PUBLISHER: Grand View Research | PRODUCT CODE: 1574879
PUBLISHER: Grand View Research | PRODUCT CODE: 1574879
The U.S. & Europe plant-based protein market size is estimated to reach USD 18.55 billion in 2030, growing at a CAGR of 6.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market growth can be significantly attributed to the rising health consciousness among consumers. An increasing number of people are now aware of the health benefits associated with consuming plant-based diets, such as lower risks of heart disease, hypertension, diabetes, and certain types of cancer. Moreover, the growing understanding of the environmental impacts of animal farming, including its contribution to greenhouse gas emissions and deforestation, has led many to pivot towards more sustainable eating habits. This shift in consumer behavior is a crucial driver behind the burgeoning demand for plant-based proteins, as individuals seek healthier and more environmentally friendly dietary options.
In addition to health and environmental concerns, advancements in food technology and innovation have played a key role in propelling the plant-based protein market forward in the U.S. and Europe. Companies in the food industry have substantially improved the taste, texture, and variety of plant-based protein products, making them more appealing to a broader audience. These innovations have bridged the gap for consumers who may have been hesitant to try plant-based proteins due to concerns about taste and satisfaction. As a result, the market has witnessed an influx of plant-based alternatives to traditional animal products, ranging from burgers and sausages to dairy and seafood substitutes, thereby expanding the consumer base.
Furthermore, the support from government bodies and various organizations towards sustainable and healthy eating practices has greatly influenced the plant-based protein market's growth. Public health campaigns and policies promoting the benefits of plant-based diets have led to increased awareness and acceptance among consumers. Moreover, investments and subsidies in plant-based food startups are encouraging innovation and helping to reduce the cost of plant-based protein products, making them more accessible to a wider audience. As consumers in the U.S. and Europe continue to embrace plant-based proteins for their health, environmental, and ethical benefits, the market is expected to see sustained growth in the coming years.
Major market players include Cargill, Incorporated; ADM; Ingredion Inc.; Kerry Group plc; Tate & Lyle; Glanbia plc; Axiom Foods, Inc.; International Flavors & Fragrances; Bunge Limited; and SunOpta. Manufacturers actively engage in continuous product innovation and development to meet consumer demands and preferences. This includes introducing new flavors, enhancing taste profiles, improving solubility, and incorporating natural ingredients. By catering to diverse consumer tastes and preferences, manufacturers not only expand their product offerings but also enhance the overall sensory experience of consuming plant-based protein, thereby further driving market growth.