Originally published on Technavio:Analysis of the Hydrolyzed Vegetable Protein Market Across Europe, North America, APAC, South America, and the Middle East and Africa - Forecast 2024-2028
Technavio presents an insightful examination of the Hydrolyzed Vegetable Protein (HVP) Market across various regions, including Europe, North America, APAC, South America, and the Middle East and Africa. Published in November 2023 with 161 pages (SKU: IRTNTR72452), this report offers a comprehensive analysis of market trends, forecasts, and challenges shaping the industry.
Snapshot, Table of Contents, and Methodology
The report begins with a snapshot of the market, followed by a detailed table of contents and an explanation of the methodology employed in the analysis. With a projected market value of USD 3,194.8 million by 2028, growing at a CAGR of 5.8%, HVP is recognized as a natural and organic product rich in amino acids, minerals, and micronutrients. Widely utilized to enhance flavor in processed foods, HVP is witnessing increasing demand driven by health-conscious consumers and the popularity of plant protein-based diets.
Future Outlook and Forecast
The market is poised for accelerated growth during the forecast period, fueled by increasing demand for plant protein-based diets. As consumers prioritize protein-rich diets, HVP emerges as a convenient and versatile ingredient, catering to a wide range of food products including meat and dairy alternatives, soups, sauces, and gravies. The rise of meat alternatives further propels market growth, reflecting evolving consumer preferences and dietary habits.
Market Overview
Hydrolyzed Vegetable Protein Market Size
The market is characterized by an Accelerated Compound Annual Growth Rate (CAGR) during the forecast period.
Market Trends and Drivers
An emerging trend driving market growth is the increasing adoption of organic and natural ingredients. Driven by health and safety concerns, consumers exhibit a growing preference for natural and organic products across various sectors including food, personal care, and cosmeceuticals. This trend is expected to fuel demand for natural ingredients with therapeutic properties, consequently boosting the consumption of HVP.
Market Opportunities and Challenges
Despite opportunities presented by increasing demand for healthy and nutritional food products, challenges persist. The market faces hindrances such as consumer preference for fresh produce over frozen foods, and the promotion of fresh fruits and vegetables by organizations like the World Health Organization (WHO). Additionally, the European economic crisis has regulated market growth in the region, impacting taxes and manufacturing costs.
Market Segmentation by Distribution Channel
The direct distribution channel, involving manufacturers selling products directly to end consumers or food service providers, emerges as a significant contributor to market growth. By bypassing intermediaries such as distributors or wholesalers, manufacturers gain valuable insights into consumer behavior, enabling tailored marketing strategies.
Types Segment
The dry powder segment holds significant market share and is expected to maintain dominance due to its versatility in various processed foods. With applications ranging from meaty flavor seasonings to oriental cuisine, the dry powder segment is valued at USD 1,170.24 million in 2018, driven by increasing adoption of organic and natural ingredients in processed foods.
Key Regions
Hydrolyzed Vegetable Protein Market Share by Geography
Europe is estimated to contribute 36% to global market growth during the forecast period.
Technavio’s analysts provide detailed insights into regional trends and drivers, with leading revenue-contributing countries including the UK, France, Italy, and Germany. Despite high competition in the European market, driven by numerous local and global companies, opportunities exist for companies offering natural and organic HVP products.
Key Market Players Overview
Companies are employing various strategies including strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches to enhance market presence.
Key Offering- Aarkay Food Products Ltd.: Offers protein foods markets such as soya, groundnut, and wheat.
Key Offering- Aipu Food Industry: Offers hydrolyzed proteins such as neutral flavor, meat flavor, and poultry flavor.
The report also includes detailed analyses of competitive landscapes and information about 20 market companies, providing insights into business environments and strengths of market participants.
To Learn deeper into this report , View Sample PDF
The market is witnessing rapid development driven by increasing demand for plant-based protein products and the popularity of vegetarian and vegan diets. With a projected market value of USD 1.8 billion by 2026, HVP is experiencing significant growth, particularly in emerging markets like the Asia-Pacific region. As consumers recognize the health benefits of plant-based proteins, the demand for HVP continues to surge, driving innovation and market expansion.
The market report forecasts growth by revenue at global, regional, and country levels, offering insights into trends and growth opportunities from 2018 to 2028.
For more information please contact.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
