Europe Plant Protein Market

Description

Europe is the second largest consumer of plant proteins and falls only after North America, in terms of market share. Currently, The European Plant Protein Market is accounted to be worth US$ XX Billion and is expected to reach US$ XX Billion by 2022, growing at a CAGR of XX% during the forecast period. Plant proteins, derived from plant sources such as soy, wheat, pea, hemp, etc. are rich in essential amino acids. In recent years, the plant protein market has grown at par with the animal protein market and is expected to grow further. Success in developing meat-like forms based on plant protein and growing demand for proteins worldwide- not only for human consumption but also for cattle feed are considered to be the key causes for the anticipated growth.

Market Dynamics:

The Food and Beverages, Pharmaceuticals, Nutraceuticals, and Animal Feed industries find the most prominent use of plant-based proteins. In food products, the application is most commonly seen in Sports Nutrition and Infant Formula products. Protein Bars, due to their compact size and richness of nutrients, are gaining immense popularity in the Sports Nutrition market in the region. The increase in population and a corresponding increase in the demand for proteins has been the fundamental factor influencing the growth of the market. Rise in the demand for cattle, innovations in technology and coming of creative, plant-protein based products, especially in the Food Industry have also had a huge impact in shaping the market. Rising consumer awareness towards vegan protein majorly in the adult age group and benefits of plant protein is also driving the market. The cost-effectiveness of plant protein market over the animal proteins is also responsible for the market expansion, to some extent.

Stringent government regulations for the raw materials like wheat protein allergen, genetically modified soya, and a ban on the production of biotech crops in the European Union has restrained the growth of the market.

Market Segmentation:

On the basis of application, the Plant Proteins market has been divided into Food and Beverages Industry, Pharmaceuticals, Nutraceuticals, and Animal Feed. The Food and Beverages segment leads the market and is expected to show tremendous growth, mainly due to the introduction of new products which resemble animal protein foodstuff in texture and taste. Plant based protein ice -creams and chocolates are also an emerging trend in the market which is expected to show a healthy growth in future.

Animal feed industry is the second largest segment in the European market for Plant Proteins. On the basis of source, the market is further divided into wheat, soy, pea, vegetable source, nuts and seeds. Soy protein source dominates the market- due to its functional uses and health benefits, followed by wheat protein and other vegetable sources.

Geographical Analysis:

Germany has recently replaced British market to become the largest market for Plant Proteins in Europe. U.K. leads in the consumption of chilled soya milk. The British market has doubled every two years due to the popularity of chilled soya milk as a fresh alternative to dairy milk. However, the market of plant proteins is expected to grow fastest in Spain. High growth rates have attracted giant food companies to come into the Spanish market and launch their products.

Some of the key players in the industry include Cargill Inc., ADM Co. (US), Ajinomoto (US), Glanbia Nutritionals. , and Kerry Ingredients.