Increase in number of consumers opting for plant-based alternatives, introduction of deep-fried versions of meat substitutes, surge in adoption of veganism, and rise in flexitarian trend have boosted the growth of the Europe meat substitute market. However, dissatisfaction with sensory attributes among consumers hinders the market. On the contrary, development of new products through innovation and rise in investments are expected to open new opportunities for the market players in the future.
๐๐ฅ๐๐๐ ๐ ๐๐ข๐ซ๐๐๐ญ ๐๐ฎ๐ซ๐๐ก๐๐ฌ๐ ๐๐ซ๐๐๐ซ ๐๐ ๐๐ก๐ข๐ฌ ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐ญ: https://www.alliedmarketresearch.com/checkout-final/bf9cca00351dbbc403f81b73a9c3eeb3
The Europe meat substitute market was valued at $1,387 million in 2019, and is projected to reach $3,549.09 million by 2027, registering a CAGR of 7.9% from 2021 to 2027. The Europe meat substitute market is expected to exhibit an incremental revenue opportunity of $1,306.2 million from 2021 to 2027.ย
A distinct proportion of the growth in sales of meat substitute products is being principally influenced by the popular flexitarian movement, wherein consumers are seeking to reduce their meat consumption. They are doing so by substituting some, but not all, of the meat and dairy in their weekly diet for plant-based alternatives. As many as 22 million UK citizens classify themselves as flexitarians, and regard it as a permanent lifestyle choice, notably popular among millennials. Furthermore, factors such as concerns regarding animal welfare, personal health, environmental interests, budget restraints, or merely disliking the taste of meat/fish have augmented the demand for meat substitute food products in Europe. In addition, the number of people adopting veganism has surpassed double-digit growth in the last decade, as a result of which the demand for ethical, affordable, and appetizing meat alternatives has increased drastically.
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The key players operating in the Europe meat substitute industry include Foods for Tomorrow, Monde Nissin Corporation, Moving Mountains Foods, Premier Foods Plc, Rรผgenwalder Mรผhle Carl Mรผller GmbH & Co. Kg, Schouten Europe B.V., Taifun-Tofu GmbH, The Meatless Farm, Vbites Foods Ltd and Vivera Foodgroup. ย
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By category, the frozen segment accounted for the maximum Europe meat substitute market share in 2019. Frozen burgers, crumbles, sausages, patties, nuggets, pizza, strips, and other such products have gained popularity, owing to their longer shelf life. Furthermore, consumers opt for ready-to-cook meals and meat substitutes in frozen form, owing to their preferences and lifestyles. Hence, owing to its nutrition preserving property, convenience, and longer shelf life, the consumption of frozen meat has increased considerably in Europe, thereby augmenting the market growth. However, the shelf stable segment is anticipated to grow at the highest CAGR during the forecast period.
Country wise, the UK was the prominent market for meat substitute in 2019. This can be attributed to the popularity and substantial consumption of meat substitute products in the region. Furthermore, rise in popularity of the flexitarian diet has driven the demand for meat substitute products in the country. Alongside health benefits, consumers in the UK regard environmental impact as one of the major reasons for switching to meat substitute food products. However, Germany is expected to witness a significant CAGR during the Europe meat substitute market forecast period.
The Europe meat substitute market is segmented on the basis of product type, source, category, and county. Based on product type, the market is classified into tofu-based, tempeh-based, tvp-based, seitan-based, Quorn-based and others. The tvp-based segment held the largest share in 2019, accounting for around one-third of the market. However, the seitan-based segment is expected to register the highest CAGR of 9.8% during the forecast period.
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On the basis of source, the market is divided into soy-based, wheat-based, mycoprotein and others. The soy-based segment dominated the market in 2019, accounting for nearly two-thirds of the total revenue of the market. However, the wheat-based segment is expected to manifest the highest CAGR of 9.0% during the forecast period.
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