GLOBAL – The hydrolysed vegetable protein market is expected to surpass US$1.17 billion by 2021, fuelled by a continued rise in demand for sustainable food by a health conscious consumer, a recent research by Future Market Insights has shown.
Hydrolysed vegetable protein has various health benefits including improving digestion, lowering the rate of heart disease and enhancing the immune system.
Such properties of hydrolysed vegetable protein products have been helping them gain traction among consumers who are willing to spend more products such as hydrolysed pea protein foods.
Coupled with rising health awareness, some of the leading companies have been promoting hydrolysed vegetable protein products’ benefits towards controlling and preventing diseases commonly associated with obesity and cholesterol.
Consequently, hydrolysed protein derived from soy, wheat, pea, rice, flax, and other vegetarian sources have been registering sales uptick.
Market grows in 2021
Future Market Insights projects that the Hydrolysed vegetable protein market will showcase growth at a positive pace through 2031 with the 2021 forecast showing that the market will exhibit a 5.3% Y-o-Y growth.
Of many proteins used to make vegetable protein, the demand for soy protein is significantly high with analysts projecting that it will account for over 39% of the total market in 2021.
Among global markets, North America, the U.S in particular, has emerged dominant, accounting for 80.8% share in 2021
FMI notes that UK will remain a key market, exhibiting 4.1% Y-o-Y growth in 2021 while Germany and France are expected to remain lucrative markets for hydrolysed vegetable protein in Europe
Healthy growth is expected in Japan and South Korea, while dominance in East Asia is likely to remain with China, according to FMI.
Consumer demand fuels growth, innovation
An increasing number of consumers across the world has been showing inclination towards vegan protein.
This has been encouraging companies to invest in new product development based on hydrolysed vegetable protein.
The rising demand for sustainable solutions has been paving way for innovation.
Besides this, preference towards products with higher shelf-life has emerged as chief driver of innovations within the market.
Resultantly, a slew of product launches has been recorded in the last few years, which are expected to aid the overall expansion.
For instance, in 2019, DuPont launched six new hydrolysed vegetable protein nuggets from its SUPRO and TRUPRO product range.
As the markets for vegetable protein expands to other regions, Ingredient companies such as Kerry are updating their strategies to target regions such as Asia, EMEA, and Latin America which present the greatest opportunity for growth.
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