(MENAFN- GlobeNewsWire - Nasdaq) The rising trend of veganism will accelerate the sales of hydrolyzed plant protein globally.Rockville , Jan. 12, 2024 (GLOBE NEWSWIRE) -- In 2024, the global hydrolyzed plant protein market is poised to reach a valuation worth US$ 2,456.2 million. During the forecast period, the demand is anticipated to garner a CAGR of 4.9% and hence reach a sum of US$ 3,978.1 million by the end of 2034.
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Growing consumer preference for plant-based diets, increased health consciousness, ethical manufacturing methods, technological advancements, and strategic alliances among industry leaders are driving the global market for hydrolyzed plant protein. These factors are also contributing to the market's robust growth, which is being driven by concerns about nutrition and the environment.
Companies in the market for hydrolyzed plant protein may profit from the increasing demand in plant-based goods by diversifying into areas including food, drink, and nutritional supplements. Innovation, environmentally friendly sourcing, and smart partnerships present opportunities to satisfy changing customer demands for better-for-the-environment products.
| Report Attribute | Details |
| Value Projection (2034) | US$ 3,978.1 million |
| Growth Rate (2024-2034) | 5.6% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 48 Tables |
| No. of Figures | 144 Figures |
Key Takeaways from the Market Study
In 2019, the global hydrolyzed plant protein market was estimated at US$ 1,987.9 million. The North America hydrolyzed plant protein market is expected to rise to 23.7% market share by 2024. East Asia is expected to have reached 23.7% 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 65.21% of the global market. The soy segment is expected to reach a market share of 33.21% 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 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.
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More Valuable Insights Available
Fact 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).
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