A category of food products known as “plant-based food” is made up of elements originating from plants, such as fruits, vegetables, grains, legumes, nuts, and seeds. Due to their removal of any ingredients derived from animals, these food items serve as alternatives to conventional animal-based products. Because they don’t contain elements originating from animals, people prefer plant-based meals to traditional animal-based ones. For their alleged health advantages, moral reasons about animal care, and environmental sustainability, plant-based diets are frequently accepted.
According to SPER market research, ‘Europe Plant-based Food Market Size- By Material Type, By Product Type, By Cosmetic Type- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Europe Plant-based Food Market is predicted to reach USD 24.62 billion by 2033 with a CAGR of 10.42%.
The Europe Plant-based Food market is experiencing growth due to several key factors. The increase in consumption is primarily linked to population growth and increased wealth. Animal proteins, sourced from animals like eggs, milk, meat, and fish, are often considered superior because they provide sufficient essential amino acids, while plant-based proteins may lack some amino acids. European diets presently rely heavily on animal protein, with roughly two-thirds of dietary protein coming from animal sources, as per the European Environment Agency’s 2020 report. Furthermore, the European market benefits from a supportive regulatory environment and government initiatives that endorse sustainable and health-conscious eating habits. The European Union’s focus on sustainability and its encouragement of plant-based diets through regulatory frameworks and recommendations broaden the market opportunities for plant-based food producers.
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Nonetheless, the European plant-based food market faces challenges. One significant hurdle is the perception that plant-based foods might be pricier than traditional animal-based options. The affordability and price competitiveness of plant-based alternatives could restrict their appeal, especially among budget-conscious consumers. Another obstacle is the need for enhanced consumer awareness and education. Despite the growing popularity of plant-based diets, there remains a lack of information and awareness regarding the benefits and availability of plant-based food choices.
Impact of COVID-19 on Europe Plant-based Food Market
In addition, the COVID-19 pandemic underscored the link between public health and animal meat consumption, leading to increased awareness of the importance of a healthy diet. Consequently, European consumers increasingly favoured plant-based diets. This shift resulted in an extraordinary surge in demand for specific plant-based products like meat alternatives and plant-based milk from a manufacturing and distribution perspective. To address this abrupt spike in demand during the pandemic, numerous companies in the plant-based food sector began adapting different strategies. For Example, In June 2021, Nestlé, a Swiss company, introduced vegan KitKat V in the United Kingdom, Poland, Estonia, Latvia, and Lithuania.
Europe Plant-based Food Market Key Players:
Geographically, Germany is poised to dominate the European plant-based food market due to a burgeoning vegetarian population, rising consumer consciousness, greater emphasis on animal welfare, and a surge in vegan and vegetarian eateries. The trend of veganism is on the rise, making Germany a key player in this market. Additionally, some of the market key players are Amy’s Kitchen Inc., Plamil Foods Ltd, Plant & Bean Ltd, Vbite Food Ltd, Veganz Group AG, including 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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Europe Plant-based Food Market Business Opportunities
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