U.K and Germany Meat Alternatives Market is expected to grow at high CAGR during the forecasting period (2022-2029)
Meat alternatives evolved as one of the most lucrative food categories globally with the rising trend of veganism and vegetarianism. Also, animal slaughtering for meat, environmental concerns, and several other factors propel the interest towards meat alternatives.
Meat alternatives, also known as meat substitutes or meat analogs, are manufactured food products that mimic animal meat in taste, texture, and appearance. It is produced from plant and insect sources and is rich in nutrition over traditional meat.
Germany and U.K. are witnessing rapid growth in sales of meat alternatives due to increasing veganism and concerns about animal meat safety.
In Germany, the recently busted abattoir scandal is motivating the German consumers towards better-quality plant-based meat alternatives Ø The rise of novel coronavirus is expected further to boost the growth of meat alternatives in these countries.
Meat consumption in U.K and Germany has always been higher than the developing countries, and the awareness towards ill-effects of meat consumption has been rising. In a study published in the British Medical Journal, researchers at the US National Cancer Institute linked high red meat consumption to a 26% spike in the chances of contracting nine NCDs, including cancer, type 2 diabetes, strokes, and even Alzheimer's. Due to the advancement in technology, methods to tackle excessive meat consumption have been explored, and now, several meat substitute products are available in the market.
The concept of veganism has also invaded countries and transformed the consumption pattern of a significant number of people. As a result, meat consumption rates have been gradually decreasing, which is expected to drive the market of U.K and German meat alternatives.
A record half a million Brits signed up to Veganuary in 2021. Deliveroo’s vegan orders spiked by 163% in 2020. Besides, 7.2 million British adults currently follow a meat-free diet. 13 million Brits are expected to be meat-free by the end of 2021. Moreover, the number of vegans in the UK has increased by 445,428 people (40%) in 2020. In 2020, The Grocer reported 62% of adults in the UK had purchased plant milk. 10% of British children aged eight to 16 are vegan or vegetarian.
A survey carried out by vegan food producer Veganz has analyzed the dietary habits of 2,600 people in seven European countries. The study found that Germany has the most vegans, with the number having doubled from 1.3 million in 2016 to 2.6 million in 2020 — a total of 3.2 per cent of the population. Hence, the rising number of vegans is expected to drive market growth during the forecast period.
The soy-based ingredients are leading sources of meat substitutes owing to their availability, economical production, and favorable organoleptic properties.
The majority of soy-based products are further processed to resemble meats, tofu tempeh, poultry, or fish products in taste, texture, colour, and form.
Moreover, such ingredients are a high-quality complete protein source containing all essential amino acids.
The advanced processing technologies have led to the development of soy concentrates and soy protein isolates, close to animal meat products' organoleptic properties.
Moreover, soy-based foods are cholesterol-free, unlike animal protein foods, and serve as a good source of fibres. These factors have proved positive for the soy segment in the forecast period.
The market for soy-based meat alternatives was valued at USD xx million in 2019 and is estimated to grow at a CAGR of XX% over the forecast period to reach USD million by 2028.
Germany's meat alternatives market was valued at USD XX million in 2019. It is estimated to grow at a CAGR of XX % over the forecast period to reach USD XX million by 2028.
The market is growing steadily due to the increasing number of vegans in Germany and rising health concerns of meat-based foods. The increasing demand for safe, better-quality and sustainable food is the major factor boosting the German meat alternatives market.
According to a US Department of Agriculture Foreign Agricultural Service research study, German veganism has become increasingly popular. It is home to the most vegan product launches in the world.
In 2015, 10% of new food and drink product launches in Germany were vegan, increasing from 3% in 2013. This is the result of the population being increasingly concerned about animal welfare, the environment, and health.
Moreover, alternative meat is a favourite of "flexitarians," who salve their conscience by choosing the occasional Impossible Burger or the Beyond Meat version, that was sold out in hours after its triumphal debut in Lidl's 3,200 German stores in May 2020
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