The UK plant protein market is projected to grow at a CAGR of 6.90%, from US$288.020 million in 2020 to US$459.505 million in 2027.
Due to the growing shift from an animal-based diet, British consumers are increasingly looking out for sources of protein that are derived from plants, thus fueling the UK plant protein market growth. Moreover, there’s a growing prevalence of allergies that stems from the consumption of dairy products which also happens to be a rich source of proteins, among others. This makes plant-based protein a healthy alternative and the most consumer-friendly source of protein for those who wish to seek the inclusion of a good proportion of protein in their diet. It is also becoming the most sought-after source of protein for an increasing number of consumers who have embraced the vegan lifestyle. In view of the above, the plant protein market in the UK is expected to witness exponential growth during the forecast period. Moreover, the rapid pace of urbanization in the country leaves little or no room for a holistic nutritional composition.
The FMCG segment is increasingly venturing into animal-based protein alternatives for the growing consumer base.
The food and beverage in the UK as a response to the aforementioned factors is continuously expanding with the aid of an increasing number of investments. Wetherspoon has begun serving vegan Beyond Burger across 874 locations in Ireland and UK. The plant-based burgers produced by the Californian company Beyond Meat will replace the pub chain's current vegan burger option produced by the UK-based Meatless Farm, which it began selling in October last year. The decision was taken due to the fact that Beyond Meat patties are free of GMOs, soy, and gluten. The plant-based meat gets its red meaty hue from beetroot, protein derived from peas, and the fat texture from oil and potatoes. Furthermore, in March 2020, it was reported that research at Teesside University in the UK, is helping meat substitute producer, Quorn Foods, drive the sustainability and quality of its protein. A Knowledge Transfer Partnership (KTP) with Quorn is the main component of the collaboration to test different methods of making mycoprotein, which is the key ingredient in all Quorn products. This collaboration also aims at a more sustainable production methodology and enhancements in product quality.
Increased investments in plant-based offerings
Increased interest in enhanced product quality is poised to propel the market in the UK to new heights during the forecast period. That is evident from investments that are turning companies into plant-based protein companies. To this end, with $200 million in funding, LiveKindly Co. an erstwhile digital media company that used to report key development and trends in the plant-based food market aims at becoming the largest player in this space. Its main target is plant-based chicken where it has been observed that there is a gap in the current scenario. On a different note, the UK Meatless Farm Co. secured a distribution deal with grocery chain Whole Foods Markets, in 2019 for the distribution of two of its vegan products, namely Meat Free Mince, which is essentially a ground beef alternative, and Meat-Free Burgers that are based on pea and soy proteins among others. Additionally, UK-based Vive Natural Protein Snack Bars are made that are available in 3 flavours, namely Hazelnut, Peanut Butter, and salted caramel and are made out of nuts, dates, and organic cacao sourced from the Peruvian Amazon and fortified with plant-based protein.
Thus, the aforesaid strategic decisions and the growing trend of consuming plant-based everything and integrating protein into the diet that is sourced from plants are pushing various players into this plant-based protein space. This is also poised to take the plant-based protein market in the UK to new heights. Further, recognizing the dearth of time there is a growing number of players who are offering meal substitutes through the means of functional beverages, which too will lead to a surge in the demand of the UK plant protein market.
Key Developments in the Market
COVID-19 insights
COVID-19 had a positive impact on the UK Plant proteins market. The pandemic induced the paradigm trend among consumers, favoring a healthy diet with a nutritionally balanced diet. The market for plant-based protein grew more quickly as a result of this trend. Leveraging this demand, multiple brands further actively developed and launched plant-based nutritional food and beverage offerings in the market. Such developments expanded the market size.
Segmentation