Europe Meat Substitute Market to Observe Highest Growth of USD 3,549.09 million with Growing CAGR of 7.9% by 2027

The European region is rapidly capitalizing on this change in consumer interest by innovating meat-free products.

PORTLAND, OR, US, July 7, 2023/EINPresswire.com/ — Increase in number of consumers opting for plant-based alternatives, introduction of deep-fried versions of meat substitutes, surge in adoption of veganism, and rise in flexitarian trend have boosted the growth of the Europe meat substitute market. However, dissatisfaction with sensory attributes among consumers hinders the market. On the contrary, development of new products through innovation and rise in investments are expected to open new opportunities for the market players in the future.

𝐃𝐨𝐧’𝐭 𝐦𝐢𝐬𝐬 𝐨𝐮𝐭 𝐨𝐧 𝐲𝐨𝐮𝐫 𝐏𝐃𝐅 𝐁𝐫𝐨𝐜𝐡𝐮𝐫𝐞: https://www.alliedmarketresearch.com/request-sample/10171

The Europe meat substitute market was valued at $1,387 million in 2019, and is projected to reach $3,549.09 million by 2027, registering a CAGR of 7.9% from 2021 to 2027. The Europe meat substitute market is expected to exhibit an incremental revenue opportunity of $1,306.2 million from 2021 to 2027. The Europe meat substitute market growth is principally propelled by rise in vegan and flexitarian trend, environmental concerns, health consciousness due to rise in obesity, and surge in demand for clean-label products.

𝐏𝐫𝐨𝐦𝐢𝐧𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬

The key players operating in the Europe meat substitute industry include Foods for Tomorrow, Monde Nissin Corporation, Moving Mountains Foods, Premier Foods Plc, Rügenwalder Mühle Carl Müller GmbH & Co. Kg, Schouten Europe B.V., Taifun-Tofu GmbH, The Meatless Farm, Vbites Foods Ltd and Vivera Foodgroup.

By category, the frozen segment accounted for the maximum Europe meat substitute market share in 2019. Frozen burgers, crumbles, sausages, patties, nuggets, pizza, strips, and other such products have gained popularity, owing to their longer shelf life. Furthermore, consumers opt for ready-to-cook meals and meat substitutes in frozen form, owing to their preferences and lifestyles. Hence, owing to its nutrition preserving property, convenience, and longer shelf life, the consumption of frozen meat has increased considerably in Europe, thereby augmenting the market growth. However, the shelf stable segment is anticipated to grow at the highest CAGR during the forecast period.

Country wise, the UK was the prominent market for meat substitute in 2019. This can be attributed to the popularity and substantial consumption of meat substitute products in the region. Furthermore, rise in popularity of the flexitarian diet has driven the demand for meat substitute products in the country. Alongside health benefits, consumers in the UK regard environmental impact as one of the major reasons for switching to meat substitute food products. However, Germany is expected to witness a significant CAGR during the Europe meat substitute market forecast period.

𝐆𝐞𝐭 𝐘𝐨𝐮𝐫 𝐑𝐞𝐩𝐨𝐫𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝: https://www.alliedmarketresearch.com/request-for-customization/10171

On the basis of source, the market is divided into soy-based, wheat-based, mycoprotein and others. The soy-based segment dominated the market in 2019, accounting for nearly two-thirds of the total revenue of the market. However, the wheat-based segment is expected to manifest the highest CAGR of 9.0% during the forecast period.

Based on category, the market is classified into frozen, refrigerated and shelf stable. The frozen segment held the largest share in 2019, contributing to more than three-fourths of the market. However, the shelf table segment is expected to portray the highest CAGR of 8.7% during the forecast period.

On the basis of product type, the textured vegetable proteins segment accounted for the maximum share in Europe meat substitute market size. This is attributed to the fact that textured vegetable proteins are highly versatile in nature, and are available in a wide variety in the market, allowing food producers to use them in numerous meat substitute applications. Moreover, they are high in protein and has zero cholesterol content, which makes it a healthy food item. It is available in chunks, strips, flakes, and granules with a texture similar to cooked beef or minced meat, and is most commonly used as a substitute for ground meat. However, the seitan-based meat substitute segment is anticipated to grow at a higher CAGR during the forecast period.

𝗣𝘂𝗿𝗰𝗵𝗮𝘀𝗲 𝗙𝘂𝗹𝗹 𝗥𝗲𝗽𝗼𝗿𝘁: https://www.alliedmarketresearch.com/checkout-final/a6ebc2f44c90800f4509447c3fe9318d

A distinct proportion of the growth in sales of meat substitute products is being principally influenced by the popular flexitarian movement, wherein consumers are seeking to reduce their meat consumption. They are doing so by substituting some, but not all, of the meat and dairy in their weekly diet for plant-based alternatives. As many as 22 million UK citizens classify themselves as flexitarians, and regard it as a permanent lifestyle choice, notably popular among millennials.

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬

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