Austria Property & Casualty Insurance - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

Europe Pea Protein - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)


The Europe Pea Protein Market size is estimated at USD 204.03 million in 2024, and is expected to reach USD 290.72 million by 2029, growing at a CAGR of 7.34% during the forecast period (2024-2029).

Key Highlights

  • The demand for plant-based products is increasing in the European market owing to their nutritional benefits, low cholesterol, and as an alternative to meat products. Additionally, the demand for plant protein is growing in the European region due to consumer interest in alternative proteins, awareness of the benefits of plant-based diets, and the environmental impact of animal husbandry. This has eventually increased the demand for plant-based meat and dairy and raised the popularity of protein beverages in sports and performance nutrition, supplements, and natural and organic food products, driving the market growth in the region.
  • As pea protein is a concentrated source of protein, often containing around 80-90% protein content per serving, demand for sports nutrition products with pea protein is rising in the region, mainly from sports enthusiasts. This high protein density benefits athletes by helping them meet their daily protein requirements and supporting muscle recovery and growth.
  • Moreover, pea protein is free from common allergens like soy, dairy, and gluten. Also, it is rich in essential amino acids, particularly lysine, which is often limited in other plant-based proteins, making it suitable for individuals with dietary restrictions or sensitivities. Such factors have increased the number of applications of pea protein as many manufacturers are turning toward incorporating protein into their products. Pea protein is utilized in various food products, including plant-based meats, protein bars, shakes, and baked goods, to enhance protein content and improve overall nutrition.
  • For instance, in July 2023, Vow Nutrition launched Sparklean, a high-protein drink with pea protein. The company launched these products through 1400 Boot stores in the United Kingdom. Moreover, consumers increasingly seek products with clean, simple ingredient lists, and pea protein aligns with this clean-label trend. Such factors, coupled with the clean-label trend in the region, are driving the market growth.

Europe Pea Protein Market Trends

Growing Demand for Plant Based Alternatives

  • Health-conscious consumers in the region opt to consume vegan and plant-based food instead of meat and dairy products due to different health conditions and environmental reasons. Also, there is an increased trend of consumers shifting to plant-based milk over conventional milk products owing to lactose intolerance. In line with this, many players offer ingredients with multiple application capabilities in food and beverages, aiding manufacturers to incorporate plant-based ingredients like pea protein into their products.
  • Additionally, growing awareness of environmental issues, such as climate change and resource depletion, has prompted consumers to look for more sustainable choices, thus supporting market growth. Plant-based alternatives have a lower carbon footprint and require fewer resources during production compared to traditional animal agriculture.
  • Plant-based milk is also available in various plant-based ingredients like grain proteins, attracting manufacturers to incorporate pea protein ingredients into their products and launch with attractive health claims. For instance, in January 2022, plant-based brand OZO launched pea protein-based plant-based products in the United Kingdom, claiming that these products offer a good source of protein alongside clean ingredients. Hence, the demand for pea protein ingredients is growing from various manufacturers in the region. Hence, over the medium term, the market is expected to grow owing to the increasing demand for plant-based alternatives in the region.

Germany Holds the Largest Share in Pea Protein Market

  • In Germany, plant-based diets are often perceived as healthier, with potential benefits like lower cholesterol levels and reduced risk of certain diseases. Also, due to changing dietary preferences and lifestyles, Germany has a growing number of vegan and vegetarian consumers. According to United States Department of Agriculture data from 2022, 1.5 million people in Germany were vegan, and nearly 8 billion people in Germany followed a vegetarian diet. The young population in the country is eco-conscious, and they are aware of the environmental effects of meat consumption. Due to this, they are shifting their food preferences to vegan and vegetarian food, supporting the growth of the pea protein market.
  • Furthermore, the increased demand for plant proteins can be depicted by the fall in meat consumption. For instance, according to the Federal Agency of Agriculture and Food (Bundesanstalt für Landwirtschaft und Ernährung, BLE), in 2022, around 6.5 million tons of meat were consumed in Germany, which was less than the year before. Figures varied during the specified period but have begun decreasing since 2018 without any rise.
  • Additionally, pea proteins like textured proteins and isolates are used in food products due to their benefits, such as zero cholesterol and high protein, further raising demand in the country. The product often incorporated with pea proteins includes plant-based meat alternatives, dairy-free options, and a wide range of plant-based snacks and convenience food. Moreover, with these increased applications of pea protein, players in the country have focused on improving their product portfolio in recent years. For instance, in December 2022, Royal DSM launched Vertis, a textured pea canola protein in the country. The product was claimed to contain nine essential amino acids, and the product is soy-free and gluten-free.

Europe Pea Protein Industry Overview

The European pea protein market is fragmented, with global and regional players dominating the market. The prominent players in the region include International Flavors & Fragrances, Inc., Ingredion Incorporated, Koninklijke DSM N.V., Archer Daniels Midland Company, and Kerry Group PLC. The demand for plant-based ingredients is growing in the region due to shifting consumer preferences toward vegan and plant-based food. The market players are engaged in mergers and acquisitions to strengthen their portfolios and market reach. Moreover, they are focused on investing in research and development activities for innovative products with multiple application capabilities and enhanced functional qualities.

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1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Driver
4.2.1 Growing Awareness about Risk Management
4.3 Market Restraints
4.3.1 Intense Competition among Insurance Providers
4.3.2 Rising Claim Costs
4.4 Market Opportunities
4.4.1 Adoption of Advanced Technologies like AI and Data Analytics
4.4.2 Expanding into Emerging Markets is Creating an Opportunity
4.5 Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Insight on Technologial Adoption in the Market
4.7 Impact of COVID-19 on Market
5 MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Fire Insurance
5.1.2 Motor Insurance
5.1.3 General Liability Insurance
5.1.4 Burglary and Theft
5.1.5 Other Property and Casualty Insurance
5.2 By Distribution Channel
5.2.1 Agents
5.2.2 Brokers
5.2.3 Banks
5.2.4 Other Distribution Channels
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 UNIQA Osterreich Versicherungen AG
6.1.2 Generali Versicherung AG
6.1.3 WIENER STADTISCHE Versicherung AG
6.1.4 Allianz Elementar Versicherungs-AG
6.1.5 DONAU Versicherung AG
6.1.6 Zurich Versicherungs-AG
6.1.7 Grazer Wechselseitige Versicherung AG
6.1.8 OBEROSTERREICHISCHE Versicherung AG
6.1.9 Helvetia Versicherungen AG
6.1.10 Niederosterreichische Versicherung AG
6.1.11 Austrian Hail Insurance VVaG*
7 MARKET FUTURE TRENDS
8 DISCLAIMER

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