The global hydrolyzed wheat protein market size is expected to reach USD 233.08 million by 2025, according to a new report by Radiant Insights, Inc., registering a CAGR of 4.5% during the forecast period. Increased use of plant-based products due to changing food habits and rising geriatric population across the globe are some of the key factors driving the market.
Hydrolyzed wheat proteins are plant-based, non-genetically modified products obtained through a process of hydrolysis of wheat germ to extract nutrients, especially proteins and peptides. Wheat is the main ingredient of the final product and is free from unnecessary side-effects; it is hence used by various food and beverage manufacturers. Companies such as Cargill Inc. and Agridient are spending a large portion of their capital on R&D to develop numerous organic food and beverage formulations, especially targeting the growing vegan population around the world. For instance, Cargill Inc. developed a vegetable-protein formulation that could be used in a variety of beverages. The company also launched a soft drink formulation that contains soluble hydrolyzed wheat proteins, thereby witnessing escalating demand from end-consumers looking for newer protein-rich consumables.
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Increasing adoption of organic ingredients in personal care products has marked a growing need amongst manufacturers, thereby contributing to the growth of the personal care segment. This segment is expected to register a CAGR of 4.5% over the forecast period. Hydrolyzed wheat proteins are often used as a main ingredient in a number of skincare and hair-care products. The product has properties of hydrating and retaining moisture and also repairs damaged hair follicles, thus nourishing and softening the hair. A key trend that has imparted robust momentum to the market for hydrolyzed wheat protein is the natural and non-toxic claims made by a growing number of personal care product manufacturers like Body Shop, Logona, and Cush, especially in the APAC market.
Easy availability of raw material and supportive government policies are a few other factors driving the market. Surging requirement of plant-based ingredients in food processing has led governments to become proactive in terms of agricultural development. For instance, the Food Safety & Standard Authority of India (FSSAI) introduced new standards in eight categories under food additives, mostly involving wheat proteins. Now with the approval of FSSAI, manufacturers are permitted to use wheat production of food and beverages.
Online channel is the fastest growing segment under distribution channels, exhibiting a CAGR of 5.1% over the forecast period. Increasing mobile penetration, ease of access, 24/7 availability, and multiple options available are some of the factors driving online sales. Moreover, regular availability of discounts and offers on multiple products is a crucial factor fueling online sales over the forecast period.
Asia Pacific accounts for major demand in the personal care industry and is likely to register a CAGR of 4.9% over the forecast period, making it the fastest growing segment in the overall market. Apart from Asian countries, European countries are also known for their beauty trends and innovations, featuring sophisticated ingredients in their personal care regime. For instance, Korres, a Greek brand, manufactures an entire haircare range using organic ingredients like olive oil, where hydrolyzed wheat protein is a main ingredient to repair dull and damaged hair.
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Further key findings from the report suggest:
• In terms of regional revenue, North America is projected to value USD 68.3 million by 2025
• Offline channels include hypermarkets and supermarkets, drug stores, and direct-to-customer services. All these constituted about 53.8% of the total market in 2018. The segment, however, is projected to exhibit a slight decline in the coming years due to increased number of mobile phone users across the global
• Asia Pacific is a key contender in the global hydrolyzed wheat protein market and is anticipated to be the fastest growing regional segment with a CAGR of 4.9%. This trend is projected to continue over the next few years due to rise in geriatric population and increased disposable income of people in this region
• With increased vegan population in countries like Italy and Germany, a positive trend is seen in terms of purchase of wheat protein products in these regions
• The industry is highly competitive in nature, the key players being Archer Daniels Midland; Agridient; Cargill Inc.; Manildra Group; and Roquette.
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