U.S. & Europe Plant-based Protein Market Size, Share & Trends Analysis Report By Nature (Organic, Conventional), By Product (Cereals, Legumes), By Application (Food & Beverages, Dietary Supplements), By Region, And Segment Forecasts, 2024 - 2030

Market Size & Trends

The U.S. & Europe plant-based protein market size was estimated at USD 12.08 billion in 2023 and is expected to grow at a CAGR of 6.4% from 2024 to 2030. This can be attributed to the growing consumer adoption of vegan diets, fitness industry acting as a catalyst for market growth and retail plant-based food industry growth.

A key factor driving the growth of the plant-based protein market is the increasing adoption of vegan diets among consumers. This trend is influenced by various factors including health consciousness, environmental concerns, and ethical considerations regarding animal welfare. As more individuals become aware of the potential health benefits associated with plant-based diets-such as lower risks of chronic diseases like heart disease, diabetes, and obesity-they are more inclined to incorporate plant-based proteins into their meals. According to research conducted by HappyCow, by the end of 2019, Europe had slightly over 2,600 vegan restaurants. By early 2022, the count had notably surged to 3,400, indicating a substantial 25% increase, with the opening of one new vegan restaurant for every four establishments at the end of 2019. Notably, the growth in 2021 amounted to 8%, representing a notable deceleration compared to the more robust expansion in preceding years. This analysis suggests an upward trajectory in the number of vegan restaurants, raising considerations about the factors influencing this growth and the evolving dynamics within the vegan dining landscape.

The fitness industry plays a crucial role in promoting plant-based proteins as a viable source of nutrition for athletes and fitness enthusiasts. With an increasing number of people engaging in fitness activities, there is a growing demand for high-protein foods that can support muscle recovery and overall performance. Plant-based proteins are often marketed as healthier alternatives to traditional animal proteins due to their lower saturated fat content and higher fiber levels. This trend has led to a competitive landscape within the plant-based protein market, with companies innovating and introducing new products to cater to the specific needs of the fitness-conscious consumer. For instance, in January 2024, Suja Organic introduced plant-based organic protein shakes, a new line of ready-to-drink (RTD) protein.

The retail sector for plant-based foods has also experienced substantial growth, contributing significantly to the overall market size. Supermarkets and specialty stores are expanding their offerings to include a wider variety of plant-based products such as meat substitutes, dairy alternatives, and protein-rich snacks. This increased availability makes it easier for consumers to access these products, further driving market growth.

Nature Insights

Conventional plant-based protein accounted for a revenue share of 89.8% in 2023. The conventional plant-based protein market is largely influenced by factors such as cost-effectiveness and versatility in food applications. Conventional plant-based proteins are often less expensive than their organic counterparts, making them an attractive option for budget-conscious consumers and food manufacturers alike. The versatility of conventional proteins derived from sources like soy, wheat, and peas allows for their incorporation into various food products ranging from meat substitutes to dairy alternatives. In August 2022, Leaf Expression Systems, a protein manufacturer in the UK employing an advanced plant-based expression system, announced plans to enhance the region's capacity for biologics production. Leaf Expression Systems will expand its operations to manufacture biologics on a commercial scale.

The organic plant-based protein market segment is expected to grow at the fastest CAGR from 2024 to 2030. The organic plant-based protein market is primarily driven by increasing consumer awareness regarding health and environmental sustainability. As more individuals become conscious of the impact of their dietary choices on personal health and the planet, there is a growing demand for organic products that are free from synthetic pesticides, fertilizers, and genetically modified organisms (GMOs). This trend is further fueled by a rise in lifestyle-related diseases such as obesity and diabetes, prompting consumers to seek healthier alternatives. Additionally, the certification of organic products assures consumers of quality and safety, which enhances their willingness to pay a premium for these items.

Product Insights

Legumes accounted for a revenue share of 70.8% in 2023. Consumers in these regions are increasingly adopting plant-based diets for health reasons, including a desire for lower cholesterol, reduced saturated fat intake, and overall well-being. Legumes, such as soy, pea, chickpea, and lupin, offer a nutritious and versatile source of protein that aligns with these health-conscious choices. The food industry's response to these shifting preferences is notable, with a surge in the development and marketing of plant-based protein products containing legumes. This includes plant-based burgers, sausages, and other meat alternatives that use legume proteins to mimic the taste and texture of traditional meat products.

The cereals segment is expected to grow at a CAGR of 5.8% from 2024 to 2030. Health-conscious consumer trends, dietary preferences, and environmental considerations collectively fuel the demand for these cereal-derived proteins. In addition, food manufacturers are responding to this trend by developing, expanding, and marketing a variety of plant-based protein cereals to meet consumer demands. In November 2023, Amber Wave opened the largest wheat protein facility in North America in Kansas. The facility will produce gluten for various industries and food ingredient plants, including bakeries, alternative meat manufacturers, and specialty feed companies. It utilizes state-of-the-art technology and partners in milling, wheat protein extraction, and renewable biofuels. The facility will eventually produce 50 million gallons of wheat starch-based ethanol annually.

Application Insights

Application of plant-based protein in food & beverages accounted for a revenue share of 58.4% in 2023. Plant-based food and beverages are experiencing a surge in popularity due to several factors, including the growing adoption of vegan diets and the prevalence of lactose intolerant conditions. An increasing awareness among consumers about the adverse health effects of meat consumption is driving a shift toward veganism, resulting in a decline in meat consumption. For instance, in the UK, Office for National Statistics data revealed that consumer spending on meat decreased from approximately 20.78 billion British pounds in 2020 to 20.54 billion British pounds in 2021.

Application of plant-based protein in dietary supplements are expected to grow at a CAGR of 7.3% from 2024 to 2030. The application of plant-based protein supplements in the dietary supplement industry has expanded across various sectors, including sports nutrition, weight management, and general wellness. Athletes and fitness enthusiasts have shown an increasing interest in incorporating plant-based protein into their routines, as these supplements help in muscle recovery and overall performance. The versatility of plant-based protein products, available in the form of powders, bars, and shakes, has further facilitated their integration into diverse dietary preferences and lifestyles.

Regional Insights

U.S. Plant-based Protein Market Trends

The U.S. market is expected to grow at a CAGR of over 7.0 % from 2024 to 2030. Flexitarian consumers, who include both plant-based foods and animal protein in their diets, are significant drivers of the plant-based protein. This segment accounts for a substantial portion of U.S. adults, and more U.S. households are turning to plant-based meat offerings. However, the untapped demand for further improvements in taste and texture indicates potential for innovation in this space. A survey conducted by CFANS Insights, affiliated with the University of Minnesota's College of Food, Agricultural, and Natural Resource Sciences, revealed that 80% of adults in the U.S. currently favor protein sources like pork, beef, poultry, and fish. However, 31% of respondents expressed their intention to consume more plant-based protein over the next five years, highlighting its growing trend.

Europe Plant-based Protein Market Trends

The Europe plant-based protein market is expected to grow at a CAGR of over 6.0 % from 2024 to 2030, owing to the rising trend of veganism and environmental consciousness. A report by the Smart Protein project, in partnership with ProVeg International, revealed that plant-based consumption in Europe increased by 49% over two years. This growth was observed across all surveyed European countries, reaching a total sales value of €3.6 billion. Key findings included a staggering 226% growth in the German plant-based meat sector and significant increases in plant-based milk and cheese sales in various countries.

Germany plant-based protein market accounted for a market share of 20.7 % in 2023. One of the primary reasons is the changing dietary preferences of the German population. The number of vegans and vegetarians is increasing, with over 13% of the population following a vegetarian diet and about 2.7% adhering to a vegan lifestyle. Moreover, nearly 30% of the population identifies as flexitarian, indicating a preference for plant-based diets with occasional meat consumption. This shift is reflected in the growing number of vegan and vegetarian restaurants, particularly in urban areas like Berlin, known for its diverse and innovative food landscape. The German plant-based food industry is also experiencing a rise in innovative product offerings. This includes a variety of plant-based meats and dairy alternatives that mimic the taste and texture of animal-based products. The demand for products like plant-based chocolates, bars, and pea protein-based foods is on the rise, reflecting a consumer preference for healthier and sustainable food options.

Key U.S. & Europe Plant-based Protein Company Insights

The U.S. & Europe plant-based protein market is characterized by numerous well-established and emerging players. Manufacturers are investing in research and development to innovate new formulations and flavors of U.S. & Europe plant-based protein. This includes improving taste profiles, enhancing solubility, and exploring new ingredients to meet consumer preferences for clean label and natural products. Furthermore, many manufacturers are expanding their product lines to offer a wider variety of U.S. & Europe plant-based protein options.

Recent Developments

• In January 2024, WK Kellogg Co. introduced its inaugural cereal offering. This new 100% plant-based cereal line called "Eat Your Mouth Off" is set to hit store shelves nationwide in the U.S. this month. WK Kellogg Co.'s brand portfolio encompasses the complete array of cereals that Kellogg's is renowned for, including favorites like Froot Loops, Frosted Flakes, Rice Krispies, Corn Flakes, and more

• In January 2024, Suja Organic, a provider of cold-pressed organic beverages, introduced a new line of ready-to-drink protein shakes. These shakes contain 16g of pea, rice, and hemp protein, as well as essential vitamins, minerals, and macronutrients. They are available in three flavors: vanilla cinnamon, chocolate, and coffee bean.

U.S. & Europe Plant-based Protein Market Report Scope

U.S. & Europe Plant-based Protein Market Report Segmentation

This report forecasts revenue growth and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the U.S. & Europe plant-based protein market report based on nature, product, application, and region:

• Nature Outlook (Revenue, USD Million, 2018 - 2030)

  • Organic

  • Conventional

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Cereals

    • Wheat Protein

      • Wheat Protein Concentrates

      • Wheat Protein Isolates

      • Textured Wheat Protein

      • Hydrolyzed Wheat Protein

      • HMEC/HMMA Wheat Protein

    • Rice Protein

      • Rice Protein Concentrates

      • Rice Protein Isolates

      • Hydrolyzed Rice Protein

      • Others

    • Oat Protein

      • Oat Protein Concentrates

      • Oat Protein Isolates

      • Hydrolyzed Oat Protein

    • Others

  • Legumes

    • Soy Protein

      • Soy Protein Concentrates

      • Soy Protein Isolates

      • Textured Soy Protein

      • Hydrolyzed Soy Protein

      • HMEC/HMMA Soy Protein

    • Yellow Pea Protein

      • Yellow Pea Protein Concentrates

      • Yellow Pea Protein Isolates

      • Textured Yellow Pea Protein

      • Hydrolyzed Yellow Pea Protein

      • HMEC/HMMA Yellow Pea Protein

    • Lupin Protein

    • Chickpea Protein

    • Others

  • Roots

    • Potato Protein

      • Potato Protein Concentrates

      • Potato Protein Isolates

    • Maca Protein

    • Others

  • Ancient Grains

    • Hemp Protein

    • Quinoa Protein

    • Sorghum Protein

    • Amaranth Protein

    • Others

  • Nuts & Seeds

    • Canola Protein

    • Almond Protein

    • Flaxseeds Protein

    • Others

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Food & Beverages

    • Bakery & Confectionery

    • Beverages (Non-dairy Alternatives)

    • Breakfast Cereals

    • Meat Alternative Products

    • Dairy Alternative Products

      • Beverages

      • Cheese

      • Snacks

      • Others (Ice cream, creamers, etc.)

    • Snacks

    • Ready-to-Eat Meals

    • Others 

  • Dietary Supplements

  • Nutritional Bars

  • Animal Feed & Pet Food

  • Meat, Poultry & Seafood

  • Others (Cosmetics & Personal Care, Pharmaceuticals)

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • U.S.

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • Belgium

    • Netherlands