The current market value of the United Kingdom Vegan Protein food is expected to be US$ 908.5 million and is projected to rise to US$ 2017.3 million by 2033. The global market for vegan protein foods is expected to reach US$ 1,032.7 million by 2023 and US$ 190.63 million by 2033.
The vegan protein foods market is expected to develop with a CAR of around 7% by 2033. This is due to rising awareness of the ecological impact of animal foods and the health benefits of a vegan diet, both of which have contributed to Europe’s long-term growth. Vegan protein is expected to be in high demand in advanced countries such as Germany and the United Kingdom.
Consumer awareness in alternative proteins are increasing in economically prosperous countries. Meat has been the key source of protein in advanced markets, and in recent years there has been a rising demand for traditional proteins in developing markets. However, changing interest and behavior in alternative protein sources are giving way to the development of the alternative protein market, in part due to health and environmental concerns, and animal welfare in Europe.
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Numerous vegan protein products are intended to mimic the texture and taste of animal protein and are used as alternative for meat. Companies are capitalizing on research and development to make vegan protein products tastier, healthier, and more available to the general public, which increases their popularity. Globally, there is a shift in preferences towards vegan diets with protein products and sustainable lifestyles.
Based on source, the worldwide vegan protein foods market is segmented into green peas, oatmeal, quinoa, nuts (pistachios, almonds, walnuts, cashews, and hazelnuts), leafy greens, soybeans. The soybean segment will hold the market share at around 50% in 2023. Increasing demand for government support for organic farming, organic products, a rising population of vegan, and the nutritious value of soybeans are all aspects backing to the development of vegan soy protein.
Key Takeaways from the Vegan Protein Food market
- The United Kingdom vegan protein foods market was valued at US$ 908.5 million in 2022.
- The global market shares of the Europe market are estimated to surge at a moderate pace by 2033.
- Increased public and private funding, dairy and technology developments and increased investment are expected to increase market potential in Europe.
- The worldwide vegan protein food market is expected to reach US$ 19063 million by 2033.
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“Rising awareness of health and wellness around the world is expected to bode well for the vegan protein food industry. Individuals learn about the strong benefits of selecting vegan products over animal-based products. As a result, sales opportunities are likely to emerge for the vegan protein foods market projected to increase over the forecast period.” -Says an FMI Analyst.
Competition Landscape in the Vegan Protein Food Market
Market participants rely on numerous expansion methods such as innovations, mergers, acquisitions, and partnerships leading to new product initiatives and launches, to surge production capacity. Numerous players in the alternative protein space are already introducing new technologies and are looking to coagulate their market positions. This is accompanied by a robust social media marketing campaign to gain traction for their product.
Quorn Foods, The Meatless Farm Co, Vivera, and Linda McCartney Foods are the key players in the Europe vegan protein food market.
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Recent Developments
- In November 2022, MeliBio’s novel vegan honey will be launched in Europe by organic food manufacturer Narayan Foods. California-based Meribio uses vegan ingredients and new technologies to create beef-free honey that looks tastes, and performs like traditional honey. It also contains plant pollen but does not affect bees.
- In October 2022, a collaboration between the United States cultured meat firm ‘Orbillion Bio’ and Europe’s front-runner in premium meat ‘Luiten Food’ brings cell-based wagyu beef to Europe. Directing to bring sustainable, premium cultured meat to the market of Europe, the partnership between Orbillion and Luiten will create opportunities for the hospitality, specialty retail, and butcher sectors across Luiten’s 1,200 distribution channels, the companies said.
Key Segments
Product Type:
- Soy Protein
- Wheat Protein
- Pea Protein
Form:
- Isolates
- Concentrates
- Hydrolysates
Nature:
- Organic
- Conventional
Application:
- Nutritional Products
- Bakery, Snacks & Cereals
- Dairy, Confectionary and Dessert
- Convenience Food
- Beverages
- Animal Feed
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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