Pandemic Times – How the Plant-Based Protein products Segment Unrolled in the First Quarter of 2021 in Europe?
Europe is one of the key markets for the plant-based protein products market globally. There have been more than 60 new product launches for plant-based protein products in the first quarter of 2021 of which meat analogues account for more than 40 new product launches while dairy alternatives accounted for more than 10 new product developments. Other segments such as sports nutrition, confectionery among others, accounted for only a small number of new product launches in the first quarter of 2021.
The retail companies have been the forerunners in the new product developments for plant-based protein products in Europe. Prominent retailers such as ASDA, ALDI, Tesco, Sainsbury’s, Morrisons among others have launched their new plant-based products in this quarter.
The seafood category has accounted for the greatest number of product launches with almost 20% of the total product launches, while other meat alternative categories such as burgers, sausages followed it. Dairy alternatives accounted for almost 15% of the total number of product launches.
An interesting trend that can be noticed in Europe is the increase in the new product launches by foreign companies in Europe. Few overseas companies such as Future Farms (HQ: Brazil), OmniPork (HQ: Hong Kong), Fry’s Family, and Co. (HQ: Australia) among others have launched their new products for the European market to leverage the rapidly growing demand.
COVID-19 pandemic has significantly changed the dietary habits of the people where many people shifted to plant-based diets for a healthy lifestyle. The adoption of the flexitarian diet has grown by a large margin since the pandemic started where almost 20% of the total population has been adopting a flexitarian and vegan diet pattern in Europe. The rapid growth in the vegan population attributes to the significant increase in the number of new product launches in this quarter and the growth is expected to grow by high CAGR for the coming near future.