Plants and plant components, such as vegetables, seeds, herbs, legumes, nuts, etc., are the source of plant-based foods. Because of these food products’ advantages for the environment and human health, they are becoming increasingly popular worldwide.
According to SPER market research, ‘Europe Plant-based Food Market Size– By Type, By Source, By Distribution Channel – 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 market is being driven by the rising trend of vegetarianism, the decrease in meat consumption, the growing inclination towards plant-based diets, and the rise in venture capital funding for animal substitutes. The substantial preference for animal-based products and the somewhat higher price range of plant-based food items, however, are anticipated to partially impede the market’s expansion. Furthermore, good regulatory environments and government initiatives that promote sustainable and healthful eating habits benefit the European market. Producers of plant-based foods have more market opportunities thanks to the European Union’s emphasis on sustainability and promotion of plant-based diets through rules and guidelines.
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Nonetheless, there are challenges facing the European market for plant-based foods as well. One of the key challenges is the perception that plant-based diets might be more costly than conventional animal-based alternatives. Another challenge is the need for more consumer education and awareness. Plant-based diets are growing in popularity, but there is still a lack of knowledge about the benefits and availability of plant-based dietary options. Furthermore, consumers’ inclination for animal-based items could impede the market’s expansion. The proteins found in eggs, milk, meat, and fish are known as animal proteins. Because they include and offer sufficient levels of critical amino acids, animal-based goods are typically referred to as higher-quality proteins; in contrast, plant-based products have limited quantities of certain amino acids.
Impact of COVID-19 on Europe Plant-based Food Market
In Europe, the COVID-19 epidemic gave plant-based food and drink a boost. In this region, the demand from consumers for plant-based diets increased during the epidemic. A study that was published in the BMJ Nutrition, Prevention and Health indicated that eating a vegan or vegetarian diet reduced the risk of COVID-19 that was moderate to severe. Food firms are investing more and more in plant-based products to meet consumer demand and somewhat mitigate the hazards connected with animal-based products, as shown by the COVID-19 pandemic.
Europe Plant-based Food Market Key Players:
Geographically, Germany is anticipated to have the major share of the European market for plant-based foods. The increasing number of vegetarians, rising consumer knowledge, growing concern for animal welfare, and the expansion of vegan and vegetarian dining establishments are all factors contributing to this trend. In Germany, veganism is starting to gain popularity. Additionally, some of the market key players are Amy’s Kitchen Inc., Berief Food GmbH, Beyond Meat Inc., The Meatless Farm, Unilever PLC, Vbite Food Ltd, Veganz Group AG, 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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