Meticulous Market Research Pvt. Ltd.

Europe Plant-based Food Market by Type [Dairy Alternatives, Plant-based Meat, Meals, Confectionery, Beverages, Egg Substitutes, Seafood), Source (Soy, Wheat, Pea, Rice), Distribution Channel (B2B, B2C (Convenience Store, Online Retail)]- Forecast to 2029

Redding, California, March 30, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, Europe Plant-based Food Market by Type (Dairy Alternatives, Plant-based Meat, Meals, Confectionery, Beverages, Egg Substitutes, Seafood), Source (Soy, Wheat, Pea, Rice), Distribution Channel (B2B, B2C (Convenience Store, Online Retail) - Forecast to 2029, published by Meticulous Research, the Europe plant-based food market is expected to grow at a CAGR of 10.1% from 2022 to 2029 to reach $16.7 billion by 2029.

Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5260

Veganism is a contemporary and expanding societal phenomenon that has been lately growing in European countries, which is demonstrated by the steadily growing number of vegans and people following plant-based diets. In recent years, there has been a growing trend toward vegetarianism and veganism in Europe due to growing awareness of health, environmental concerns, and compassion for animals. Within the last four years, the number of vegans in Europe has doubled from 1.3 million to the current estimated figure of 2.6 million, representing 3.2% of the population. Nearly half of all-vegan Europeans (45.5%) say they would like to see more vegan alternatives for sausages and cold cuts, followed by cheese substitutes as the next product on their want-list. There also seems to be strong demand for plant-based baked goods (38.6%) as well as more snacks (32.9%) (Source: Veganz).

In recent years, there has been an increase in the number of lactose-intolerant consumers. Lactose tolerance is exceptionally widespread in Northern European countries like Sweden and Finland. In addition, Turkey, Italy, Germany, and Spain recorded some of the highest numbers of lactose-intolerant consumers. Therefore, the target market for plant-based food and beverage is not limited to vegans but includes a vast majority of consumers, including flexitarians, lactose-intolerant consumers, and even consumers looking for clean-label food and beverage options.

Story continues

The growing vegetarianism, declining meat consumption, increasing preference for plant food, and increasing venture capital investment in animal alternatives are some of the major factors driving the market for plant-based food products in Europe.

Impact of COVID-19 on the Europe plant-based food market

The COVID-19 pandemic created new momentum for plant-based food and drink in Europe. During the pandemic, consumer demand for plant-based diets accelerated in this region. A study published in BMJ Nutrition, Prevention and Health found that vegetarian and vegan diets had a lower risk of developing moderate-to-severe COVID-19. Many food companies are rapidly increasing 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. Few to be listed are:

In June 2021, Heura Food (Spain) raised USD 4.8 million through a crowdfunding campaign to fuel its R&D and launch new plant-based meat products.

In September 2020, The Meatless Farm (U.K.) raised USD 31 million in funding to keep up with post-COVID demand.

In July 2020, Follow Your Heart (U.S.) partnered with U.K.-based Tesco stores. As a part of this development, the companys Vegenaise will be available in just over 550 outlets, and its Smoked Gouda and Medium Cheddar Slices in 300 outlets in the U.K.

In September 2020, Nestl SA introduced a meatier-tasting version of its flagship plant burger and launched an oats-and-peas version of its Nesquik cocoa drink in Europe. In 2020, vegetarian and plant-based sales posted strong double-digit growth, supported by new launches.

In December 2019, Unilever PLC (U.K.) invested EUR 85 million in The Hive, the innovation of a food center at Wageningen University (Netherlands) to support research into plant-based ingredients and meat alternatives, efficient crops, sustainable food packaging, and nutritious food.

Speak to our Analysts to Understand the Impact of COVID-19 on Your Business: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5260

These increased investments during the pandemic to fuel R&D activities and increase plant-based product sales benefit stakeholders in the plant-based product market in Europe.

Plant-based Food Market in Europe - An Overview

The Europe plant-based food market is segmented based on type, source, distribution channel, and country.

Based on type, the Europe plant-based food market is segmented into dairy alternatives, meat substitutes, meals, baked goods, confectionery, RTD beverages, eggs substitutes, seafood substitutes, and others. The dairy alternatives segment is estimated to command the largest share of the European plant-based food market, mainly attributed to increased demand for dairy alternatives from the lactose intolerant population. With the issues like lactose intolerance and milk allergy arising from the consumption of cows milk, there has been an increased demand for plant-based alternative milk in Europe. However, the seafood substitute segment is expected to grow at the highest CAGR during the forecast period.

Based on source, the soy segment is expected to account for the largest share of the overall plant-based food 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, high quality, cost-effectiveness, wider application areas, and higher consumer acceptance for soy-based food products. However, the pea segment is expected to grow at the highest CAGR during the forecast period.

Quick Buy Europe Plant-based Food Market by Type [Dairy Alternatives, Plant-based Meat, Meals, Confectionery, Beverages, Egg Substitutes, Seafood), Source (Soy, Wheat, Pea, Rice), Distribution Channel (B2B, B2C (Convenience Store, Online Retail)]- Forecast to 2029 Research Report: https://www.meticulousresearch.com/Checkout/74550253

Based on distribution channel, the B2C segment is estimated to account for the largest share of the overall plant-based food market in Europe in 2022. The large share of this market is mainly attributed to increased shelf space for plant-based products in modern groceries, increased retail sales of plant-based food in supermarkets & hypermarkets, growing preference for shopping from brick-and-mortar grocers due to easy access & availability, and increasing consumer acceptance for vegan & vegetarian food products. This segment is also expected to grow at the highest CAGR during the forecast period.

Geographically, Germany is expected to account for the major share of the European plant-based food market in 2022. This growth can be attributed to the growing vegetarian population, increased consumer awareness, increasing concern about animal welfare, and growth in vegan and vegetarian restaurants. Veganism in Germany is becoming a popular trend.

The key players operating in the plant-based food market in Europe are Beyond Meat Inc. (U.S.), Danone S.A. (France), Amys Kitchen Inc. (U.S.), The Hain Celestial Group, Inc. (U.S.), Daiya Foods Inc. (Canada), Marlow Foods Ltd. (U.K.), Taifun Tofu GmbH (Germany), Vbite Food Ltd (U.K.), Plamil Foods Ltd (U.K.), Plant & Bean Ltd (U.K.), Unilever PLC (U.K.), Berief Food GmbH (Germany), Nestl S.A. (Switzerland), The Meatless Farm (U.K.), and Veganz Group AG (Germany) among others.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/europe-plant-based-food-market-5260

Scope of the Report

Europe Plant-based Food Market, by Type

Dairy Alternatives

Milk

Cheese

Yogurt

Butter

Ice Cream

Creamer

Others

Meat Substitutes

TVP

Burger Patties

Tempeh

Hot Dogs and Sausages

Seitan

Meatballs

Ground Meat

Nuggets

Crumbles

Shreds

Others

Meals

Baked Goods

Confectionery

RTD Beverages

Egg Substitutes

Seafood Substitutes

Others

Europe Plant-based Food Market, by Source

Soy

Almond

Wheat

Pea

Rice

Others

Europe Plant-based Food Market, by Distribution Channel

Business-to-Business

Business-to-Customers

Modern Groceries

Convenience Store

Specialty Store

Online Retail

Others

Europe Plant-based Food Market, by Country

Germany

U.K.

Spain

Italy

France

Netherlands

Belgium

Austria

Poland

Portugal

Rest of Europe (RoE)

Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5260

Amidst this crisis, Meticulous Research is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research

Related Reports:

Plant-based Food Market by Type (Dairy Alternatives, Plant-based Meat, Meals, Confectionery, Beverages, Egg Substitutes, Seafood), Source (Soy, Wheat, Pea, Rice), Distribution Channel (B2B, B2C [Convenience Store, Online Retail])Global Forecast to 2029

https://www.meticulousresearch.com/product/plant-based-food-products-market-5108

Meat Substitute Market by Product Type (Tofu, TVP, Burger Patties, Sausages, Meatballs, Nuggets), Source (Soy Protein, Wheat Protein), and Distribution Channel (Business to Business and Business to Customers) - Global Forecast To 2027

https://www.meticulousresearch.com/product/meat-substitute-market-4969

Dairy Alternatives Market by Product Type (Plant Milk, Cheese, Yogurt, Butter, Ice Cream), Source (Almond Protein, Soy Protein, Wheat Protein), and Distribution Channel (Business to Business and Business to Customers) - Global Forecast To 2027

https://www.meticulousresearch.com/product/dairy-alternatives-market-5128

Plant-Based Protein Supplements Market by Type (Soy Protein, Rice Protein), Form (Powder, RTD), Application (Sports Nutrition, Additional Nutrition), and Distribution Channel (Hypermarket/Supermarket, E-Commerce, Pharmacies) Global Forecast To 2027

https://www.meticulousresearch.com/product/plant-based-protein-supplements-market-5143

Plant-based Protein Market by Type (Soy Protein, Wheat Protein, Pea Protein, Potato Protein, Rice Protein, Corn Protein), Crop Type (GMO), Source Process (Organic), Application (Food and Beverages, Animal Feed, Nutritional Supplements) - Global Forecast to 2028

https://www.meticulousresearch.com/product/plant-based-protein-market-5031

Alternative Protein Market by Type (Plant Protein [Soy, Wheat, Pea], Insect Protein [Crickets, BSF], Microbial Protein [Algae Protein, Bacterial Proteins]), Application (Food & Beverages, Animal Feed and Pet Food, Nutraceuticals) - Global Forecast to 2029

https://www.meticulousresearch.com/product/alternative-protein-market-4985

About Meticulous Research

Meticulous Research was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

Go here to see the original:
Europe Plant-Based Food Market Worth $16.7 Billion by 2029 - Exclusive Report by Meticulous Research - Yahoo Finance