Europe Wheat Protein Market expected to grow with CAGR of ~6% by 2028

Wheat flour is added as a vital ingredient in convenience food items such as bakery and confectionery products, snacks, and ready-to-eat foods to improve the texture and profile of the food product.  The region's consumption of ready-to-eat food and beverages increased noticeably over the past few years.

STORY OUTLINE

According to Ken research, the European Wheat protein market at a CAGR of ~6% during the forecast period (2023-2028).
Factors driving the Europe Wheat protein market are rising consumer demand.
Challenge like substitutes for wheat protein hinder the growth of Europe protein market growth
Outlook of Europe wheat protein market is expected to grow higher due to high consumption and demand arising factors.

1. Growth of European Wheat protein market is getting higher with ~6% CAGR.

In Europe more than half of cereals grown are wheat, therefore it is the world's largest wheat producer, contributing 139 million metric tons in 2021. This is making the growth of European wheat protein market at a CAGR of 5.87% by 2028.

Due to the growing food & beverages industry and improving economic conditions, consumers in developed and developing European countries are inclining more toward convenience foods, bolstering the market's growth.

According to OECD, Europe's per capita wheat consumption increased from 89.5 kg in 2020 to 90.04 kg in 2021. This increase in consumption is also supported by the rise in the area harvested under wheat.

The area harvested under wheat is 70.1 in 2020 and 71.2 in 2021. Thus, the increasing land under wheat cultivation is pushing production, thereby increasing the per capita consumption of wheat. It leads to the wheat market growth during the forecast period.

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2. Which are the driving factors for the growth of Europe Wheat protein market?

Growing consumer demand for convenience food products is bolstering the growth of the wheat market in Europe. The rise in urbanization changed consumption patterns and made people tend towards more convenience foods such as bread, confectionary, etc.

Along with this, consumers are interested in nature, convenience, and indulgence, and they are moving away from home consumption, which means less time spent on home food preparation and consumption.

Nutritional advantages are one of the major growing drivers of wheat market in Europe due to increasing lactose intolerant and health - conscious customers.

It is also used in cosmetic and personal care industry. Popularity in muscle building and athletic population is also an important factor, which is used to drive the growth.

3. Challenges faced by Wheat protein market which hinder their growth

One of the main reasons, which could hinder the growth of the Europe Wheat protein market are the availability of close replacements like plant-based proteins.

In addition, the technological advancements are limited in the sector of wheat protein. Unlike other proteins like Whey etc. which are significantly working in their R&D department.

The other major factors that could risk the market are the health issues arising due to using high protein powders, fluctuations in raw material prices and supply chain interruptions due to pandemic.

Wheat protein also caused gluten related illness and its hindering the market. However, University of Cambridge has issued an article about the facts and misconceptions about gluten as many individuals ignore gluten due to false beliefs like having coeliac disease from gluten consumption.

In Europe, currently, the UK, France, and Russia are the hardest-hit countries by the COVID-19 outbreak. The region is estimated to suffer an economic hit due to the lack of revenue from various industries subjected to disruption in the supply chain.

The disruptions in the supply chain, the shutdown of manufacturing units, and labor shortages had a negative impact on the wheat protein market.

Other driving factors of Europe wheat protein market
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4. Outlook of European protein wheat market is expected to grow higher

Consumers increasingly prefer plant-based proteins such as wheat protein due to the high demands of meat-based protein. Germany is being an attractive market for manufacturers and exporters and it will grow in coming years due to increasing demand.

The key players in the market are ADM, Cargill, and MGP Ingredients. It is expected to grow at a CAGR of ~6% from 2023 to 2028. Two major trends that are shaping the wheat protein market are the scaling demand for clean label products and the emerging shift toward vegan and vegetarian diets. The movement for the clean label has driven the demand for sustainable and straightforward ingredients.

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This release was published on openPR.