing wheat proteins are used to make vegetarian, vegan meat, and fish substitutes that are more flavorful, healthy, and visually attractive. Wheat proteins with texture from Lory Tex play a vital role in a balanced diet and serve as the foundation for innovative culinary innovations and future-oriented food inventions. Wheat texturate, with its meat-like texture, is perfect for veggie goods and protein enhancement in low-carb diets employing vegetable proteins.
The hydrolyzed vegetable proteins market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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