The hydrolysed vegetable protein market is likely to expand at a significant growth rate over the forecast period
In this scenario, the market is anticipated to account for close to US$ 1000 Mn by the end of 2027 at a CAGR of 6.0% over the forecast period.
In this scenario, factors such as rapid rate of industrialization, emergence of new markets for hydrolysed vegetable protein, growing savoury ingredient market, growing focus on innovation and R&D, and stringent environmental regulations are projected to propel the growth of the global market at a 5.6% CAGR during the forecast period. The market is expected to account for little more than US$ 960 Mn by the end of 2027.
In this scenario, the market is forecast to account for little more than US$ 930 Mn by end of 2027. However, CAGR is projected to decline to 5.3% during forecast period.
Shortage of protein and untapped potential in the developing Asia Pacific countries
Protein is used to build body tissue, making it the most essential component of our food. Whereas the supply for protein is relatively low especially in developing countries. For instance, around 6 Mn people particularly children died every year due to lack of protein in developing and under developed countries. Increasing demand for processed food in Southeast Asia is attributed to rise the purchasing power of consumers and economic growth in the region.
The hydrolysed vegetable protein has high demand as a flavour enhancer in sauces, soups, snacks, and ready-to-eat food products. For instance, to take an advantage of the opportunity Exter B.V., a Dutch company along with Thai Theparos, a local food company announced to establish a modern production facility for reaction flavours and vacuum oven dried HVP.
Powder & granules segment is expected to gain significant revenue share by 2027 over 2017
Powder & granules segment is estimated to account for little more than 50% value share in 2017 and is expected to increase to little more than 53% share in 2027 and gain 320 BPS in 2027 as compared to 2017. Powder & granules segment revenue is projected to increase at Y-o-Y growth rates ranging from 6.0% to 6.3% over 2017–2027.
This segment is expected to exhibit a CAGR of 6.3% over the forecast period. Powder & granules segment is expected to rank relatively high on the attractiveness index in the global hydrolysed vegetable protein market by 2027 end. This segment is expected to be valued at more than US$ 500 Mn by 2027 end.
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Consolidation of fragmented market, open innovation and faster new product development trending the global hydrolysed vegetable protein market
The consolidation of the textural food ingredient market is being driven by a number of factors. The long term success in the food ingredients market is contingent on constant innovation, global presence, negotiating power and the development of substantial production capabilities. The absence of the mid-sized players in the industry thus prompts various small scale companies to seek consolidation as they lack the financial resources and economies of scale that are necessary to compete with large companies.
Another major reason for the consolidation is the increased negotiation powers with food producers and commodity suppliers with multinationals such as Nestle and Kraft. The changing consumer’s tastes and preference has also stimulated growth in the textural food ingredients market.
The growing changing consumer demand and the lack of growth in developed markets in the recent years is driving the form segment to accelerate its innovation and new product development cycle to tap into faster growth categories.
The number of innovations in last few years within the food and beverage industry is been fueling at an accelerated rate and is expected to maintain the same during the forecast period. The plant protein ingredient is the new innovation which are available in fractionated concentrate and isolates. This whole food ingredients contribute texture, flavour, color attributes to the food and beverage final products.
Segmentation of the global hydrolysed vegetable protein market
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan
- Middle East & Africa
- Powder & Granules
- Food & Beverages Industry
- Ready-to-make Food Products
- Ready-to-eat Food Products
- Pet Food
- Other Food Products
- Sauce Mixes
- Cosmetic & Personal Care Industry
- Hair Care Products
- Skin Care Products
- Pharmaceutical Industry