Europe Plant-based Food Market

Europe Plant-based Food Market Size, Share, Growth Analysis, By Type(Diary Substitute, Meat Substitute), By Source(Soybean, Nuts), By Distribution Channel(Food Retail, Food Services) - Industry Forecast 2023-2030


Report ID: SQMIC30B2037 | Region: Country | Published Date: February, 2024
Pages: 221 | Tables: 93 | Figures: 68

Europe Plant-based Food Market Insights

Europe Plant-based Food Market was valued at USD 7.68 billion in 2021 and it is expected to reach a value of USD 15 billion by 2028, at a CAGR of 10.2% over the forecast period (2022-2028).

Growing trend of vegetarianism and increasing investment by several large ventures in animal alternatives coupled with the growing popularity of plant food products are key factors expected to drive the growth of the Europe plant-based food market during the forecast period. Moreover, increased retail sales of various type of food products across many supermarkets & hypermarkets and growing preferences for shopping from brick-and-mortar grocers owing to ease of access & large range of product availability are further anticipated to propel the growth of the market over the coming years.

Rising concerns regarding environment among the population and their shift towards the vegans is also driving the growth of the market. Several greenhouses gases released by livestock such as cows block the atmospheric heat, which increases the overall temperature. Thus, the demand for plant-based products to get control on this is projected to contribute significantly to the market growth.

US Europe Plant-based Food Market  is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2022-2028

Global Market Size

USD 7.68 billion

Largest Segment

Soybean

Fastest Growth

Pea

Growth Rate

10.2% CAGR

Europe Plant-based Food Market, 2022-2028 ($ Bn)
Country Share for Europe Region- 2021 (%)
Europe Plant-based Food Market Size By Source, 2022-2028 ($ Bn)
Europe Plant-based Food Market Size By Source, 2022-2028 (%)

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Europe Plant-based Food Market Segmental Analysis

Europe plant-based food market is segmented on the basis of type, source, distribution channel, and region. By type, the Europe Plant-based Food Market is sub-segmented into diary substitute, meat substitute, egg substitute, and others. By source, the Europe Plant-based Food Market is categorized into soybean, nuts, wheat, pea, and others. By distribution channel, the market is classified into food retail, food services, and e-commerce. By region, the Europe Plant-based Food Market is divided into Europe, North America, Asia Pacific, Latin America, and MEA.

Europe Plant-based Food Market Analysis by Type

By type, the diary substitutes segment held the largest market share in 2021 and is anticipated to retain its position over the forecast period. Increasing demand for various diary alternatives from lactose intolerant population across the region is major factor expected to drive the growth of the segment market. Moreover, owing to increased issues like lactose intolerance and allergy from milk from the consumption of cow’s milk has paved the way to a rapid growth in the demand for plant-based alternative milk in the European region significantly.

Europe Plant-based Food Market Analysis by Source

By source, the soy ingredients segment accounted for highest market revenue share in 2021 due to its several beneficial features including easy availability, high quality, wider application areas, and cost-effectiveness. In addition, greater consumer acceptance for soy-based food products and rising focus on the introduction to new products across the region is also likely to factors driving the growth of the segment in the coming years.

Furthermore, the pea segment expected to witness fastest growth during the forecast period owing to the growing consumer preferences and high income in the many developed regions including Germany, France, and United Kingdom.

Europe Plant-based Food Market By Source, 2021 (%), 2021 (%)

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Europe Plant-based Food Market Regional Insights

Geographically, Germany accounted for the largest market share in Europe plant-based food market in 2021 and is projected to maintain its dominance throughout the forecast period. The growth of the market is mainly attributed to rising number of vegetarian population, growing concern regarding animal welfare, and increasing number of vegetarian restaurants in the region. Moreover, veganism is becoming a major trend in the Germany and the number of vegans have doubled in last 4 years from 1.3 million in 2016 to 2.6 million in 2020. Additionally, increasing advancements in manufacturing facilities, high commercial practices, and greater consumer expectations are also projected to fuel the growth of the plant-based food market in the coming years.

Europe Plant-based Food Market By Geography, 2022-2028, 2022-2028
  • Largest
  • Fastest

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Europe Plant-based Food Market Dynamics

Europe Plant-based Food Market Drivers

  • Rising Health Concerns to Drive Market Growth

A rapid growth in the vegan dietary habits due to the growing health concerns across the globe is major factor expected to drive the growth of the Europe plant-based food market during the forecast period. Furthermore, climate change and growing awareness towards plant-based diet and a drop-in meat and diary product consumption coupled with the growing technological advancements for the production of plant-based alternatives are also likely to fuel the demand and growth of the market rapidly in the coming years.

Europe Plant-based Food Market Restraint

  • Growing Preference for Animal-based Products

Increasing preference for animal-based products in the region due to high presence of protein and other nutritional ingredients in meat products is major factor projected to hinder the growth of the regional market over the forecast period. According to the OECD-FAO projection, the average consumption of meat in Europe is anticipated to increase from 64.6 kg in 2018 to 66.8 kg by 2027.

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Europe Plant-based Food Market Competitive Landscape

Europe plant-based food market is highly fragmented in nature with the existence of several large market players operating across the region. Major key players of the market are implementing on several business strategies including collaboration, mergers, acquisitions, partnerships, and new product launches for the better market reach and strengthen their market position ahead of its competitors.

Europe Plant-based Food Market Top Player’s Company Profiles

  • Danone SA
  • Hain Celestial Group Inc.
  • Conagra Brands Inc.
  • Beyond Meat Inc.
  • Nestle SA
  • Marlow Food Ltd.
  • Unilever Plc
  • Plant & Bean Ltd.
  • Veganz Group AG
  • The Meatless Farm
  • Vibte Food Ltd.
  • Amy’s Kitchen Inc.

Europe Plant-based Food Market Recent Developments

  • In October 2022, Redefine Meat of Israel has partnered with importer Giraudi Meats to expand European distribution of its "New Meat" 3D-printed steak cuts.
  • In May 2021, Nestle SA, a leading global market player based in Switzerland announced about its new partnership with ENOUGH. With this partnership, the company will bring new range of plant-based meat products in their product offerings to cater the rising demand for plant-based meat across the region.

Europe Plant-based Food Key Market Trends

  • In the last few years, due to the growing popularity of vegan and vegetarian diets, many companies across the globe are focusing on introducing more and enhanced plant-based foods into consumer diets, which is creating lucrative growth opportunities for the market. For instance, according to the European Vegetarian Union, nearly 10.5% of the overall German consumers are vegetarians, and about 1.3% are vegans. Moreover, introduction of new types of plant-based food products by large manufacturers in the region since last few years is also propelling the market growth.

Europe Plant-based Food Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analysis, the Europe plant-based food market is witnessing a significant growth during the forecast period owing to the rising focus on introduction to new products and shift in consumer preferences towards healthier products in the region. In addition, growing prevalence of vegan and vegetarian consumers coupled with the rising consumer disposable income and spending capacity is also propelling the market growth at a significant growth rate over the coming years. However, high cost of plant-based products and requirement of large investment on setup process is likely to hamper the growth of the market throughout the forecast period.

Report Metric Details
Market size value in 2021 USD 7.68 billion
Market size value in 2028 USD 15 billion
Growth Rate 10.2%
Base year 2021
Forecast period 2022-2028
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Diary Substitute, Meat Substitute, Egg Substitute, others
  • Source
    • Soybean, Nuts, Wheat, Pea, others
  • Distribution Channel
    • Food Retail, Food Services, E-commerce
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Danone SA
  • Hain Celestial Group Inc.
  • Conagra Brands Inc.
  • Beyond Meat Inc.
  • Nestle SA
  • Marlow Food Ltd.
  • Unilever Plc
  • Plant & Bean Ltd.
  • Veganz Group AG
  • The Meatless Farm
  • Vibte Food Ltd.
  • Amy’s Kitchen Inc.
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Europe Plant-based Food Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Europe Plant-based Food Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Europe Plant-based Food Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Europe Plant-based Food Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Europe Plant-based Food Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Europe Plant-based Food Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Europe Plant-based Food Market was valued at USD 7.68 billion in 2021 and it is expected to reach a value of USD 15 billion by 2028, at a CAGR of 10.2% over the forecast period (2022-2028).

Europe plant-based food market is highly fragmented in nature with the existence of several large market players operating across the region. Major key players of the market are implementing on several business strategies including collaboration, mergers, acquisitions, partnerships, and new product launches for the better market reach and strengthen their market position ahead of its competitors. 'Danone SA', 'Hain Celestial Group Inc.', 'Conagra Brands Inc.', 'Beyond Meat Inc.', 'Nestle SA', 'Marlow Food Ltd.', 'Unilever Plc', 'Plant & Bean Ltd.', 'Veganz Group AG', 'The Meatless Farm', 'Vibte Food Ltd.', 'Amy’s Kitchen Inc.'

Rising Health Concerns to Drive Market Growth

In the last few years, due to the growing popularity of vegan and vegetarian diets, many companies across the globe are focusing on introducing more and enhanced plant-based foods into consumer diets, which is creating lucrative growth opportunities for the market. For instance, according to the European Vegetarian Union, nearly 10.5% of the overall German consumers are vegetarians, and about 1.3% are vegans. Moreover, introduction of new types of plant-based food products by large manufacturers in the region since last few years is also propelling the market growth.

Geographically, Germany accounted for the largest market share in Europe plant-based food market in 2021 and is projected to maintain its dominance throughout the forecast period. The growth of the market is mainly attributed to rising number of vegetarian population, growing concern regarding animal welfare, and increasing number of vegetarian restaurants in the region. Moreover, veganism is becoming a major trend in the Germany and the number of vegans have doubled in last 4 years from 1.3 million in 2016 to 2.6 million in 2020. Additionally, increasing advancements in manufacturing facilities, high commercial practices, and greater consumer expectations are also projected to fuel the growth of the plant-based food market in the coming years.

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Europe Plant-based Food Market

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