Europe Meat Substitutes Market
Europe Meat Substitutes Market was valued at US$ 1,485.70 Mn in 2020 and is projected to grow US$ 3,500.40 Mn by the end of 2030, with a CAGR of 10.20 % from 2021-2030.
Market Drivers: Rise in Consumer Preference for Meat Substitutes
The growing consumer preference for meat substitutes, due the benefits provided by meat substitutes, including low cost, low calorie intake and meat-like texture, color, and taste along with long shelf life are expected to boost the market growth over the forecast period. Meat substitutes like tempeh, is a high source of calcium, vitamins, minerals and antioxidants that help to lower cholesterol levels thus people prefer meat substitutes. The meat substitutes are gaining popularity in the Europe region is primarily due to the swaying away of consumers from meat-based products, either due to the adoption of veganism/to avoid the frequency of meat consumption without cutting on the nutritional value. The increase in health problems among individuals as well as the increase in preference for vegan food are the prominent factors which expected to propel the growth of Europe Meat Substitutes Market throughout the forecast period. Furthermore, many diseases are expected to accelerate the growth of the market in the forecast period, with animal outbreaks, disposable income as well as escalation due to the consumption of processed meat. Moreover, the rise in number of consumers opting for plant-based alternatives, alongside the significant investment by manufacturers in new product innovation is fueling the market growth. In order to appeal more to the mass market, numerous food chains & retailers have introduced more decadent, often deep-fried versions of their popular meat substitutes. This approach has enabled to change the predisposed concept that plant-based, vegan cuisine is generally a healthier & more virtuous option.
Market Challenges: High Cost of Meat Substitutes
The high cost of meat substitutes compared to meat products is a major factor preventing the growth of the Europe Meat Substitutes Market over the forecast period. Also, issues related to meat substitute’s consumption, such as soy allergy as well as gluten intolerance, are other factors that may affect the growth of the Europe meat substitute market during the forecast period. Also, negative effects of the meat substitutes such vomiting, nausea, and diarrhea are hindering the growth of Europe meat substitute market. Furthermore, as per the information provided by the European federation of food science & technology annual conference, water and energy are not used efficiently during the production of meat analogues this is leading to restraining the market growth.
Market Opportunities: Government initiatives and technological advancements
Government initiatives and technological advancements in the extrusion process are expected to create huge opportunities for Europe Meat Substitutes Market in the coming years. Extrusion & processing plays vital role in the meat substitutes market. Processing consists the extraction of pea protein, soy protein, and wheat protein. Traditional dry extraction technologies are used to produce protein flour containing only 20percent to 40 percent protein & concentrate containing 46% to 60% proteins. Dry extrusion leads to proteins that are less digestible & have low sensory properties. However, the limitations of dry extracting had led to the evolution of the technologically advanced wet extraction process.
Moreover, a wide variety of ingredients provides consumers more choice and innovative flavors, and also ensures that their dietary requirements are met. Therefore, the increase in number of consumers preferring meat substitutes and significant investment in new product innovation are expected to continue to offer remunerative opportunity for the expansion of the market during the forecast period.
Impact of COVID-19 on Europe Meat Substitutes Market
The current outbreak of COVID-19 has positively impacted the plant-based food or meat substitutes market in the region owing to the negative associations with animal-based food in Europe.
Europe is expected to account for the largest share in the plant-based meat market, globally. With the increasing trend of veganism in Europe has huge growth of the plant-based industry. Earlier, this market was too restrictive, but due to this outbreak, regulations are relieved temporarily. The government of some countries did relaxation in regulatory requirements placed on alternative proteins, mainly for plant-based protein products. For instance, the FDA has relaxed its guidelines for selling plant-based meat products in the market. Earlier, the FDA did not allow direct-to-consumer sales of ‘IMPOSSIBLE’s raw plant-based meat burgers, due to labeling concerns.
Europe Meat Substitutes Market by Product Type
On the basis of product type, the textured vegetable proteins (TVP) segment accounted for the maximum share in 2020. This is owing 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. Furthermore, they are high in protein and are cholesterol-free, which makes it a healthy food option. TVP is available in form of 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.
Europe Meat Substitutes Market, By Category
On the basis of category, the meat substitute market in Europe is fragmented into Frozen, Refrigerated and Shelf Stable. The frozen segment accounted for the maximum Europe meat substitute market share in 2020. Frozen burgers, crumbles, sausages, patties, nuggets, pizza, strips, and other such products have enticed acceptance, owing to their longer shelf life. Furthermore, customers pick ready-to-cook meals and meat substitutes in frozen form, owing to their sedentary and busy lifestyles as well as their inclinations towards the product.
Europe Meat Substitutes Market, By Source
The Soy-based segment would dominate the Europe Meat Substitutes Market by source and it is estimated to account for largest share of 50.42% of the total market value in 2020. It is estimated to grow at a CAGR of 10.18%, during the forecast period. The growth is attributed to the fact that various kinds of soy-based meat equivalents have grown reputation 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.
Europe Meat Substitutes Market, By Region
The UK is estimated to dominate the market and would contribute the largest market share of 15.45% in 2020, due to rising awareness about vegan and vegetarian foods and plant based proteins and foods.
Germany followed by UK is expected to witness significant growth rate during the forecast period, due to negative impact linked with animal based food products during the COVID-19 outbreak.
Recent Developments:
In Spetember 2020: Vivera Food group had invested around US$35M to expand its product line, machinery and workforce as demand continues to grow. The company sells more than 50 plant-based meat products across 27,000 supermarkets in around 25 countries in Europe, including some of the biggest retailers like Tesco and Asda.
Key Players
Foods for Tomorrow, Monde Nissin Corporation, Moving Mountains Foods, Premier Foods plc, Rügenwalder Mühle Carl Müller GmbH & Co. KG, Schouten Europe B.V., The Meatless Farm, VBites Foods Ltd., Vivera Foodgroup, Beyond Meat Inc., etc.
Market Taxonomy
By Product Type
By Category
By Source
By Country
Key Questions Addressed by the Report
Europe Meat Substitutes Market TOC
1 Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data
3 Executive Summary
4 Europe Meat Substitutes Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Europe Meat Substitutes Market, By Product Type
5.1 Y-o-Y Growth Comparison, By Product Type
5.2 Europe Meat Substitutes Market Share Analysis, By Product Type
5.3 Europe Meat Substitutes Market Size and Forecast, By Product Type
5.3.1 Tofu-Based
5.3.2 Tempeh-Based
5.3.3 Tvp-Based
5.3.4 Seitan-Based
5.3.5 Quorn-Based
5.3.6 Others
6 Europe Meat Substitutes Market, By Category
6.1 Y-o-Y Growth Comparison, By Category
6.2 Europe Meat Substitutes Market Share Analysis, By Category
6.3 Europe Meat Substitutes Market Size and Forecast, By Category
6.3.1. Frozen
6.3.2 Refrigerated
6.3.3. Shelf Stable
7 Europe Meat Substitutes Market, By Source
7.1 Y-o-Y Growth Comparison, By Source
7.2 Europe Meat Substitutes Market Share Analysis, By Source
7.3 Europe Meat Substitutes Market Size and Forecast, By Source
7.3. 1 Soy-Based
7.3.2 Wheat-Based
7.3.3 Water-based
7.3.4 Mycoprotein
7.3.5. Others
8 Europe Meat Substitutes Market Analysis and Forecast (2017 – 2030)
8.1 Introduction
8.2 Europe Meat Substitutes Market Share Analysis, By Product Type
8.3 Europe Meat Substitutes Market Size and Forecast, By Category
8.4 Europe Meat Substitutes Market Size and Forecast, By Source
8.5 Europe Meat Substitutes Market Size and Forecast, By Country
8.5.1 Germany
8.5.2 UK
8.5.3 France
8.5.4. Turkey
8.5.5Switerland
8.5.6Norway
8.5.7Sweden
8.5.8Spain
8.5.8Italy
8.5.9Denmark
8.5.10Finland
8.5.12 Iceland
8.5.13Poland
8.5.14 Luxembourg
8.5.15 Netherlands
8.5.17Belguim
9 Competitive Analysis
9.1 Competition Dashboard
9.2 Market share Analysis of Top Vendors
9.3 Key Development Strategies
10 Company Profiles
10.1 Foods for Tomorrow
10.1.1 Overview
10.1.2 Offerings
10.1.3 Key Financials
10.1.4 Business Segment & Geographic Overview
10.1.5 Key Market Developments
10.1.6 Key Strategies
10.2 Monde Nissin Corporation
10.2.1 Overview
10.2.2 Offerings
10.2.3 Key Financials
10.2.4 Business Segment & Geographic Overview
10.2.5 Key Market Developments
10.2.6 Key Strategies
10.3 Moving Mountains Foods
10.3.1 Overview
10.3.2 Offerings
10.3.3 Key Financials
10.3.4 Business Segment & Geographic Overview
10.3.5 Key Market Developments
10.3.6 Key Strategies
10.4 Premier Foods plc
10.4.1 Overview
10.4.2 Offerings
10.4.3 Key Financials
10.4.4 Business Segment & Geographic Overview
10.4.5 Key Market Developments
10.4.6 Key Strategies
10.5 Rügenwalder Mühle Carl Müller GmbH & Co. KG
10.5.1 Overview
10.5.2 Offerings
10.5.3 Key Financials
10.5.4 Business Segment & Geographic Overview
10.5.5 Key Market Developments
10.5.6 Key Strategies
10.6 Schouten Europe B.V.
10.6.1 Overview
10.6.2 Offerings
10.6.3 Key Financials
10.6.4 Business Segment & Geographic Overview
10.6.5 Key Market Developments
10.6.6 Key Strategies
10.7 The Meatless Farm
10.7.1 Overview
10.7.2 Offerings
10.7.3 Key Financials
10.7.4 Business Segment & Geographic Overview
10.7.5 Key Market Developments
10.7.6 Key Strategies
10.8 VBites Foods Ltd
10.8.1 Overview
10.8.2 Offerings
10.8.3 Key Financials
10.8.4 Business Segment & Geographic Overview
10.8.5 Key Market Developments
10.8.6 Key Strategies
10.9 Vivera Foodgroup
10.9.1 Overview
10.9.2 Offerings
10.9.3 Key Financials
10.9.4 Business Segment & Geographic Overview
10.9.5 Key Market Developments
10.9.6 Key Strategies
10.10 Beyond Meat Inc
10.10.1 Overview
10.10.2 Offerings
10.10.3 Key Financials
10.10.4 Business Segment & Geographic Overview
10.10.5 Key Market Developments
10.10.6 Key Strategies
