The global hydrolyzed vegetable protein market is expected to witness a CAGR of 5.2% during the forecast period 2018- 2023

• There are some regional players as well and the number has increased over the years. For instance: Sinofi is one of the leading hydrolyzed vegetable protein manufacturer and supplier in China. Notably the company claims to provide natural organic flavor hydrolyzed derived from vegetable protein which can be used as an ingredient in food and beverage industries. It is widely used as HVP food additive in EU and North America.

Market Dynamics

The popularity of hydrolyzed vegetable protein has been increasing, owing to the growing awareness among consumers about plant-based protein ingredients and the high demand from the various application segments, such as processed food, among others. The hydrolyzed vegetable protein market is witnessing a healthy growth. The growing consumer preference for plant-based protein over animal protein is driving the market growth for hydrolyzed vegetable protein. The desire for clean labels, ease of digestion, the need or desire to avoid allergens, compatibility with vegetarian and vegan lifestyles and concerns about sustainability among the general population are driving the demand for plant proteins. The presence of alternatives of vegetable protein ingredient forms (isolate, concentrates) could restrain the hydrolyzed vegetable protein market growth.

Market Segmentation

The maximum share of revenue is captured by soy and it is predicted to have the highest CAGR during the forecast period. Currently, pea holds a small share in the hydrolyzed vegetable protein market; however, it is predicted to have a healthy growth rate during the forecast period.

The highest share in the application segment of hydrolyzed vegetable protein is held by processed foods, such as noodles, pastas, prepared soups, sauces, ready meals, dips & dressings, meat, fish and seasoning mixes, which are expected to witness high consumer demand during the forecast period. Hydrolyzed vegetable protein is used as a flavor enhancer in many processed foods, such as soups, sauces, stews, seasoned snack foods, gravies, hot dogs, dips and dressings. It is also blended with other spices to make seasonings that are used in or on foods.

Regional Analysis

Asia-Pacific holds the largest share in the hydrolyzed vegetable protein market, followed by North America and is expected to account for a major share during the forecast period. Asia-Pacific is expected to register a CAGR of 6.9% during the forecast period. In the North American region, the United States dominates the market, followed by Canada. In the Asia-Pacific region, China and India are expected to account for a substantial growth, due to the increased demand for nutritional food among the consumers, while in South America, Brazil is expected to register the fastest CAGR of 5.4%.

Most of the major players of this market are based in North America and Asia-Pacific and are adopting various go-to-market strategies to expand their share in the growing protein hydrolysate ingredient market.

MAJOR PLAYERS: AJINOMOTO, KERRY GROUP, TATE & LYLE, JONES-HAMILTON CO., DSM, DIANA GROUP, GIVAUDAN, BROLITE PRODUCTS CO. INC., CAREMOLI GROUP, ASTRON CHEMICALS S.A., MCRITZ INTERNATIONAL CORPORATION, GOOD FOOD, INC., MICHIMOTO FOODS PRODUCTS CO. LTD., DIEN INC., GRIFFITH LABORATORIES and UNITECHEM CO. LTD, amongst others.

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