Europe Plant Protein Market - Growth, Trends and Forecast (2019 - 2024)
The European plant protein market is projected to reach USD 2.6 billion by 2024, at a CAGR of 7.4%, during the forecast period.
The growing trend toward vegan diets, incorporation of plant proteins in processed foods, and the cost advantage of the protein are the major factors driving the market. 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 major limitation for the market is the stringent regulations set by the European Union. Importers of plant protein are most adversely affected by these restrictions.
Scope of the Report
The European plant protein market report includes study on segmentation by ingredient type (soy protein, wheat protein, pea protein, and other ingredient types), form (protein isolate, protein concentrate, and textured proteins), application (bakery, meat substitute, nutritional supplement, beverage, snacks, and other applications), and geography.
Key Market Trends
Soy Protein Recorded the Highest Market Share
Soy protein is available in flour, concentrate, and isolate format. Soy protein is widely being incorporated as ingredients in processed food, as a protein supplement, and even available as protein drink. Other plant protein sources, such as legumes, have gained popularity, due to their low-fat content and adequate amounts of macronutrients, including folate, iron, zinc, and calcium. Pea proteins are perceived as a cost-effective way to follow a healthy lifestyle, as it is a complete protein that contains all nine essential amino acids (unlike rice or beans). Major players are coming up with various forms of the protein and are investing more on improving the performance of their existing products, as well as in developing new formulations. For instance, ADM has launched an energy drink incorporated with soy protein, which is available in the US and European markets.
France is the Fastest Growing Market in the Europe Plant Protein Market
The French plant protein market is registering a CAGR of 8.1%. The increasing preferences toward healthy foods is the major factor that is driving the plant protein market in France. The decrease in the consumption of animal protein, due to the various intolerances, is also a factor leading to the growth of the plant protein market in Europe. There is significant support from the governments for production and consumption of plant protein, such as soy, as they require fewer natural resources for the same protein level. Soy-based proteins are the most demanded plant protein in France. Major players are expanding their product range by introducing proteins from new sources of plants, and more players are entering into the market for expanding their base.
The European plant protein market is competitive, with the presence of various strong players. Cargill Incorporated, Archer Daniles 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, and as a part of their strategies they acquire small local companies, extend their production lines, and develop new products.
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