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Market Overview
In 2022, the market for hydrolyzed vegetable protein was estimated to be worth USD 1.2 billion. The market for hydrolyzed vegetable protein market is expected to expand at a compound annual growth rate (CAGR) of 7.50% between 2023 and 2032, from an estimated USD 1.3 billion in 2023 to USD 2.3 billion by 2032. The desire for simple, processed meals that substitute meat and the growing popularity of plant-based proteins are the main factors propelling the market’s expansion.
Over the course of the forecast period, growing consumer awareness of the health advantages of plant-based proteins along with the growing popularity of vegetarian and vegan diets are expected to propel market expansion in the processed and convenience food and meat alternatives segments. Hydrolyzed vegetable protein (HVP) has been shown to have potent cleaning qualities in addition to containing riboflavin and mineral salts, which is driving market growth.
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Because it is frequently used as a less expensive substitute for other protein sources, HVP has gained recognition in the food sector. It is frequently added to processed foods including soups, sauces, and snack foods as a food ingredient and taste enhancer. Because of its umami taste, it is frequently used to replace meat-based components in vegetarian and vegan dishes. Because the hydrolysis process used to create HVP produces free amino acids and peptides, which have a bitter flavour, it may result in bitter aftertastes and odours. Certain producers may go through extra processing procedures to eliminate or disguise the bitter flavour in order to decrease the bitterness.
Numerous dietary supplements and protein powders contain HVP as a source of protein. Over the course of the projected period, market development is anticipated to be supported by athletes’ increasing usage of protein hydrolysate products. Protein hydrolysates—most notably, HVP—are becoming more widely utilised in sports nutrition products due to their capacity to offer an excellent supply of quickly digested and absorbed protein for the body. Because it can aid in muscle building and recuperation, HVP is a well-liked plant-based protein supplement among athletes and sports fans who eat a vegetarian or vegan diet.
Segmentation
The market segmentation for hydrolyzed vegetable protein comprises three types: dry powder, liquid, and paste. In 2022, the dry powder category held the highest revenue share.
Food and drink, personal hygiene products, and other items are included in the application-based segmentation of the hydrolyzed vegetable protein market. In 2022, the market for hydrolyzed vegetable protein was led by the food and beverage industry.
Regional Analysis
The report offers market information for North America, Europe, Asia-Pacific, and the rest of the world, broken down by region. In 2022, the hydrolyzed vegetable protein market in North America held a 45.80% market share. This is due to the considerable and well-established demand in the food and beverage sector for HVP as a flavour enhancer and functional component. Furthermore, the growing desire for convenience and processed meals in the area has led to the market’s growth. Additionally, the area boasts a robust healthcare industry that makes use of HVP in its medical nutrition products. In addition, the hydrolyzed vegetable protein market in the United States had the most market share, while the hydrolyzed vegetable protein market in Canada had the quickest rate of growth on the North American continent.
Major players in the Hydrolyzed Vegetable Protein market, including
Ajinomoto Co,. Inc.,
Tate & Lyle PLC,
Griffith Foods Inc.,
Dien, Incorporated,
Titan Biotech Limited,
Chaitanya Biologicals Private Limited,
New Alliance Dye Chem Pvt. Ltd.
Opportunities
Hydrolyzed vegetable protein presents significant opportunities in the food industry, driven by the rising demand for plant-based and clean-label products. As a versatile flavor enhancer and protein source, it caters to the growing consumer preference for healthier and sustainable alternatives. Manufacturers can capitalize on this trend by developing innovative applications in snacks, soups, sauces, and plant-based protein products, tapping into the expanding market for plant-derived ingredients.
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COVID-19 Analysis
The Covid-19 epidemic in 2020 increased demand for contact-free biometric services at airports because they provide identity and verification without any physical touch. Contactless biometric services provide quick and accurate identification while limiting exposure. Additionally, the pandemic has compelled airport management to implement contactless thermal checking biometric equipment to monitor passenger admission by measuring body temperature. Throughout the projected period, it is anticipated that the contactless airport biometric services industry will continue to rise. Airports all around the world are quickly implementing contactless biometric services including face recognition, voice recognition, & 3D advanced fingerprint recognition.
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