Market Overview
The Europe meat alternatives market is valued at USD XX million in 2019 and is expected to grow at a CAGR of 7.77% over the forecast period to reach a USD XX million by 2027.
The Europe meat alternatives market is segmented by type into tempeh, tofu, textured vegetable protein and others. Textured vegetable protein is dominating the type segment of meat alternative with market share 37.16% in 2019. The market was valued at USD XX million in 2019 and is expected to reach USD XX million by 2027 due to better taste texture experience by the consumers.
Based on the source, the market is segmented as soy protein, wheat protein, mycoprotein and others. Soy has the highest share and is expected to reach USD XX million in 2027 with a CAGR of 7.38%.
The market is segmented by sales channels into supermarkets, online sales, and convenience stores. Supermarkets is the dominating segment due to convenience and quality of service provided and was worth USD XX million in 2019 and is expected to reach USD XX million in 2027 with growth rate of 6.69% in the forecast period.
The advantages of plant based and meat alternative proteins being cholesterol free, increasing demand of vegans across Europe and rising health concerns on a regional scale are the major factors responsible for boosting the product demand for Europe meat alternatives market. Additionally, the growing number of vegetarians, flexitarians and growing awareness of side effects of over consumption of red meat are also driving the market growth.
However, perceptions over the taste of meat alternatives and the extent of nutritional values provided by plant based alternatives are the major factors responsible for hampering the growth of the Europe meat alternatives market.
Market Dynamics
Drivers
- Rising number of vegans in Europe
- Nutritional & health benefits of meat alternative products
Restraints
- Perception of taste and pricing issues
Rising Number Of Vegans In Europe
Growing evidence of flexitarian trend, shift towards plant-based diet and increasing awareness of disadvantages of eating meat based foods are driving the growth of Europe meat alternative market.
According to a research done by Berlin-based plant-based supermarket chain Veganz, Within the previous four years, the number of vegans in Europe has exponentially increased from 1.3 million to the present estimated number of 2.6 million, which represents 3.2% of the population.
But, when the study is expanded to include vegetarians, pescatarians and flexitarians, the number in total was about 30.9% of the population – which is almost a third of all Europeans. This trend of turning into vegetarian increases the demand of meat alternatives as many search for alternatives of meat in terms of nutrition and protein.
As from the above survey it was concluded that there is a trend of increasing interest in trying cultivated meats or cell-based meats.
The concept that consumption of plant based proteins would lower the carbon emissions, many individuals who are concerned about the environment are preferring meat alternatives.
For instance, according to Chatham House, meat production accounts for about 15% of carbon emission which is roughly equal to vehicle's greenhouse gas emission. Additionally, livestock also put pressure on land usage and water supply as they consume about 8% of the world's water supply.
All these concerns have made many meat consumers opt for meat alternatives as they feel responsible for their act.
Country Analysis
Germany meat alternatives market was valued at USD XX million in 2019 and is expected to reach USD XX million by 2027 with a CAGR of 7.50% during the forecast period 2020 to 2027.
The Germany Meat Alternatives Market growing at a steady pace owing to the increasing number of vegans in Germany and rising health concerns of meat based foods. The increasing demand for meat substitutes products in Germany is a major factor boosting the Germany meat alternatives market. Moreover, according to a research study by the US Department of Agriculture Foreign Agricultural Service, Germany veganism has become increasingly popular and it is home to the most vegan product launches in the world. Moreover, the COVID-19 pandemic changed the consumer preferences towards vegetarian and vegan products. For instance, according to German Federal Statistical Office report, there is an increase of 37% in the first quarter of sales for vegetarian and vegan products in 2020. In addition, the sales of plant-based alternatives were increased in the COVID-19 pandemic. In Q1, 2020, the sales of plant-based alternatives reached 20 thousand tonnes, compared to 14,7 tonnes in the same period last year.
On the other hand, Germany produced 272.8 million euros worth of meat substitutes in 2019, which includes vegetarian and vegan foods that appear to resemble meat. However, the meat industry holds its dominant share in the country, which produced a value of 40 billion euros in 2019. Companies are focusing on new product launches and expansion of product portfolios to improve their market competitiveness and contribute to the growth of their entities. For instance, in March 2019 Austrian vegan brand Vegini is launching a new protein-rich vegan meatball snack in Germany. Made from pea protein, the three new products – savoury mini meatballs, spicy paprika balls and tasty classic balls – contain almost 20% protein, no preservatives or artificial flavors. Moreover, in March 2019, Vegan meat brand Beyond Meat has unveiled its newest product: Beyond Beef, a plant-based protein that has the taste, texture, and versatility of ground beef. Moreover, rising health concerns pertaining to the usage of meat products is another crucial factor encouraging the population of Germany to shift towards vegan based eating habits and this is a major factor boosting the growth of the Germany meat alternatives market.
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