Europe Plant-Based Meat Market Trends, Size, Share, Growth Drivers, Revenue, CAGR Status, Challenges, Business Opportunities, Key Manufacturers and Future Competition Till 2033
Meat substitutes are defined as fake meat (raw artificial meat) derived from plants. They are created from non-animal protein and have a similar appearance and aroma to meat. They’re also known as plant-based meat, vegan meat, meat substitute, mimic meat, imitation meat, or vegetarian meat.
According to SPER market research, ‘Europe Meat Substitutes Market Size- By Product Type, By Source, By Distribution Channel, By Category- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’state that the Europe Meat Substitutes Market is predicted to reach USD 7.96 Billion by 2033 with a CAGR of 10.1%.
DRIVING FACTORS:
- The increased emphasis on health and wellbeing is boosting demand for meat replacements as people seek nutritious and protein-rich alternatives to meat.
- Environmental Concerns: Concerns about meat production’s environmental impact, such as deforestation, habitat destruction, and greenhouse gas emissions, are encouraging consumers to cut back on meat intake and instead choose plant-based alternatives.
- Ethical and Animal Welfare Considerations: Consumers are increasingly choosing cruelty-free and sustainable plant-based alternatives as they become more aware of animal welfare issues and ethical concerns around meat consumption.
- Product Development Innovations: Advancements in food technology and product innovation are increasing the variety and quality of meat replacements on the market, making them more appealing to customers.
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CHALLENGES:
- Perception and Taste Challenges: Despite advancements in taste and texture, some customers may still see meat replacements as inferior to traditional meat products, restricting their adoption.
- Price & Affordability: Meat replacements may be seen as premium items and priced higher than traditional meat, providing a barrier to adoption for price-conscious consumers.
- Supply Chain Constraints: Difficulties in acquiring raw materials, manufacturing methods, and distribution logistics may limit the availability and price of meat alternatives on the market.
- Regulatory and Labelling Issues: The complications and labelling requirements associated with meat substitutes may cause consumer confusion and impede industry expansion.
Impact of COVID-19 on Europe Meat Substitutes Market
COVID Impact: The Covid-19 pandemic has expedited current trends and increased demand for meat alternatives, as consumers seek healthier and more sustainable food options, store up on pantry goods, and look for alternative protein sources. While the pandemic has affected supply chains and retail operations, the meat substitute market’s resilience and adaptability have contributed to continued expansion and customer interest in plant-based eating.
Geographically, the United Kingdom was the most notable meat substitute market. This is due to the popularity and widespread usage of meat substitute products in the region. Furthermore, the growing popularity of the flexitarian diet has boosted demand for meat alternative goods in the country. Along with health benefits, people in the United Kingdom see environmental effect as one of the primary motivations for converting to meat alternative food items. However, Germany is predicted to have a considerable CAGR throughout the Europe meat substitute market forecast period.
Europe Meat Substitutes Market Key Players
Additionally, some of the market key players are Amy’s Kitchen Inc., Associated British Foods PLC, House Foods Group Inc., International Flavors & Fragrances Inc., JBS SA, Vitasoy International Holdings Ltd, Others.
Europe Meat Substitutes Market Segmentation
By Product Type: Based on the Product Type, Europe Meat Substitutes Market is segmented as; Quorn-Based, Seitan-Based, Tempeh-Based, Tofu-Based, Tvp-Based, Others.
By Source: Based on the Source, Europe Meat Substitutes Market is segmented as; Mycoprotein, Soy-Based, Wheat-Based, Others.
By Distribution Channel: Based on the Distribution Channel, Europe Meat Substitutes Market is segmented as; Off-Trade (Convenience Stores, Online Channel, Supermarkets and Hypermarkets, Others), On-Trade.
By Category: Based on the Category, Europe Meat Substitutes Market is segmented as; Frozen, Refrigerated, Shelf Stable.
By Region: This research also includes data for France, Germany, Italy, Netherlands, Russia, Spain, United Kingdom, Rest of Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Europe Meat Substitutes Market Share
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