Global Hydrolyzed Vegetable Protein (HVP) Market Research Report 2024 (Status and Outlook)-official website

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Report Overview:

Hydrolysed vegetable protein is derived from boiling cereals or legumes in hydrochloric acid and then neutralizing the solution with sodium hydroxide. The acid breaks down, the protein present in vegetables into their component amino acids. The resulting product is further known as hydrolysed vegetable protein. Hydrolysed vegetable protein is widely used as a flavor enhancer in many processed foods such as soups, sauces, stews, seasoned snack foods, gravies, hot dogs, dips and dressings. It is also blended with other spices to make seasonings that are used in or on foods.

The Hydrolyzed Vegetable Protein (HVP) market has experienced significant development driven by key trends such as Health and Wellness, Clean Label Formulations, Innovation in Application, and Technological Advancements. Health-conscious consumers are demanding healthier food options, prompting manufacturers to incorporate functional ingredients, fortify products, and emphasize nutritional benefits. Clean label formulations are gaining traction as consumers seek transparency and natural ingredients. Innovation in application, enabled by advancements in food processing, is expanding the market reach of HVP into plant-based meat substitutes, snacks, and beverages. Technological advancements ensure product quality and enable the incorporation of value-added ingredients. These trends collectively contribute to the growth and competitiveness of the HVP market, meeting diverse consumer needs while driving innovation in the industry.

The global Hydrolysed Vegetable Protein (HVP) market size is projected to reach US$ 1744.80 Million by 2030 from US$ 1437.24 million in 2023 at a CAGR of 2.90% during 2024-2030. Rising health consciousness among consumers is a significant driver, as individuals increasingly prioritize healthier dietary choices, leading to a growing demand for plant-based protein sources like HVP. Additionally, diabetes prevention priorities play a role in driving market growth, as HVP is recognized for its potential benefits in managing blood sugar levels, appealing to consumers seeking dietary solutions to prevent diabetes. Moreover, the increasing demand for Processed & Convenience Foods and Meat Analogs contributes to market expansion, as HVP is widely used as a flavor enhancer and protein source in various processed food products. Furthermore, HVP's popularity as a Plant-Based Protein Supplement for Athletes addresses the needs of fitness enthusiasts and athletes following vegetarian or vegan diets, driving demand in the sports nutrition sector. The Use of HVP in Infant Formula also drives market growth, as it enhances amino acid absorption and provides essential nutrients, meeting the nutritional needs of infants. Lastly, the Expansion of the Functional Food Market further boosts demand for HVP, as manufacturers incorporate it into functional foods aimed at promoting overall health and wellness.

At the same time, factors such as easy access to substitute products, stringent government regulations, concerns over quality of food & beverages, allergen concerns and consumer perception have brought considerable challenges to the development of the Hydrolyzed Vegetable Protein (HVP) market.

Segment by Type, the Hydrolyzed Vegetable Protein can be split into Soy, Wheat and others. In 2023, the Soy segment already holds the highest market share at 55.97%. Soy is one of the most widely cultivated and utilized crops globally, resulting in ample availability of soybeans for HVP production. This abundance of raw material ensures consistent supply and stable pricing, making soy a preferred choice for manufacturers. Additionally, soy is known for its high protein content and nutritional value, making it an attractive option for consumers seeking plant-based protein sources. Moreover, soy-based HVP is versatile and can be used in various food applications, including processed foods, meat analogs, infant formula, and dietary supplements, further driving its market dominance. Furthermore, soy has gained widespread acceptance among consumers due to its established health benefits, such as cholesterol reduction and cardiovascular health support, contributing to its market share.

According to the application field, the Hydrolyzed Vegetable Protein (HVP) market can be split into Soy Sauce, Other Sauces, Soup Bases, Marinade, etc. The Soy Sauce segment brings 24.36% of the market revenue and will expand at a CAGR of 2.75% during the forecast period. Soy Sauce is a staple condiment in many cuisines worldwide, particularly in Asian cuisine, where it is widely used for seasoning and flavor enhancement. Given its ubiquitous use, there is a consistent and substantial demand for Soy Sauce, driving the consumption of HVP as a key ingredient in its production. Meanwhile, the Soup Bases will expand at the highest growth rate. Firstly, soup bases are essential components in the preparation of various types of soups, stews, and broths, which are popular and versatile dishes consumed across different cultures and regions worldwide. As such, the demand for soup bases remains consistently high, driven by their widespread use in both home cooking and foodservice establishments. Moreover, there is a growing trend towards convenience and time-saving solutions in food preparation, leading to increased demand for pre-packaged and ready-to-use soup bases. These products offer consumers a convenient way to prepare flavorful and nutritious soups with minimal effort, catering to busy lifestyles and hectic schedules.

On basis of geography, the Hydrolyzed Vegetable Protein (HVP) market is segmented into North America, Europe, Asia-Pacific, South America, Middle East and Africa, etc. Currently, the Asia-Pacific market contributes more than 38% of the revenue, and its market size will expand at the highest growth rate during the forecast period. Firstly, the Asia-Pacific region is home to a large and diverse population, with countries such as China, India, Japan, and South Korea experiencing rapid urbanization, rising disposable incomes, and changing dietary preferences. As a result, there is a growing demand for processed foods, convenience products, and flavor-enhancing ingredients like Hydrolyzed Vegetable Protein (HVP) to meet the evolving consumer needs and lifestyles in the region. Moreover, traditional Asian cuisines heavily rely on sauces, soups, and seasonings that often incorporate HVP as a flavor enhancer. With the increasing globalization and popularity of Asian cuisine worldwide, there is a heightened demand for HVP in both domestic and international markets, further driving market growth in the Asia-Pacific region. Furthermore, the Asia-Pacific region is a key hub for food manufacturing and processing industries, with countries like China and India emerging as major players in the global food market. This robust food industry infrastructure, coupled with technological advancements and increasing investments in research and development, fosters innovation and product development in the HVP market, contributing to its growth momentum.

According to our calculations, in 2022, the Hydrolyzed Vegetable Protein (HVP) market 's market concentration indicators CR5 and HHI are 23.58% and 1.14%, respectively. This means that the market concentration of Hydrolyzed Vegetable Protein (HVP) market is very low, and manufacturers are in very fierce competition. Currently, the key players in the market include Archer Daniels Midland, Kerry, Tate & Lyle, Cargill, Sensient Technologies, Vitana, Griffith Foods, Aipu, Basic Food Flavors, IFF, Ajinomoto, New Weikang, Givaudan, Exter. Symrise, Mitsubishi Corporation Life Sciences, Way Chein, Levapan, Campbell, Haco, Symega, San Soon Seng Food Industries, Inthaco, Foodchem International, Philippine Aminosan, Nactis Flavours, Costantino & C. spa, Weijia, Titan Biotech, Zhonghui.

In a word, this report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the Hydrolyzed Vegetable Protein (HVP) market in any manner.

Global Hydrolyzed Vegetable Protein (HVP) Market: Market Segmentation Analysis

The research report includes specific segments by region (country), manufacturers, Type, and Application. Market segmentation creates subsets of a market based on product type, end-user or application, Geographic, and other factors. By understanding the market segments, a decision-maker can leverage this targeting in the product, sales, and marketing strategies. Market segments can power your product development cycles by informing how you create product offerings for different segments.

Key Company

Archer Daniels Midland

Kerry

Tate & Lyle

Cargill

Sensient Technologies

Vitana

Griffith Foods

Aipu

Basic Food Flavors

IFF

Ajinomoto

New Weikang

Givaudan

Exter

Symrise

Mitsubishi Corporation Life Sciences

Way Chein

Levapan

Campbell

Haco

Symega

San Soon Seng Food Industries

Inthaco

Foodchem International

Philippine Aminosan

Nactis Flavours

A. Costantino & C. spa

Weijia

Titan Biotech

Zhonghui

Others

Market Segmentation (by Type)

Soy

Wheat

Others

Market Segmentation (by Application)

Soy Sauce

Other Sauces

Soup Bases

Marinade

Others

Geographic Segmentation

• North America (USA, Canada, Mexico)

• Europe (Germany, UK, France, Russia, Italy, Rest of Europe)

• Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)

• South America (Brazil, Argentina, Columbia, Rest of South America)

• The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)

Key Benefits of This Market Research:

• Industry drivers, restraints, and opportunities covered in the study

• Neutral perspective on the market performance

• Recent industry trends and developments

• Competitive landscape & strategies of key players

• Potential & niche segments and regions exhibiting promising growth covered

• Historical, current, and projected market size, in terms of value

• In-depth analysis of the Hydrolyzed Vegetable Protein (HVP) Market

• Overview of the regional outlook of the Hydrolyzed Vegetable Protein (HVP) Market:

Key Reasons to Buy this Report:

• Access to date statistics compiled by our researchers. These provide you with historical and forecast data, which is analyzed to tell you why your market is set to change

• This enables you to anticipate market changes to remain ahead of your competitors

• You will be able to copy data from the Excel spreadsheet straight into your marketing plans, business presentations, or other strategic documents

• The concise analysis, clear graph, and table format will enable you to pinpoint the information you require quickly

• Provision of market value (USD Billion) data for each segment and sub-segment

• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market

• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region

• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled

• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players

• The current as well as the future market outlook of the industry concerning recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions

• Includes in-depth analysis of the market from various perspectives through Porter’s five forces analysis

• Provides insight into the market through Value Chain

• Market dynamics scenario, along with growth opportunities of the market in the years to come

• 6-month post-sales analyst support

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Chapter Outline

Chapter 1 mainly introduces the statistical scope of the report, market division standards, and market research methods.

Chapter 2 is an executive summary of different market segments (by region, product type, application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the Hydrolyzed Vegetable Protein (HVP) Market and its likely evolution in the short to mid-term, and long term.

Chapter 3 makes a detailed analysis of the Market's Competitive Landscape of the market and provides the market share, capacity, output, price, latest development plan, merger, and acquisition information of the main manufacturers in the market.

Chapter 4 is the analysis of the whole market industrial chain, including the upstream and downstream of the industry, as well as Porter's five forces analysis.

Chapter 5 introduces the latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.

Chapter 6 provides the analysis of various market segments according to product types, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.

Chapter 7 provides the analysis of various market segments according to application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.

Chapter 8 provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and capacity of each country in the world.

Chapter 9 introduces the basic situation of the main companies in the market in detail, including product sales revenue, sales volume, price, gross profit margin, market share, product introduction, recent development, etc.

Chapter 10 provides a quantitative analysis of the market size and development potential of each region in the next five years.

Chapter 11 provides a quantitative analysis of the market size and development potential of each market segment (product type and application) in the next five years.

Chapter 12 is the main points and conclusions of the report.

Table of Contents

1 Research Methodology and Statistical Scope

1.1 Market Definition and Statistical Scope of Hydrolysed Vegetable Protein (HVP)

1.2 Key Market Segments

1.2.1 Hydrolysed Vegetable Protein (HVP) Segment by Type

1.2.2 Hydrolysed Vegetable Protein (HVP) Segment by Application

1.3 Methodology & Sources of Information

1.3.1 Research Methodology

1.3.2 Research Process

1.3.3 Market Breakdown and Data Triangulation

1.3.4 Base Year