Europe Meat Substitute Market is Expected to Reach USD 3,549.09 Million by 2027 - Predicted AMR

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.

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Leading Key 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.

Regional Outlook:

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.

Key findings of the study

• By product type, the textured vegetable proteins segment was the highest contributor to the Europe meat substitute market, with $617.77 million in 2019, and is estimated to reach $1135.46 million by 2027, at a CAGR of 7.3% during the forecast period.
• Depending on source, the soy-based segment accounted for $1211 million in 2019, and is estimated to reach $2243.77 million by 2027, registering a CAGR of 7.4%.
• On the basis of category, the frozen segment garnered $1412.11 million in 2019, and is anticipated to reach $2696.27 million by 2027, growing at a CAGR of 7.8%.
• In 2019, UK was the most prominent country; however, Germany is expected to grow at a significant CAGR throughout the forecast period.

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