The Business Research Company’s Hydrolyzed Vegetable Proteins Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UK, June 28, 2024 /EINPresswire.com/ -- The hydrolyzed vegetable proteins market has shown robust growth, expanding from $1.53 billion in 2023 to $1.64 billion in 2024, with a compound annual growth rate (CAGR) of 7.6%. This growth can be attributed to increased demand for high-quality proteins in developing markets, expansion of the pet food industry, and rising demand for sustainable and organic products. The market is expected to continue growing strongly, reaching $2.21 billion by 2028, driven by the growing popularity of vegetarian and vegan diets, expansion of the food and beverage industry, and increasing health consciousness.

Growing Popularity of Vegetarian and Vegan Diets Drives Market Growth
The rising adoption of vegetarian and vegan diets globally is a significant driver for the hydrolyzed vegetable proteins market. These diets exclude animal-based products, making plant-based proteins like HVP a popular choice among consumers. According to a report by The Plant-Based Foods Association, plant-based foods in the U.S. retail sector saw significant growth, reaching $8 billion in sales in 2022, indicating a growing consumer preference for plant-based alternatives.

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Major Players and Strategic Investments
Key players in the hydrolyzed vegetable proteins market include Cargill Inc., Archer Daniels Midland Company, Ajinomoto Co. Inc., and Kerry Group plc. These companies are investing in capacity expansions and technological innovations to meet the increasing demand for plant-based proteins. For example, Archer Daniels Midland Company announced a $300 million investment to expand its alternative protein manufacturing capabilities, aiming to cater to the rising consumer demand for plant-based proteins.

Key Trends in the Hydrolyzed Vegetable Proteins Market
Innovations in food technology and the expansion of the cosmetics industry are key trends expected to shape the hydrolyzed vegetable proteins market in the forecast period. Additionally, the introduction of sustainable ingredients is gaining traction among consumers, driving market growth further.

Hydrolyzed Vegetable Proteins Market Segmentation
The hydrolyzed vegetable proteins market is segmented based on:
• Source: Soy, Wheat, Corn, Pea, Other Sources
• Form: Dry Powder, Liquid
• Function: Flavoring Agent, Emulsifying Agent, Other Functions
• Application: Bakery And Confectionary, Processed Food Products, Meat Substitutes, Beverages, Other Applications

Geographical Insights: Asia-Pacific Leading Growth
North America dominated the hydrolyzed vegetable proteins market in 2023, while Asia-Pacific is expected to witness the fastest growth during the forecast period. The report provides detailed insights into regional dynamics and growth opportunities.

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Hydrolyzed Vegetable Proteins Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Hydrolyzed Vegetable Proteins Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on hydrolyzed vegetable proteins market size, hydrolyzed vegetable proteins market drivers and trends, hydrolyzed vegetable proteins market major players, competitors' revenues, market positioning, and market growth across geographies. The hydrolyzed vegetable proteins market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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