Europe Meat Substitute Market to reach $ $3,549.09 million by 2027, with a CAGR of 7.9%
Research Reports
Jan 28, 2022
According to a new report published by Allied Market Research, titled, “Europe Meat Substitute Market by Product Type, Source and Category: Regional Opportunity Analysis and Industry Forecast, 2021–2027,” the Europe meat substitute market was valued at $1,387 million in 2019, and is projected to reach $3,549.09 million by 2027, at 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. The Europe meat substitute market growth is principally propelled by rise in vegan and flexitarian trend, environmental concerns, health consciousness due to rise in obesity, and surge in demand for clean-label products.
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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. These Europe meat substitute market trends have created a positive impact on the market growth. Moreover, as a response to the changing eating patterns and rise in consumer demand for meat substitutes across Europe, companies are investing heavily in further promoting and driving development of new and enticing meat-free products in the vegetarian category. The European region is rapidly capitalizing on this change in consumer interest by innovating meat-free products and accounting for approximately 40% of the global sales. Essentially, 70% of the market launches for new meat substitute products are European based.
Owing to the outspread of COVID-19, the demand for meat substitutes, as a result of increase in consumer spending on healthy food products and health consciousness, has experienced substantial growth. Furthermore, meat alternative manufacturers witnessed an upsurge in the demand for plant-based products as a result of shortage of meat products in retail stores as well as limit on meat-based items purchased per customer. Furthermore, as a consequence of positive consumer demand, numerous start-ups and established food companies have launched an array of plant-based meat, seafood, and dairy substitutes, which exhibit new flavors, textures, and improved nutritional profile. COVID-19 is expected to further boost the demand for meat substitutes a much higher rate. An increase in awareness among people to strengthen their immune system to prevent themselves from being infected easily is compelling them to maintain a healthy lifestyle and proper diet.
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On the basis of product type, the textured vegetable proteins segment accounted for the maximum share in Europe meat substitute market size. This is attributed to the fact that textured vegetable proteins are highly versatile in nature, and are available in a wide variety in the market, allowing food producers to use them in numerous meat substitute applications. Moreover, they are high in protein and has zero cholesterol content, which makes it a healthy food item. It is available in chunks, strips, flakes, and granules with a texture similar to cooked beef or minced meat, and is most commonly used as a substitute for ground meat. However, the seitan-based meat substitute segment is anticipated to grow at a higher CAGR during the forecast period.
Depending on source, the soy-based meat substitute segment accounted for the maximum share in the Europe meat substitute market in 2019. This is attributed to the fact that various kinds of soy-based meat analogues have gained prominence among consumers, owing to their meat-like texture. Tofu, textured vegetable protein, Tempeh, and seitan are among the most popular soy-based proteins used for the preparation of a wide variety of meat substitute products. However, the others segment is expected to grow at a higher CAGR during the forecast period.
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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.
Key findings of the study
By product type, the textured vegetable proteins segment was the highest contributor to the Europe meat substitute market, with $617.77 million in 2019, and is estimated to reach $1135.46 million by 2027, at a CAGR of 7.3% during the forecast period.
Depending on source, the soy-based segment accounted for $1211 million in 2019, and is estimated to reach $2243.77 million by 2027, registering a CAGR of 7.4%.
On the basis of category, the frozen segment garnered $1412.11 million in 2019, and is anticipated to reach $2696.27 million by 2027, growing at a CAGR of 7.8%.
In 2019, UK was the most prominent country; however, Germany is expected to grow at a significant CAGR throughout the forecast period.
The key players include Foods for Tomorrow, Monde Nissin Corporation, Moving Mountains Foods, Premier Foods Plc, RügenwalderMühle Carl Müller GmbH & Co. Kg, Schouten Europe B.V., Taifun-Tofu GmbH, The Meatless Farm, ViveraFoodgroup.
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