Europe Plant Protein Market - Growth, Trends, and Forecast (2018 - 2023)
The Europe plant protein market is likely to register a CAGR of 7.1%, during the forecast period, 2018-2023. The increasing number of health conscious consumers in the European Union (EU) is the key driver for the plant protein market.
Growing Application of Convenience Food
Europe is one of the potential markets for the plant protein market as consumers are inclined towards plant sourced products over animal sources, owing to the rise in the trend of veganism. High consumption of plant protein products and unavailability of protein rich feed for animals has made Europe dependent on import for plant protein ingredients. A considerable amount of the raw materials rich in plant proteins are imported in EU from US, Argentina, and Brazil to meet the domestic needs. In recent years, plant protein has started giving healthy competition to the animal protein market. Growing economy and emerging population has raised the protein demand and boosted the plant protein market in Europe. There is high support from the governments for the production and consumption of plant protein, such as soy, as they require fewer natural resources for the same protein level.
Growing Application in Beverages
Protein concentrates dominated the market with a CAGR of 6.9%, during the forecast period, 2018-2023. The Europe plant protein markethas been segmented by form, product type, and application. By form, the market has been segmented into protein concentrates, protein isolates, and textured protein. On the basis of application, the market has been segregated into bakery, beverages, nutritional supplement, meat extenders & substitutes, snacks, and others. Meat extenders and substitutes held the dominant share of the market in terms of application.
Germany on the Upfront
Europe accounted for a considerable market share of the plant protein market owing to the incorporation of plant protein ingredients in various ready to food products. Germany is one among the countries that have the highest vegan populations in the world. Germany held for the dominant market share of the market in 2017. Consumers have adapted to a high-protein, lactose-free, and easily digestible food habits. Hence, manufacturers are innovating products that meet all these requirements. France is experiencing a dietary transition, and the market in the country has seen a huge rise in the demand for plant protein in Europe.
The leading companies are focused on the expansion of their plant protein business in the local and international markets. Certain players have been expanding their geographical presence by acquiring or merging with the manufacturers in the foreign markets.
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