Europe Plant-based Food Market is Expected to Surpass a Value of USD 15 Billion by Growing at a CAGR of 10.2% During 2022-2028; Growing Trend of Veganism to Elevate Market Growth

SkyQuest's most recent research study on the Europe plant-based food market provides a thorough resource for companies looking to enter or expand into this industry. The report highlights significant technology developments and case studies of prosperous companies doing business internationally. The main market drivers and challenges are also highlighted in the study, along with competitive dynamics, regional scope, expansion ambitions, and effective growth methods.

Westford USA, Feb. 16, 2023 (GLOBE NEWSWIRE) -- In 2021, Germany held the biggest market share in the European market for plant-based foods, and it is anticipated that it would continue to dominate during the forecast period. The market's expansion is primarily attributable to the region's growing vegetarian population, greater concern for animal rights, and an increase in the number of vegetarian eateries. A significant factor anticipated to fuel the expansion of the Europe plant-based food market during the projected period is the quick development in vegan dietary habits as a result of the expanding health concerns around the world. In addition, factors such as climate change, rising interest in a plant-based diet, and a decline in the consumption of meat and dairy products, along with expanding technological developments for the production of plant-based substitutes, are likely to spur the market's rapid expansion in the years to come.

SkyQuest’s latest insights show that around 2.5 million vegans lived in Europe in 2022. By 2025, it is anticipated that Europe's vegan meat and dairy markets will be worth more than USD 7.8 billion. Additionally, more than 39% of European customers had either drastically reduced or completely eliminated their consumption of red meat.

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A diet that excludes all kinds of animal-based products and food such as meat, eggs, animal milk, and even the derivatives of milk. Plant-based food includes nuts, legumes, fruits, vegetables, and plant-based milk such as almond milk, coconut milk, soy milk, and milk items.

Prominent Players in Europe Plant-based Food Market

  • Danone SA
  • Hain Celestial Group Inc.
  • Conagra Brands Inc.
  • Beyond Meat Inc.
  • Nestle SA
  • Marlow Food Ltd.
  • Unilever Plc
  • Plant & Bean Ltd.
  • Veganz Group AG
  • The Meatless Farm
  • Vibte Food Ltd.
  • Amy’s Kitchen Inc.
  • Archer-Daniels-Midland Company
  • Daiya Food, Inc.
  • Tofutti Brands, Inc

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Dairy Substitutes Segment to Dominate the Market Growth Owing to Its Increasing Demand

The diary substitutes type held the biggest market share in 2021, and it is projected that this segment will continue to hold this position throughout the forecast period. A significant element anticipated to propel the expansion of the segment market is the rising demand for various dairy substitutes from the region's lactose-intolerant population. Additionally, the consumption of cow's milk has led to an increase in problems like lactose intolerance and milk allergies, which has led to a large increase in the demand for plant-based substitute milk in the European region.

SkyQuest found during research that more than 15 percent of all retail milk sales in terms of dollars are made up of plant-based milk. In Finland and Sweden, over 14% of customers have a lactose-free diet. Additionally, 2 to 4 percent of customers in the majority of European nations follow a vegan diet primarily owing to animal-based milk.

The plant-based food market in Germany is predicted to gain the largest market share during the forecast period. The growth of the market can be ascribed to the increasing adoption of veganism and the rising consumption of plant-based meat in the region. Additionally, it is anticipated that in the upcoming years, the market for plant-based foods would expand in the region due to rising technological developments in manufacturing facilities, strict business standards, and rising consumer demands.

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Soy Ingredients to Gain the Highest Market Share Thanks to Its Larger Range of Application

Due to its many advantageous characteristics, such as easy availability, good quality, a larger range of application sectors, and affordability, the soy ingredients category accounted for the highest market revenue share in 2021. Additionally, rising consumer acceptance of soy-based food products and increased regional focus on product introduction is projected to be factors boosting the segment's growth in the years to come.

Recent research from SkyQuest shows that in Europe, soy has a growing potential to contribute to a sustainable protein supply. Numerous countries throughout Europe, including Austria, Belgium, Italy, France, Spain, Greece, and other CEE nations, already cultivate soy. The typical European eats 60.5 kilograms of soy annually.

In addition to this, the e-commerce segment in the distribution channel is predicted to gain remarkable market share during the forecast period. The growth of the segment can be ascribed to the increasing penetration of online shopping and the presence of key market players on e-commerce sites. Moreover, the rising investment by key market players in product innovation and the growing usage of smartphones is predicted to boost the segment growth throughout the forecast period.

The recently released research report from SkyQuest on Europe plant-based food is a thorough source that offers insightful information on the market's present situation and potential for the future. The report's goal is to keep market participants abreast of the most important changes and new trends in the industry. Additionally, it offers crucial details about the major elements influencing market growth, the difficulties facing the sector, and the regulatory environment.

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Key Developments in the Europe Plant-based Food Market

  • To increase the availability of their "New Meat" 3D-printed steak cuts in Europe, Israeli company Redefine Meat teamed up with importer Giraudi Meats in October 2022.
  • Nestle SA, a significant global market participant with headquarters in Switzerland, announced its new relationship with ENOUGH in May 2021. With the help of this cooperation, the business will expand its line of plant-based meat products and meet the growing demand for it in the area.
  • Under a new effort, a Dutch town is urging colleges, stores, and eateries to support plant-based diets. The town of Altena in North Brabant has established a new initiative with the tagline "Plant-Based Together" to encourage residents to choose vegan cuisine whenever feasible.

Key Questions Answered in the Europe Plant-based Food Market Research Report

  • What is the predicted size and growth rate of the Europe plant-based food market during the forecast period?
  • What are the leading players operating in the market and their respective market shares?
  • What technological advancements and government initiatives are expected to fuel the market's growth during the forecast period?
  • In terms of revenue, which European country is predicted to contribute the most to the growth of the plant-based food market in the region?
  • How are increasing concerns over environmental sustainability and the need for animal welfare impacting the market's growth?

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