Persistence Market Research (PMR) recently published a study that assesses growth parameters of the global market for hydrolyzed plant proteins. This is a market intelligence report that offers comprehensive information about how the growth avenues for hydrolyzed plant proteins market will unveil during the period 2019-2029. In this study, detailed analysis on various factors influencing developments in the hydrolyzed plant protein market is included, along with qualitative as well as quantitative insights on the future growth of the market.
The study offers key indicator assessment to explain key growth prospects of the hydrolyzed plant protein market and forecast statistics about expansion of the market in terms of value (US$ million) and volume (MT). This information can help readers to gauge the dynamics of hydrolyzed plant protein market along with actionable insights that can help manufacturers, suppliers, and other investors to make important business-related decisions in the coming future.
In the study, readers can find exclusive data about the sales and potential rise in demand for hydrolyzed plant protein market is different geographical regions. Information about demand and sales of hydrolyzed plant proteins across the globe, which is featured in the report, is presented in various sections to ensure that it is comprehensible for the reader.
Segmentation of the Hydrolyzed Plant Protein Market
PMR’s report on hydrolyzed plant protein market divides information into five broader categories—source, form, end use, and region. Readers can find detailed information about how growth of the hydrolyzed plant protein market is influenced by the dynamics and changing trends associated with these segments, in the PMR study.
Food and Beverages
Cosmetic & Personal Care
Middle East & Africa
PMR’s report offers comprehensive data about the segment-wise trends in the hydrolyzed plant protein market. Information includes y-o-y growth analysis, pricing analysis, value chain analysis, and supply chain assessment for agents used in hydrolyzed plant proteins and end users in developing as well as developed regions.
What are the Key Questions that PMR’s Hydrolyzed Plant Protein Market Study Answers?
The report offers unique and accurate information about the hydrolyzed plant protein market based on thorough research on the macro and microeconomic market dynamics that are instrumental in the development of the market. The information featured in the report can answer salient questions for companies in the hydrolyzed plant protein market in order to make important business-related decisions. Some of these questions include:
The research methodology followed for acquiring detailed information about developments in the hydrolyzed plant protein landscape involves conducting a thorough market research. With the help of industry-validated data verified by several primary and secondary resources, analysts could come up with exclusive insights on how the hydrolyzed plant protein market will grow and expand through the course of the forecast period.
The secondary resources that have contributed to the production of this report include various white papers, regulations, and research papers that highlight the sales potential for hydrolyzed plant proteins. Secondary resources have been referred by analysts to confirm the accuracy of the forecast on future trends and opportunities in the hydrolyzed plant protein market.
Analysts have interviewed c-level executives, as well as brand managers of companies in the supply chain of the hydrolyzed plant proteins market, as well as investors and industry experts, who contributed in the development of this report as a primary resource. 83% of the primary resources were supply side participants, including manufacturers, distributors, suppliers of hydrolyzed plant proteins, and other industry experts, and rest of the 17% were demand side participants which included end users and consumers.
The exclusive information provided by the primary resources and secondary resources acts as the validation from industry players, and makes PMR’s estimates on future prospects of the hydrolyzed plant protein market more accurate and reliable.
Hydrolyzed Plant Protein: The Shift from Meat to Vegetables
The global food sector is undergoing a conspicuous transformation as there has been a tectonic shift in demand for plant-based sources in various food products. The wave of veganism is only getting stronger and so is the consumer demand for food products with plant-derived ingredients. As the adoption of plant-based and fortified food is surging exponentially, the plant protein industry is expected to reach new heights in terms of innovation in extraction, modification, and functionalization of hydrolyzed plant protein.
With ongoing advancements in food technologies and growing demand for vegetarian ingredients, the hydrolyzed plant protein landscape is showing immense potential for innovation. Manufacturers are likely to enter a wider range of categories, as the demand is expected to go beyond food & beverage industry, spreading across the health and nutrition sectors.
Addressing the recent trends in the food sector, which is shifting gears from animal-based protein to their vegetarian alternatives, Persistence Market Research (PMR) offers detailed information about the current status quo, and the future course of action in the hydrolyzed plant protein landscape. Through a comprehensive assessment on the growing demand for plant proteins in various applications, PMR’s study on hydrolyzed plant protein market can arm decision-makers in this landscape with value-based actionable insights to gain an edge in the future.
The Evolution: From Simply a Flavor-masking Agent to a Functional Ingredient
Once used only as flavor enhancers, new avenues of growth are opening for hydrolyzed plant proteins with recent innovations that have enhanced nutritional profiles. Since the food & beverage industry has been hard-pressed to come up with protein-rich products, the role of hydrolyzed plant proteins has evolved from being a mere flavor-masking agent.
During 2014-2017, the hydrolyzed plant protein landscape witnessed sluggish growth, however it picked pace in 2018, as global sales soared to 515 thousand MT, equaling a market valuation worth US$ 1.6 billion. In the coming years, the hydrolyzed plant protein landscape is likely to gain momentum, and it is primarily attributed to the increasing vegan population, mainly in Europe.
In 2019, the global hydrolyzed plant protein market is likely to witness over 4% year-over-year growth, and surpass sales of 563 thousand MT. However, the high contents of monosodium glutamate (MSG) in hydrolyzed plant proteins continues to be a bottleneck for pervasive adoption, as consumers show an unprecedented alacrity to read labels to spot ingredients with a bad rep in terms of potential side effects. In addition, market players along the entire hydrolyzed plant protein value chain are struggling to bring down manufacturing costs—this has created a catch-22, where higher prices are putting consumers off, whereas reluctance to pass on the cost to end-users is leading to a squeeze in profit margins.
Soy-based Hydrolyzed Plant Protein Powder is Growing in F&B Applications
With the alarming rise in the incidence of lifestyle diseases, especially obesity, protein’s momentum as a weight-loss ingredient has continued to increase in the past few years. Though animal-based protein is vastly accepted owing to its higher protein quality over its vegetarian variants, soy-based hydrolyzed plant protein is witnessing high demand, as it is most comparable to dairy-derived proteins in terms of quality. In 2018, soy protein accounted for nearly 63% revenue share of the hydrolyzed plant protein market and it is expected to continue getting better scores than wheat, rice, or pea proteins in this landscape.
Manufacturers are focusing on improving fineness in the texture and improved particle suspension in hydrolyzed plant protein powders to capitalize on the rise in demand. Protein powders are gaining popularity over liquid variants owing to their superior emulsification properties. Eventually, hydrolyzed plant protein powders are expected to gobble a whopping three-fourth revenue share of the market, and their demand in the F&B as well as sports nutrition segments will create new opportunities for market players in the coming years.
Winning Imperative: Foray into Cosmetics and Personal Care Industry
Consumer inclination towards plant-based alternatives to animal protein ingredients has reflected in burgeoning sales of hydrolyzed plant protein. However, growing concerns about the percentage of MSG is driving manufacturers to explore the potential for hydrolyzed plant proteins in other end-use industries than the food & beverage industry. Plant-derived proteins and peptides are finding a new place in cosmetics and personal care products as consumers are spurning products with chemical ingredients.
Growing demand for plant-derived ingredients that can replace chemicals in personal care products such as shampoos, hair conditioners, hair dyes and colors, and moisturizers, is expected to influence emerging trends in the hydrolyzed plant protein market in the coming years. Antistatic, hair conditioning, and skin conditioning hydrolyzed plant proteins are expected grow in sales in the cosmetics and personal care industry in the upcoming years.
Leading players in the hydrolyzed plant protein landscape, such as Roquette Frères, have adopted strategies to make a foray into the cosmetics and personal care industry by launching innovative cosmetics that have plant-based ingredients. For instance, in April 2019, Roquette Frères announced that it is reinforcing its expanded ‘Beauté by Roquette®’ product range of cosmetic ingredients, which includes its patented plant-based polyol—Beauté by Roquette® PO 500, a new starch texturizer—Beauté by Roquette® ST 118, and a new pea starch— Beauté by Roquette® ST 720.
Analysis on Competitive Landscape of the Hydrolyzed Plant Protein Market
The hydrolyzed plant protein market is highly consolidated among the frontrunners as leading companies, such as Kerry Inc., Tate & Lyle, Cargill Incorporated, and Archer Daniels Midland Company, account for nearly 70% revenue share. Most of the leading players’ strategies are centered at technology and innovation to enhance their hydrolyzed plant protein portfolio in terms of taste, nutrition, and flavor.
In May 2019, Archer Daniels Midland Company announced that it will showcase its new range of plant-based protein ingredients—Arcon®—which has a clean taste and can be used in vegetarian and vegan alternatives as well as in cost-effective meat processing. Another leading manufacturers of hydrolyzed plant protein—Roquette Frères—declared its strategies to boost investments in research & development (R&D) with the opening of its new R&D laboratory in Panevezys, Lithuania. The company announced that the new R&D capability will be dedicated to the valorization of all fractions of various crops through innovations in the latest techniques for manufacturing plant-based protein.
Leading companies in the hydrolyzed plant protein landscape are joining forces with each other through strategic partnerships and collaborations to strengthen their position in this market. For instance, in February 2018, Cargill Incorporated and Archer Daniels Midland Company entered a joint venture—SoyVenTM—in Egypt, to cater to the increasing domestic demand for higher-protein soybean meal and soybean oil from both the food manufacturing and animal feed sectors.
Market leaders are adopting organic as well as inorganic growth strategies to consolidate their position in the hydrolyzed plant protein market. Meanwhile, their competitors and local manufacturers in various geographical regions, especially in Europe, are also focusing on launching new varieties of hydrolyzed plant proteins to create their position in the market. For instance, in February 2019, PEVESA developed a non-allergenic and non-GMO variety of a new rice protein concentrate, which is naturally sources and contains 80% protein.
The author of PMR’s study on hydrolyzed plant protein landscape remain positive about its growth prospects as the number of consumers turning to veganism is multiplying at a rapid pace. Modern consumers’ appetite for high-protein foods and beverage is aligning with the growing demand for plant-based proteins and this will foster growth for hydrolyzed plant protein market. However, manufacturers who will be able to cut the manufacturing costs down to a significant level will only succeed at maintaining their position amidst the emergence of low-cost vegetarian alternatives for animal-based proteins. Leading market players will enter new areas of applications, such as animal feed and cosmetics, to expand their presence beyond the food & beverage industry as consumers are becoming aware of the negative impacts of MSG in hydrolyzed plant proteins.
Global Hydrolyzed Plant Protein Market: Overview
Hydrolyzed plant proteins are derived from soy, wheat, pea, and rice, and do not contain any animal-derived components. Hydrolyzed plant protein is used as a flavor enhancer in the food and beverage industry in a wide range of food and beverage products. The use of hydrolyzed plant protein in the cosmetic and personal care industry is increasing, which leads to an increase in the demand for hydrolyzed plant protein. Hydrolyzed plant protein is also used in various industries, such as sports nutrition, infant nutrition, and animal feed, as a nutrient-rich ingredient. Hydrolyzed plant proteins are derived from plants and consist of fewer allergens as compared to animal-based proteins. Hence, an increasing number of consumers are preferring plant-based protein over animal-derived protein due to increased health awareness.
Global Hydrolyzed Plant Protein Market: Drivers
Increasing Use of Hydrolyzed Plant Protein in Ready-To-Eat Food Products
Healthy snack foods are becoming more popular among most of the working population due to the changing lifestyle, urbanization, and busy work schedules of people. Due to a busy lifestyle and increasing awareness about health & nutrition products, consumers in Asia Pacific are looking for more functional food products such as breakfast cereals, snacks, ready-to-eat meals and others. To satisfy the rising demand from consumers for the better management of their health through an appropriate diet, the demand for functional food ingredients, such as hydrolyzed plant protein, is increasing at a higher growth rate. Hydrolyzed plant protein is used in a variety of food products, such as sausages, meat analogs, cereals, and soups, as a flavor enhancer. Hydrolyzed plant protein plays an important role in the formation of a number of new food products by the stabilization of emulsions.
Increasing Consumer Preference for Plant-Based Protein over Animal-Derived Protein
The consumption of plant-based proteins is increasing as compared to animal-derived proteins as the former is more cost-effective. Plant proteins deliver all the nutritional benefits of a whole protein-rich diet without any cruelty to animals, hence, various consumers choose vegan protein over animal-derived protein. Manufacturers of plant-based proteins conduct heavy advertising drives that call out the meat industry on food safety concerns, animal slaughterhouses, and welfare issues, the use of growth hormones and antibiotics in livestock, the existence of saturated fats and the negative health impacts of cholesterol. Moreover, the poor availability and high cost of animal-derived proteins in some countries and consumer awareness about the harmful impact of animal-based proteins on health is likely to boost the demand for plant-based protein.
Increasing Demand for Hydrolyzed Plant Protein in Cosmetics and Personal Care Products
Plant-derived proteins function primarily as skin and hair conditioning agents in personal care and cosmetic products. These protein solutions are prepared by subjecting vegetable proteins to hydrolysis through acid and enzymes. Hydrolyzed vegetable protein has the maximum reported uses in personal care products, with a total of 142 preparations. This protein assists as an elementary building block for several hair care, skin care, and other personal care products. Vegetable proteins are separated from numerous sources and have properties that are required for providing care and protection to the skin and hair. Hydrolyzed wheat protein is often used in cosmetics due to the low molecular weight of gliadin and the high molecular weight of gluten.
Consumer Inclination toward Nutrients-Rich Plant Protein Ingredients
Plant-based proteins provide more vitamins, minerals, and nutrients as compared to animal proteins. Moreover, plant proteins are easier to digest as compared to animal proteins as they contain lower fat, cholesterol, and calories. Due to the availability of natural, healthy, and nutrient-rich protein ingredients sourced from raw materials such as soy, wheat, rice, and peas, consumer preference for plant-derived protein ingredients over animal-derived protein food products is on the rise.
Ongoing Trend of Flavored Food Products
Several food products are manufactured by drying, freezing, and canning. Due to these processes, some flavor loss is nearly unavoidable. Manufacturers use hydrolyzed plant protein to restore these lost flavors as well as to improve the flavor of the food. Hydrolyzed plant protein is considered as a healthy and popular flavor enhancer that is used in several ready-to-eat food products. Hydrolyzed plant protein is used in a wide range of functional food products such as breakfast cereals, noodles, pastas, soups, and others, which is expected to contribute to the growth of the hydrolyzed plant protein market in the near future.