Meticulous Research® – a leading global market research company, published a research report titled “Europe Plant-based Food Market by Type (Dairy Alternatives, Plant-based Meat, Meals, Confectionery, Beverages, Egg Substitutes, Seafood), Source (Soy, Wheat, Pea, Rice), Distribution Channel (B2B, B2C (Convenience Store, Online Retail))- Forecast to 2029”.
According to this latest publication from Meticulous Research®, the Europe Plant-based Food Market is expected to grow at a CAGR of 10.1% from 2022 to 2029 to reach $16.70 billion by 2029. This market is driven by the growing vegetarianism, declining meat consumption, increasing preference for plant food, and increasing venture capital investment in animal alternatives. However, the comparatively higher price range for plant-based food products and significant preference for animal-based products are expected to hinder the growth of this market to some extent.
The Europe plant-based food market study presents historical market data in terms of value (2020 and 2021), estimated current data (2022), and forecasts for 2029. The market is segmented based on source, type, distribution channel, and region/country.
Based on type, the Europe plant-based food market is segmented into dairy alternatives, meat substitutes, meals, baked goods, confectionery, RTD beverages, eggs substitutes, seafood substitutes, and others. In 2022, the dairy alternatives segment is expected to hold the largest share of the plant-based food market in Europe. The large share of this segment is mainly attributed to increased demand for dairy alternatives from the lactose intolerant population. Due to the issues like lactose intolerance and milk allergy arising from the consumption of cow’s milk, there has been an increased demand for plant-based alternative milk in Europe. However, the seafood substitute segment is expected to grow at the highest CAGR during the forecast.
Based on the source, the Europe plant-based food market is segmented into soy, almond, wheat, pea, rice protein, and others. The soy segment is expected to hold the major share of the plant-based food market in Europe in 2022. The dominant position of this segment is mainly attributed to the rising demand for soy ingredients due to its easy availability, high quality, cost-effectiveness, wider application areas, and higher consumer acceptance for soy-based food products. However, the pea segment is expected to grow at the highest CAGR during the forecast period due to the recent rise in preference for pea-sourced plant-based food products, considering the allergen and gluten-free trend and growing investments from leading manufacturers to increase pea protein production.
Based on the distribution channel, the Europe plant-based food market is mainly segmented into B2B and B2C. The B2C segment is estimated to account for the largest share of the plant-based food market in Europe in 2022. The large share of this market is mainly attributed to increased shelf space for plant-based products in modern groceries, increased retail sales of plant-based food in supermarkets & hypermarkets, growing preference for shopping from brick-and-mortar grocers due to easy access & availability, and increasing consumer acceptance for vegan & vegetarian food products. This segment is also expected to grow at the highest CAGR during the forecast period.
Geographically, the Europe plant-based food market is segmented into Germany, the U.K., Spain, Italy, France, the Netherlands, Belgium, Austria, Poland, Portugal, and RoE. In 2022, Germany is expected to account for the major share of the plant-based food market in Europe. This growth can be attributed to the growing vegetarian population, increased consumer awareness, increasing concern about animal welfare, and growth in vegan & vegetarian restaurants. Veganism in Germany is becoming a popular trend. Vegans have doubled from 1.3 million in 2016 to 2.6 million in 2020. Almost 75% of German households would like to see a larger variety of vegetarian products in supermarkets. Less than two-thirds buy such products intentionally.
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The key players operating in the plant-based food market in Europe are Beyond Meat Inc. (U.S.), Danone S.A. (France), Amy’s Kitchen Inc. (U.S.), The Hain Celestial Group, Inc. (U.S.), Daiya Foods Inc. (Canada), Marlow Foods Ltd. (U.K.), Taifun –Tofu GmbH (Germany), Vbite Food Ltd (U.K.), Plamil Foods Ltd (U.K.), Plant & Bean Ltd (U.K.), Unilever PLC (U.K.), Berief Food GmbH (Germany), Nestlé S.A. (Switzerland), The Meatless Farm (U.K.), and Veganz Group AG (Germany).
Key questions answered in the report-
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