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 2024-2031

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

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 was valued at USD 7.68 billion in 2019 and it is expected to reach a value of USD 15 billion by 2031, at a CAGR of 10.2% over the forecast period (2024-2031).

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

Product ID: SQMIC30B2037