Europe Plant-Based Meat Market Research Report, 2027

Europe is a flourishing market for plant-based meat alternatives. Nearly 70% of European plant-based consumers are eating meat alternatives many times a week, and recently, there have been an increasing number of vegan product launches across the region. The UK, Germany, France, and Italy have the largest markets for meat substitutes within Europe due to larger proportions of vegan and vegetarian consumers. Veganism has reached mainstream adoption from being a novelty food product. Plant-based meat is no longer limited to vegetarians or vegans as consumers are becoming even more conscious of their health and the ethical impact of the food system. Increasingly, people define their diet as plant-based, meaning not necessarily strictly vegan but opting to choose meat alternatives where and whenever possible. The popularity of converting to veganism and plant-based has also been fuelled by viral, impactful campaigns like Veganuary and Meatless Mondays. According to the research report "Europe Plant-Based Meat Market Research Report, 2027" published by Actual Market Research, the plant-based meat products market is projected to grow at a diminishing growth rate of 15.65% over the forecast period. Despite the declining growth rate, the region is expected to continue to be the leading region in plant-based meat globally during the forecast period. The demand is mainly expected from the smaller markets of Spain, Germany and the rest of the European countries. Growing veganism, decreasing meat consumption, increasing preference for plant food, and increasing venture capital investment in plant-based meat alternatives are some of the major factors driving the market for plant-based food products in Europe. Furthermore, in order to appeal more to the mass market, numerous food chains and retailers have introduced more decadent, often deep-fried versions of their popular meat substitutes. Growing health concerns such as overweight and obesity have also enabled us to influence consumers to opt for food products made from plant sources. However, there have been instances of dissatisfaction with sensory attributes among consumers due to the meat substitute's taste and texture. This can be regarded as a key restraint for the European meat substitute market. Soy segment is expected to account for the largest share of the plant-based meat 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, cost-effectiveness, high quality, wider application areas, and higher consumer acceptance for soy-based meat products. However, the pea segment is expected to grow rapidly at a CAGR of 16.88% during the forecast period. The Spanish plant-based meat market is expected to see a significant increase in its market share to be over 11% by the end of the year 2027. It is led by the increase in space on the retail shelf in supermarkets and hypermarkets around the country. During the pandemic, animal meat shortages led consumers to buy plant-based meat products. Plant-based foods are also growing in popularity throughout Spain for environmental and health reasons. Until recently, Spain ranked second in Europe for high meat consumption per capita, but the popularity of alternative meats has spiked its consumption. Heura Foods expanded their Spanish division into Alcampo, the international supermarket chain of Auchan and regional chains like Caprabo and Bonpreu. The company made expansions amid the COVID crisis and was still successful. Various other key players have also expanded their presence in the retail outlets in the country to increase sales of plant-based meat products. Geographically, Germany is expected to grow rapidly over the forecast period in the European plant-based meat market in 2022 at a CAGR of 16.56%. The growth can be attributed to increased consumer awareness, a growing vegetarian population, increasing concern about animal welfare, and growth in vegan restaurants. In Germany, veganism is becoming a popular trend. During the COVID-19 pandemic, the food industry witnessed significant shifts, but plant-based companies adapted and continued to launch new products and grow sales. Many food companies rapidly increased investments in plant-based products to meet consumer demand for plant-based products and partly to offset risks associated with animal-based products that the COVID-19 pandemic exposed Foodservice channel distribution was significantly impaired, and pantry stocking and panic buying led to a sharp increase in retail sales over the prior year. The COVID-19 pandemic and lockdowns have encouraged consumers to order goods online, and this, in turn, has boosted the online sales channels. Major Companies present in the market Beyond Meat, Impossible Foods Inc., Maple Leaf Foods, Quorn Foods, Amy’s Kitchen (US), Tyson Foods Inc., Nestle S.A., Kraft Heinz Company, Unilever (The Vegetarian Butcher), Kellogg NA Co. Considered in this report • Geography: Europe • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • Europe plant based meat products market with its value and forecast along with its segments • Country-wise plant based meat products market analysis • Various drivers and challenges • On-going trends and developments • Five force models • Top profiled companies • Strategic recommendation Countries covered in the report • Germany • United Kingdom • France • Italy • Spain • Russia By Sources in the report • Soy • Pea • Wheat • Other By products in the report • Burger Pattie • Sausages • Strips & Nuggets • Meatballs • Others By Type in the report • Beef • Chicken • Pork • Fish • Other (lamb, turkey) By End-User in the report • Retail • HoReCa The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to plant-based meat industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.