Europe is regarded as a potential market for meat substitute products. This is essentially attributable to the increase in vegan & flexitarian consumer base and rise in awareness among consumers regarding animal welfare.
In addition, consumers are opting for food products that are ethically sourced, healthy, cause low environmental impact, and are cost-effective, which boosts the demand for meat substitutes. Furthermore, consumers are gradually analyzing their meat consumption, owing to the health risks associated with red meat such as alarming rise in prevalence of cardiac diseases, high blood cholesterol, and other conditions.
These factors have propelled the demand for meat substitutes in the European region. In addition, increase in social media influence majorly contributes toward the market growth. For instance, netizens uploading appealing images of meat-free meals alongside conscious and health-affirming hashtags (such as #veganfit and #consciouseating) on social media platforms has enabled to establish an online vegan community.
Hence, the spread of knowledge through social media platforms has been another crucial factor that augments the growth of the Europe meat substitute market. However, specialty meat substitute products are priced comparatively higher than their meat counterparts, which acts as a key restraint of the market.
On the contrary, manufacturers are developing technology to reduce the cost of plant-based meat ingredients and the process of extracting plant-based proteins, and are trying to improve the texture of plant-based meats. This can be regarded as an opportunity by manufacturers for further growth and expansion of the Europe meat substitute market through product diversification and innovation.
The European meat substitute market is segmented into product type, source, category and country. By product type, the market is classified into tofu-based, tempeh-based, TVP-based, seitan-based, Quorn-based and others. Depending on source, it is categorized into soy-based, wheat-based, mycoprotein and others. On the basis of category, it is fragmented into frozen, refrigerated and shelf stable. Country wise, the market is studied across Germany, France, the UK, Italy, Spain, and rest of Europe.
The key players operating in the Europe meat substitute industry include:
Foods for Tomorrow
Monde Nissin Corporation
Moving Mountains Foods
Premier Foods Plc
Rugenwalder Muhle Carl Muller GmbH & Co. Kg
Schouten Europe B.V.
The Meatless Farm
Vbites Foods Ltd.
Key Benefits for Stakeholders
The report provides a quantitative analysis of the current European meat substitute market trends, estimations, and dynamics of the market size from 2021 to 2027 to identify the prevailing opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis and the market size and segmentation assist to determine the prevailing market opportunities.
Major countries in Europe are mapped according to their revenue contribution to the market.
The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the European meat substitute industry.