Europe Vegan Food Market Trends, Share, Scope, Revenue, Size, Growth Strategy, Challenges, Opportunities and Future Competition Till 2033

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Europe Vegan Food Market Trends, Share, Scope, Revenue, Size, Growth Strategy, Challenges, Opportunities and Future Competition Till 2033: SPER Market Research


 Category : Food & Beverages

 Published: Jul-2023
 Author: SPER Analyst


Europe Plant-based Food Market is projected to be worth USD 24.62 billion by 2033 and is anticipated to surge at a CAGR of 10.42%.

Plant-based food refers to food items that are predominantly derived from plants, including fruits, vegetables, whole grains, legumes, nuts, and seeds. These foods are consumed as alternatives to animal-based products and can provide essential nutrients, vitamins, and minerals. Plant-based diets prioritize the consumption of plant foods while minimizing or excluding animal products like meat, poultry, seafood, dairy, and eggs. Plant-based food options include a wide range of products such as plant-based meat substitutes, dairy alternatives, plant-based cheeses, tofu, tempeh, and various plant-based snacks and desserts. These diets are chosen for health, environmental, ethical, or personal reasons, offering a sustainable and nutritious approach to eating.

Europe Plant-based Food Market Driving Factors and Challenges

The growth of the plant-based food market in Europe is driven by several factors. Firstly, there is an increasing availability and accessibility of plant-based food options in retail stores, supermarkets, and foodservice outlets, making it easier for consumers to incorporate plant-based choices into their diets. The vegan KitKat V was introduced by Nestlé (Switzerland) in June 2021 in the UK, Poland, Estonia, Latvia, and Lithuania. 

Additionally, influential celebrities, athletes, and social media influencers endorsing plant-based diets have raised awareness and popularity of plant-based food among their followers and the wider population. Supportive government policies and regulations promoting sustainable and healthy diets, along with a cultural shift and changing demographics, including the growing population of millennials and Generation Z, contribute to the demand for plant-based food products. The availability of a wide variety of plant-based ingredients has also facilitated the development of innovative plant-based food products, while health and sustainability awareness campaigns have further increased interest in plant-based diets among consumers.

However, the Europe plant-based food market faces challenges in taste and texture, as some consumers feel that plant-based alternatives do not replicate the sensory experience of traditional animal-based products. Inconsistent regulatory frameworks and labelling requirements across European countries create confusion for consumers. Consumer education and awareness campaigns are needed to inform people about the benefits and availability of plant-based options. Established animal-based food brands pose competition with their strong market presence and loyal customer bases. Ingredient sourcing and supply chain management, especially for key ingredients like soy and plant proteins, is a challenge due to sustainability and fair-trade concerns. However, despite these challenges, the market is expanding due to investments in research and development, government initiatives promoting sustainability, and shifting consumer preferences towards plant-based foods.


Impact of COVID-19 on Europe Plant-based Food Market 
The COVID-19 pandemic has caused a surge in online sales of plant-based food products as consumers turned to e-commerce platforms for convenient purchases while adhering to social distancing measures. However, the closure of restaurants and restrictions on dine-in services negatively affected the plant-based food market, leading to reduced demand and revenue losses for many companies reliant on the foodservice sector. The pandemic has also heightened the focus on health and wellness, prompting increased interest in plant-based diets known for their potential health benefits. Moreover, changing consumer behaviour, driven by sustainability, ethics, and conscious consumption, has contributed to the growing popularity of plant-based foods in Europe.

Europe Plant-based Food 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., Berief Food GmbH, Beyond Meat Inc., Conagra Brands Inc., Danone SA, Hain Celestial Group Inc., Marlow Foods Ltd., Nestlé S.A., Plamil Foods Ltd, Plant & Bean Ltd, Taifun -Tofu GmbH, The Meatless Farm, Unilever PLC, Vbite Food Ltd, Veganz Group AG, Others.


Europe Plant-based Food Market Segmentation:

By Type: Based on the Type, Europe Plant-based Food Market is segmented as; Baked Goods, Confectionery, Dairy Alternatives, Egg Substitutes, Meals, Meat Substitutes, RTD Beverages, Seafood Substitutes, Others.

By Source: Based on the Source, Europe Plant-based Food Market is segmented as; Nuts, Pea, Rice, Soy, Wheat, Others. 

By Distribution Channel: Based on the Distribution Channel, Europe Plant-based Food Market is segmented as; Business-to-Business, Modern Groceries, Convenience Store, Specialty Store, Online Retail, Others.

By Region: This research also includes data for France, Spain, Italy, Netherlands Germany, 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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