Europe Meat Substitutes Market Share, Trends, Revenue, Growth Strategy, Challenges, Opportunities, Key Manufacturers and Future Competition Till 2033


Europe Meat Substitutes Market Share, Trends, Revenue, Growth Strategy, Challenges, Opportunities, Key Manufacturers and Future Competition Till 2033: SPER Market Research

 Category : Food & Beverages

 Published: Mar-2024
 Author: SPER Analyst

Europe Meat Substitutes Market is projected to be worth USD 7.96 Billion by 2033 with a CAGR of 10.1%.

Meat replacements are plant-based products that have the same taste, texture, and appearance as real meat. They are typically manufactured from soy, peas, wheat gluten, mushrooms, and jackfruit, which are processed and flavoured to imitate various meat items. Meat substitutes are a sustainable and cruelty-free alternative to traditional meat that addresses concerns about health, animal welfare, and environmental sustainability.

Europe Meat Substitutes Market Driving Factors and Challenges
The growing number of consumers choosing plant-based alternatives, combined with manufacturers' strong investment in new product innovation, is driving overall market growth. Furthermore, in order to appeal to a wider audience, many food chains and stores have produced more indulgent, often deep-fried, versions of their popular meat alternatives. This approach has helped to challenge the preconceived notion that plant-based, vegan cuisine is always a healthier and more ethical choice. This unique approach to meat alternatives has helped customers to migrate away from meat and towards alternative sources of protein. Similarly, the increasing popularity of veganism and the expanding flexitarian trend in European countries are key factors driving market expansion. Growing health issues, such as overweight and obesity, have influenced consumers to choose plant-based food products over animal-based ones. 

Several factors limit widespread acceptance of meat alternatives in Europe. Despite improvements in taste and texture, some customers still see meat replacements as inferior to conventional meat products, limiting their popularity. Furthermore, the perceived higher cost of meat replacements in comparison to normal meat creates economic issues for price-sensitive consumers. Supply chain constraints, such as raw material sourcing and distribution logistics, have a further impact on market availability and access. Regulatory complications and labelling requirements for meat alternatives can also confuse consumers and stifle business expansion. Addressing these problems would necessitate collaborative efforts from industry stakeholders to improve product quality, price, and label clarity, resulting in increased acceptance and market penetration of meat replacements throughout Europe.

Impact of COVID-19 on Europe Meat Substitutes Market
The COVID-19 pandemic has resulted in tremendous growth in the meat replacements business, driven by increased consumer expenditure on health-conscious food products. Shortages of meat in retail outlets, combined with limits on purchasing meat-based foods, have increased demand for plant-based alternatives. This spike in demand has spurred both new and existing food firms to create a range of plant-based meat, fish, and dairy substitutes with unique flavours, textures, and nutritional profiles. With people increasingly focused on boosting their immune systems and leading healthy lives to avoid infection, the market for meat replacements is projected to skyrocket.

Europe Meat Substitutes Market Key Players
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Amy's Kitchen Inc., Associated British Foods PLC, Beyond Meat Inc., Conagra Brands Inc., House Foods Group Inc., International Flavors & Fragrances Inc., JBS SA, Monde Nissin Corporation, Plant Meat Limited, The Tofoo Co. Ltd, VBites Food Limited, 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.

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