Redding, California, Sept. 13, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Europe Plant-based Protein Market by Type (Soy Protein, Wheat Protein, Pea Protein), Crop Type (Non-GMO, GMO), Source Process (Conventional, Organic), Application (Food and Beverages, Animal Feed, Nutritional Supplements) - Forecast to 2030,’ the Europe plant-based protein market is expected to reach $7.83 billion by 2030, at a CAGR of 8.9% from 2023 to 2030.
The growth of this market is attributed to the growing demand for a protein-rich diet, rising consumer awareness regarding nutritional benefits offered by plant-based proteins, growing demand from plant-based food and beverage manufacturers, and advancement in ingredient technologies: microencapsulation. Additionally, increasing inclination towards a vegan diet and product launches by plant-based foods & protein alternative manufacturers offer significant growth opportunities for European plant-based protein vendors. However, a significant preference for animal-based proteins restrains the plant-based protein market growth.
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The key players profiled in the Europe plant-based protein market are Archer Daniels Midland Company (U.S.), Cargill, Incorporated (U.S.), Roquette Frères (France), Ingredion Incorporated (U.S.), Kerry Group plc (Ireland), International Flavors & Fragrances Inc. (U.S.), Tate & Lyle PLC (U.K.), Axiom Foods Inc. (U.S.), Glanbia, Plc. (Ireland), Cosucra Groupe Warcoing SA (Belgium), Sotexpro (France), Crespel & Deiters GmbH & Co. KG (Germany), The Scoular Company (U.S.), Emsland-Strke GmbH (Germany), and Royal Ingredients Group BV (Netherlands).
Key Findings in the Europe Plant-based Protein Market Study:
Based on type, the Europe plant-based protein market is segmented into soy protein, wheat protein, pea protein, canola protein, potato protein, rice protein, corn protein, and others. In 2023, the soy protein segment is expected to account for the largest share of the Europe plant-based protein market. However, the pea protein segment is expected to register the highest CAGR during the forecast period due to its nutritional benefits as well as its allergen-free, gluten-free, and lactose-free properties. Pea protein is a good source of protein, rich in amino acids, and is often allergen-friendly compared to other protein sources like soy or dairy. Consumers seeking protein-rich, dairy-free alternatives are likely to choose pea protein products.
Based on crop type, the Europe plant-based protein market is segmented into non-genetically and genetically modified organism crops. In 2023, the non-genetically modified organism crops segment is expected to account for the largest share of the Europe plant-based protein market. The large market share of this segment is attributed to increased awareness about the harmful effects of genetically modified crops and the increased trend of clean-label products. Moreover, this segment is also expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to rising demand for eco-friendly, natural, and organic food products as well as stringent regulations for GM crops in Europe.
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Based on source process, the Europe plant-based protein market is segmented into conventional and organic plant-based protein ingredients. In 2023, the conventional plant-based protein ingredients segment is expected to account for the largest share of the Europe plant-based protein market. The large market share of this segment is attributed to lower prices than organic protein ingredients, longer shelf life, and availability of substantial crop varieties. These plant-based protein ingredients can be used in various culinary applications to create nutritious meals. They are also commonly used in formulating plant-based protein products, catering to the growing demand for vegetarian and vegan dietary options. However, the organic plant-based protein ingredients segment is expected to grow at the fastest CAGR during the forecast period.
Based on form, the Europe plant-based protein market is segmented into solid (dry) and liquid. In 2023, the solid (dry) segment is expected to account for the largest share of the Europe plant-based protein market. However, the liquid segment is expected to register the highest CAGR during the forecast period due to its improved shelf life, natural and fresh appeal, and versatility for various applications.
Based on application, the Europe plant-based protein market is segmented into food & beverages, animal feed, nutrition & health supplements, pharmaceuticals, and other applications. In 2023, the food & beverages segment is expected to account for the largest share of the Europe plant-based protein market. However, the nutrition & health supplements segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to changing lifestyles, growing health & wellness trends, increasing demand for sports nutrition, and increasing prevalence of diseases.
Based on country, in 2023, Germany is expected to account for the largest share of the Europe plant-based protein market. Germany’s major market share is attributed to an increased preference for plant-based foods as a sustainable alternative, the presence of aging population, the trend of a healthier lifestyle, increasing food innovations, and increasing investment in the plant-based food sector. Moreover, this country is also projected to register the highest CAGR during the forecast period.
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Scope of the report:
Europe Plant-based Protein Market—by Type
- Soy Proteins
- Soy Proteins Concentrates
- Soy Proteins Isolates
- Textured Soy Proteins
- Other Types of Soy Proteins
- Wheat Proteins
- Vital Wheat Gluten
- Wheat Proteins Isolates
- Hydrolyzed Wheat Proteins
- Textured Wheat Proteins
- Pea Proteins
- Pea Proteins Isolate
- Pea Proteins Concentrate
- Textured Pea Protein
- Pea Proteins Hydrolysate
- Pea Flour
- Other Types of Pea Proteins
- Canola Proteins
- Potato Proteins
- Rice Proteins
- Corn Proteins
- Other Types
Europe Plant-based Protein Market—by Crop Type
- Non- Genetically Modified Organism (GMO) Crops
- GMO Crops
Europe Plant-based Protein Market—by Source Process
- Conventional Plant-Based Proteins Ingredients
- Organic Plant-Based Proteins Ingredients
Europe Plant-based Protein Market—by Form
- Solid (Dry)
- Liquid
Europe Plant-based Protein Market—by Application
- Food and Beverages
- Processed Meat, Fish, Egg Products, and Alternatives
- Bakery & Confectionery
- Dairy & Dairy Alternatives
- Cereals and Snacks
- Soups & Sauces and Savory & Prepared Food Products
- Beverages
- Other Products
- Animal Feed
- Nutrition & Health Supplements
- Pharmaceuticals
- Other Applications
Europe Plant-based Protein Market—by Country
- Germany
- France
- U.K.
- Italy
- Spain
- Russia
- Netherlands
- Poland
- Belgium
- Austria
- Rest of Europe
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