Plant-based foods are dairy- and meat-free foods made or produced from plant-based ingredients. Meat substitutes are products that taste, smell, and look like real meat yet are healthier than meat. They are often produced from soy, wheat, peas, and other ingredients. Plant-based foods are high in protein, minerals, and nutrients, and their popularity is fast increasing.
According to SPER Market Research, ‘Europe Plant-based Food Market Size- By Type, By Source, By Distribution Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Europe Plant-based Food Market is estimated to reach USD 24.62 billion by 2033 with a CAGR of 10.42%.
Drivers:
Growing Health Concerns Will Spur Market Expansion
The Europe plant-based food market is anticipated to grow at a quick pace over the forecast period, primarily due to the growing trend of vegan diets brought on by global health concerns. Furthermore, the demand for plant-based alternatives is expected to grow rapidly in the upcoming years due to factors such as climate change, growing awareness of plant-based diets, a decline in the consumption of meat and dairy products, and growing technological advancements in this area.
Restraints:
Increasing Preference for Products Derived from Animals
A key factor that is anticipated to impede the expansion of the regional market over the forecast period is the growing demand for animal-based products in the area due to the high content of protein and other essential elements in meat products. The OECD-FAO prediction states that by 2027, the average meat consumption in Europe is expected to rise from 64.6 kg in 2018 to 66.8 kg.
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Impact of COVID-19 on Europe Plant-based Food Market
The COVID-19 epidemic made people in Europe more aware of the link between animal meat consumption and public health and the importance of eating a plant-based diet. Plant-based products like plant-based milk and meat substitutes have never before seen such high demand from the manufacturing and distribution sectors. Several businesses in the plant-based food industry began modifying their business plans in response to the unexpected spike in demand during the epidemic.
Europe Plant-based Food Market Key Players:
Geographically, the majority of Europe's market for plant-based foods is anticipated to be accounted for by Germany in 2022. This expansion can be ascribed to the rising number of vegetarians, rising customer consciousness, expanding animal welfare concerns, and the expansion of vegan and vegetarian dining establishments. Major market participants include Amy’s Kitchen Inc, Berief Food GmbH, Beyond Meat Inc, Conagra Brands Inc, Danone SA, Hain Celestial Group Inc, Marlow Foods Ltd, and others.
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Europe Plant-based Food Market Growth
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