In 2024, the global hydrolyzed plant protein market is projected to attain a valuation of US$ 2,456.2 million. Over the forecast period, demand is expected to witness a Compound Annual Growth Rate (CAGR) of 4.9%, culminating in a total of US$ 3,978.1 million by the conclusion of 2034.
The surge in consumer inclination towards plant-based diets, heightened health awareness, ethical production practices, technological advancements, and strategic collaborations among industry frontrunners are pivotal drivers propelling the hydrolyzed plant protein market on a global scale. These factors not only foster the market’s robust expansion but also reflect growing concerns regarding nutrition and environmental sustainability.
Enterprises operating within the hydrolyzed plant protein market stand to benefit from the escalating demand for plant-derived products by exploring diversified avenues such as food, beverages, and dietary supplements. Embracing innovation, environmentally conscious sourcing practices, and strategic partnerships offer avenues to meet evolving consumer preferences for eco-friendly offerings.
Key Takeaways from the Market Study
- In 2019, the global hydrolyzed plant protein market was estimated at US$ 1,987.9
- The North America hydrolyzed plant protein market is expected to rise to 7% market share by 2024.
- East Asia is expected to have reached 7% of the global market by 2024.
- In 2024, the market in the United States is estimated to be worth US$ 454.7 million.
- The China market for hydrolyzed plant protein is anticipated to be worth US$ 425.0 million in 2024.
- In 2024, the dry powder segment is expected to account for 21% of the global market.
- The soy segment is expected to reach a market share of 21% by 2024.
“Growing consumer demand for plant-based substitutes, increasing health and sustainability consciousness, innovative manufacturing processes, and strategic partnerships among significant players are driving the global market for hydrolyzed plant protein. It is also fostering a thriving environment for nutrient-dense and sustainable protein sources,” remarks a Fact.MR analyst.
Key Companies Profiled in this Report:
- Kerry Inc.
- Tate & Lyle
- Cargill Incorporated
- Archer Daniels Midland Company
- Roquette Frères
- Griffith Foods Inc.
- FrieslandCampina Ingredients
- New Alliance Dye Chem Pvt. Ltd.
- Aarkay Food Products Ltd
- ASTRON LIMITED
Competitive Landscape
Strategic collaborations with manufacturers as well as retailers help these companies to expand their global reach by entering new markets. Incorporating innovative marketing methods, such as highlighting health and environmental advantages, improves their market position even further. In general, these key companies are embracing sustainability, innovation, and strategic alliances in order to generate profitability and position themselves as leaders in the dynamically expanding global hydrolyzed plant protein market.
Hydrolyzed plant protein startups are attempting to disrupt the market by concentrating on sustainable and novel manufacturing methods. They target developing plant-based protein alternatives with increased nutritional profiles, responding to customer demand for healthier and more environmentally friendly solutions, and prioritizing scalability and cost-effectiveness.
Key Developments
- In 2022, Kerry launched its fully renovated factory in Rome, Georgia. As part of Kerry’s Beyond the Horizon sustainability strategy, the firm has focused sustainability measures throughout the whole site. This involves using 100% renewable electricity, sending no waste to landfill, obtaining supplies in bulk, procuring locally whenever feasible, and making liberal use of energy-efficient equipment.
- In 2023, Cargill Incorporated announced the opening of its first Cocoa Development Center in Asia-Pacific. The Gresik, Indonesia-based center is intended to stimulate innovation and sustainability within the cocoa sector by leveraging local resources and consumer insights to produce products that appeal to the different preferences of Asian consumers. The historical backdrop of cocoa in Southeast Asia adds to the significance of the center’s establishment. With the ability to compete with the best cocoa in the world, the cocoa crop has since flourished in the area.
More Valuable Insights Available
Fact.MR offers an unbiased analysis of the global hydrolyzed plant protein market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the hydrolyzed plant protein market, the market is segmented on the basis of form (dry powder, liquid), source (soy, wheat, rice, pea, others) and region (North America, Europe, Latin America, East Asia, South Asia & Oceania, Middle East & Africa).
These insights are based on a report on Hydrolyzed Plant Protein Market by Fact.MR.
