Veganism has been witnessing immense popularity across both developed as well as developing countries, which is driving a palpable shift from meat to plant-based alternatives for animal-sourced ingredients. A recent study published by Persistence Market Research (PMR) found that the number of consumers jumping on the bandwagon by adopting vegan and healthy dietary habits is multiplying at a rapid pace, and this has triggered the sales for hydrolyzed plant protein worldwide.
In 2018, nearly 515 kilo tons of hydrolyzed plant protein was sold globally, and the market reached a valuation of approximately US$ 1.6 billion, finds the PMR study. It estimates that the global sales will surpass 563 kilo tons in the hydrolyzed plant protein market in 2019, and veganism on the rise will continue to remain the primary driving engine of the market in the coming decade. Stakeholders in the hydrolyzed plant protein market are expected to ride on the coattails of health-driven consumer demands and recent technological innovations in the manufacturing of hydrolyzed plant proteins in the future.
The PMR study finds that the adoption of soy-based hydrolyzed plant protein increased significantly to account for nearly three-fifth share in the revenue of the global market in 2018. It also finds that hydrolyzed plant proteins in powdered form are witnessing higher demand than their liquid variants, holding nearly three-fourth revenue share of the market. Consumers are becoming aware about the health benefits of soy-based proteins, and as soy protein powders are highly close to animal-based protein in nature, its demand will continue to grow through 2029. The study also finds that the sales of diverse sources of hydrolyzed plant protein, such as rice, wheat, and pea, will increase at a healthy rate in the coming decade.
The study projects that leading players in the hydrolyzed plant protein market are increasing focus on exploring the industrial applications of hydrolyzed plant protein different from the food and processed food industry. Stakeholders are foraying into the cosmetics and personal care industry, as consumers’ need for plant-based ingredients are not limited to food products; consumers are spurning cosmetics and personal care products with chemical ingredients. New sales opportunities for hydrolyzed plant proteins in the cosmetics industry will continue to bolster growth of the global market, opines the PMR study.
Awareness about Health Benefits Boosts Adoption of Hydrolyzed Plant Proteins as Flavor Enhancers
Health benefits of ingredients derived from plants are becoming known to many, and consumers focusing on changing their dietary habits to control the prevalence of lifestyle diseases such as cardiovascular diseases and obesity, are preferring food products with vegetarian ingredients. As consumers are voicing the need for health-benefitting food products with natural, plant-based ingredients along with rich flavors and taste, food manufacturers are resorting to hydrolyzed plant proteins as a flavor enhancer.
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Not only in vegetarian food products, but hydrolyzed plant proteins are also used extensively in the preparation of processed meat products, such as sausages, find PMR. With increasing demand for hydrolyzed plant protein as a flavor enhancers and an integral functional ingredient in a vast range of food products, the global market will continue to witness healthy growth in the coming years, opines the PMR study.