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United Kingdom Plant Protein Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2026

United Kingdom Plant Protein Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2026

  • September 2022
  • ID: 6321736
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The United Kingdom Plant Protein Market stood at 255.83 million usd in 2021 and is projected to register a CAGR of 3.86% to reach 309.13 million usd in 2026.

Key Highlights
Largest Segment by Product Type - Soy Protein : Soy protein overpowers all the plant protein types due to its high protein content, low viscosity, solubility, etc., catering to its extensive application in all sectors.
Largest Segment by End User - Food and Beverages : The F&B sector dominates the market, primarily led by meat and dairy alternatives due to their functionalities, making them a highly preferred ingredient in these industries.
Largest Segment by Product Type - Pea Protein : Pea proteins are gaining high demand from meat alternatives as they provide quick rehydration, neutral taste, and texturizing properties, leading to numerous product launches.
Fastest growing segment by End User - Supplements : The rising consumer focus on health and sports fitness is anticipated to drive the segment. Among all, the preference for soy in the sector is propelling segmental growth.

Key Market Trends

Largest Segment By End User : Food and Beverages

The high demand for food and beverages is attributable to the growing demand for meat alternatives and dairy alternatives amid the rising veganism in the country. Thus, the segment is anticipated to register a CAGR of 4.59%, by volume, during the forecast period. Around 500,000 people in Europe, of whom 125,000 are based in the United Kingdom, took the Vegan Pledge to eat only vegan food in January 2021, which was up by 100,000 from 2020 and almost double the number of people who signed up in 2019. In 2019, there were 600,000 vegans in the country, which was 1.16% of the British population.
The supplements segment is projected to register the fastest value CAGR of 4.83% during the forecast period. This segment is majorly driven by the applications of soy protein, with a value share of 40.4% in 2020. It is also anticipated to be the fastest-growing protein type in the segment, with a CAGR of 6.35% during the forecast period.

Competitive Landscape

The United Kingdom Plant Protein Market is fragmented, with the top five companies occupying 29.30%. The major players in this market are Archer Daniels Midland Company, DuPont de Nemours Inc., Ingredion Incorporated, Kerry Group PLC and Lantmännen (sorted alphabetically).

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