Europe Plant-based Protein Market to be Worth $7.83 Billion by 2030

Meticulous Research®-a leading global market research company, published a research report titled, 'Europe Plant-based Protein Market by Type (Soy Proteins, Wheat Proteins, Pea Proteins), Crop Type (Non-GMO, GMO), Source Process (Conventional, Organic), Application (Food and Beverages, Animal Feed, Nutritional Supplements) - Forecast to 2030.'

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According to this latest publication from Meticulous Research®, the Europe plant-based protein market is expected to grow at a CAGR of 8.9% from 2023 to 2030 to reach $7.83 billion by 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 & 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.

Key Players

The key players operating 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).

The Europe plant-based protein market study presents historical market data in terms of value (2021 and 2022), estimated current data (2023), and forecasts for 2030. This market is segmented based on type, crop type, source process, form, application, and country.

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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. Some studies suggest that regular consumption of soy products may be associated with a reduced risk of certain types of cancer, such as breast and prostate cancer. The large market share of this segment is attributed to higher consumer acceptance levels, low cost, and increased demand from plant-based food manufacturers. However, the pea protein segment is expected to register the highest CAGR during the forecast period.

Based on crop type, the Europe plant-based protein market is segmented into non-genetically modified 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. Non-GMO crops help preserve the natural genetic diversity of plant species. This genetic diversity is essential for breeding new varieties adapted to changing environmental conditions and evolving challenges.

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.

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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 and beverages, animal feed, nutrition & health supplements, pharmaceuticals, and other applications. In 2023, the food and beverages 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 high consumer demand for sustainable food products, growing awareness about the health benefits of plant proteins, increased health concerns over animal products and ingredients, increasing new product launches of plant-based products, increasing vegan population, rising meat prices, and clean label trend.

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.

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This release was published on openPR.