Europe Plant Protein Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Europe Plant Protein Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The European plant protein market is projected to reach USD 3.8 billion by 2026, at a CAGR of 6.66% during the forecast period, 2021-2026.

The COVID-19 has placed unprecedented stress on the overall supply chain of plant protein ingredients. Faced with falling European production and social distancing measures, protein-rich plant by-product markets risk entering a phase of greater instability.

The growing trend toward vegan diets and incorporating plant proteins in processed foods are the major factors driving the market studied. The allergies caused by animal proteins and the abundant amount of nutrients present in plant proteins are also driving the customers toward consuming plant proteins.

The market studied witnessed a significant increase in the adoption of soy protein across several end-user industries due to its high sustainability. The functional property of soy protein and its natural health benefit compared to animal protein are boosting the market growth in this region.

However, it is no longer soy and ancient grains that are the main alternatives to meat and dairy. Research is already underway to integrate high-protein pulses, such as lupine and chickpeas, algal ingredients, including spirulina, and insects into packaged food and beverage.

Key Market TrendsSoy Protein Recorded the Highest Market Share

Soy protein is available in flour, concentrate, and isolate format. Soy protein is widely incorporated as an ingredient in processed food as a protein supplement, and it is even available as a protein drink. Other plant protein sources, such as legumes, have gained popularity, due to their low-fat content and adequate macronutrients, including folate, iron, zinc, and calcium. Pea proteins are perceived as a cost-effective way to follow a healthy lifestyle, as they contain all nine essential amino acids (unlike rice or beans). Major players are coming up with various forms of protein and are investing more in improving the performance of their existing products, as well as in developing new formulations. For instance, ADM launched an energy drink incorporated with soy protein, available in the US and European markets.

United Kingdom Represents the Largest Market in the Region

Plant-based protein is considered a healthy alternative and the most preferred source of protein for consumers seeking a good proportion of protein in their diet. It is also experiencing great demand among consumers living a vegan lifestyle. According to Statista, in 2016, 0.46% of the population in Great Britain was vegan, which increased to 1.16% in 2019. Due to the increasing shift from animal-based diets, British consumers seek protein sources derived from plants, thus fueling the UK plant protein market’s growth. Moreover, the UK government is encouraging healthy eating and lifestyle among its citizens. This is further leading to the growth potential of the plant protein ingredients, which are marketed as natural, wholesome, and healthy. The popularity and the trend have been observed in the retail chain, as well as in the hotel and resort industries of the United Kingdom, where farms like Meatless Farm and Quorn Foods are promoting plant-based meat products and snacks to consumers by addressing their health, taste, and ethical concerns related to conventional meat and dairy products.

Competitive Landscape

The European plant protein market is competitive, with the presence of various strong players. Cargill Incorporated, Archer Daniels Midland, Kerry Inc., DuPont, and Glanbia PLC are some major players operating in the European plant protein market. The market is occupied by various small companies, such as Scoular, Axiom foods, and Growing Naturals LLC. The major players are competing among themselves to obtain the major market share. As a part of their strategies, they acquire small local companies, extend their production lines, and develop new products. The leading players in the market studied have a dominant presence across the European region. These players focus on leveraging opportunities posed by the emerging markets to expand their product portfolio to cater to the requirements of various product segments, like meat substitutes and dairy-free products.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Archer Daniels Midland
Cargill Incorporated
Roquette Freres
Kerry Inc.
Emsland Group
Roquette
Glanbia PLC
Avebe
Ingredion Incorporated

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