Europe Meat Substitute Market Size, Share, Competitive Landscape and Trend Analysis Report, by Product Type, Source, And Category : Regional Opportunity Analysis and Industry Forecast, 2021-2027

The Europe meat substitute market was valued at $1,387 million in 2019, and is projected to reach $3,549.09 million by 2027, registering a CAGR of 7.9% from 2021 to 2027. In 2019, the soy-based meat substitute segment accounted for the highest share in the market. Meat substitute is defined as artificial meat (raw artificial meat) made from plants. They are made from non-animal protein and their appearance and aroma are similar to meat. They are also referred to as plant-based meat, vegan meat, meat alternative, mock meat, imitation meat, or vegetarian meat. 

The growing number of consumers opting for plant-based alternatives, alongside the significant investment by manufacturers in new product innovation, is having a spiraling effect, in the overall market growth. 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. This approach has enabled to change the predisposed concept that plant-based, vegan cuisine is generally a healthier and more virtuous option. This notable approach to meat substitutes has enabled to create a transition from meat for consumers choosing alternative sources of protein. Likewise, the rise in adoption of veganism and growing flexitarian trend in the European countries, is one of the most crucial factors for driving the market growth. Growing health concerns such as overweight and obesity have also enabled to influence consumers to opt for food products made from plant sources, instead of animals. However, there have been instances of dissatisfaction with sensory attributes among consumers, due to the meat substitute taste and texture. This can be regarded as a key restraint for the Europe meat substitute market. 

On the contrary, the development of new products through innovation and rising investment, can be anticipated to create Europe meat substitute market growth avenues.   

Owing to the outspread of COVID-19, the demand for meat substitutes, as a result of increase in consumer spending on healthy food products and health consciousness, has experienced substantial growth. Furthermore, meat alternative manufacturers witnessed an upsurge in the demand for plant-based products as a result of shortage of meat products in retail stores as well as limit on meat-based items purchased per customer. Furthermore, as a consequence of positive consumer demand, numerous start-ups and established food companies have launched an array of plant-based meat, seafood, and dairy substitutes, which exhibit new flavors, textures, and improved nutritional profile. COVID-19 is expected to further boost the demand for meat substitutes a much higher rate. An increase in awareness among people to strengthen their immune system to prevent themselves from being infected easily is compelling them to maintain a healthy lifestyle and proper diet. 

According to the Europe meat substitute market analysis, it is segmented into product type, source, category and country. By product type, the market is classified into tofu-based, tempeh-based, TVP-based, seitan-based, Quorn-based and others. Depending on source, it is categorized into soy-based, wheat-based, mycoprotein and others. On the basis of category, it is fragmented into frozen, refrigerated and shelf stable. Country wise, the market is studied across Germany, France, the UK, Italy, Spain, and rest of Europe.

On the basis of product type, the textured vegetable proteins segment accounted for the maximum share in 2019. This is attributed 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. Moreover, they are high in protein and has zero cholesterol content, which makes it a healthy food item. It is available in 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. However, the seitan-based meat substitute segment is anticipated to grow at a higher CAGR during the forecast period. 

Depending on source, the soy-based meat substitute segment accounted for the maximum share in the Europe meat substitute market in 2019. This is attributed to the fact that various kinds of soy-based meat analogues have gained prominence 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. However, the others segment is expected to grow at a higher CAGR during the forecast period. 

By category, the frozen segment accounted for the maximum Europe meat substitute market share in 2019. Frozen burgers, crumbles, sausages, patties, nuggets, pizza, strips, and other such products have gained popularity, owing to their longer shelf life. Furthermore, consumers opt for ready-to-cook meals and meat substitutes in frozen form, owing to their preferences and lifestyles. 

Hence, owing to its nutrition preserving property, convenience, and longer shelf life, the consumption of frozen meat has increased considerably in Europe, thereby augmenting the market growth. However, the shelf stable segment is anticipated to grow at the highest CAGR during the forecast period. 

Country wise, the UK was the prominent market for meat substitute in 2019. This can be attributed to the popularity and substantial consumption of meat substitute products in the region. Furthermore, rise in popularity of the flexitarian diet has driven the demand for meat substitute products in the country. Alongside health benefits, consumers in the UK regard environmental impact as one of the major reasons for switching to meat substitute food products. However, Germany is expected to witness a significant CAGR during the Europe meat substitute market forecast period. 

The key players operating in the Europe meat substitute market include Foods for Tomorrow, Monde Nissin Corporation, Moving Mountains Foods, Premier Foods Plc, Rügenwalder Mühle Carl Müller GmbH & Co. Kg, Schouten Europe B.V., Taifun-Tofu GmbH, The Meatless Farm, Vbites Foods Ltd., and Vivera Foodgroup. 

Key Benefits For Stakeholders

• The report provides a quantitative analysis of the current Europe meat substitute market trends, estimations, and dynamics of the market size from 2021 to 2027 to identify the prevailing Europe meat substitute market opportunities.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
• In-depth analysis and the Europe meat substitute market size and segmentation assist to determine the prevailing market opportunities.
• Major countries in Europe are mapped according to their revenue contribution to the market. 
• The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the Europe meat substitute industry.

  Europe Meat Substitute Market Report Highlights