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(Health-NewsWire.Net, June 25, 2020 ) Market Overview
• Europe meat alternatives Market is expected to grow at a CAGR of 28.67% during the forecasting period (2020-2027).
• 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. 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. The Europe Meat Alternatives Market is segmented by Type into Tempeh, Tofu, Textured Vegetable Protein, and others. Based on the Source, the market is segmented as soy protein, wheat protein, mycoprotein, and others. The Market is segmented by Sales Channel into Supermarkets, online sales, convenience stores, and others.
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Market Dynamics
• The rising number of vegans in Europe and the nutritional & health benefits of meat alternative products are the driving factors for the growth of the market. The high nutritional value of meat alternative products play a vital role in influencing the consumer purchase pattern of end-products, with high protein products expected to witness steady product sales during the forecast period. Meat-alternative soy-based products such as tofu and tempeh have high protein content, vitamins, minerals, and are low in cholesterol. The regular consumption of meat alternative products results in several health benefits, with consumers facing diabetic and heart conditions recommended to start the consumption of meat-free products. The consumers scrutinize the ingredients of products before purchase, comparing the nutritional value of meat alternatives with conventional meat products.
• Perception of taste is the key restraint hindering the market growth worldwide. Although there is increasing consumer awareness regarding the adoption of meat substitute products in the European continent, however, perception of taste concerning meat substitute products is a major factor impeding the European Meat Alternative products.
• According to a research study published in the Science Direct Journal, beneficial foods are likely to be bitter or have some off-taste associated with them. These bitterness and off-taste characteristics are more predominant in plant-based foods which might restrain people from adopting meat substitute products.
Market Segmentation Analysis
• By type, the Europe meat alternatives market is segmented into tofu, tempeh, textured vegetable protein, and others. The Europe Textured Vegetable Protein Meat Alternatives Market is valued at USD 559.23 Mn in 2018 and is estimated to grow at a CAGR of 7.19% over the forecast period to reach a USD XX Mn by 2026. Texturized Vegetable Protein is a processed vegan meat substitute made by taking soy flour, a by-product of soy oil production and removing the fat using solvents. The result is a high-protein, low-fat product. Texturized Vegetable Protein has a mince-like texture, allowing flexibility to the consumers to design food items in the shape of nuggets and chunks.
• The texturized vegetable protein is a low cost, with easy-to-use ingredients, propelling its popularity in the market based on product features. The regional companies thus target market expansion into the newer European markets to increase sales revenue. For instance, on July 05, 2018, Spain based start-up Foods for Tomorrow developed a new generation of plant-based protein products.
• By the sales channel, the Europe meat alternatives market is segmented into supermarkets, convenience stores, and online sales channels. The Europe Super Markets Meat Alternatives Market is valued at USD 686.64 Mn in 2018 and is estimated to grow at a CAGR of XX % over the forecast period to reach a USD XX Mn by 2026. The changing perceptions of consumers regarding meat products have propelled supermarkets to stock alternative products, focusing on maintaining financial revenue and competitive edge over others. According to UK-based Sainsbury, the supermarket witnessed an 82 percent increase in customers searching for vegan products online year on year, and a 65 percent increase in sales of plant-based products year-on-year, as customers increasingly opt for meat-free meals.
• The recent market trend of consumers opting for meat alternative products, compelling retailers and supermarket chains to update its product portfolio in an attempt to keep up with the customers’ increasingly health-conscious food choices. The supermarkets and retail outlets recognize the recent market trend and are open to providing customers with meat-free alternatives. For instance, on January 28, 2019, leading United Kingdom supermarket chain Sainsbury announced that it will be selling vegetarian and vegan meat alternatives alongside animal meat at its butcher counter.
Market Geographical Analysis
• The Europe Market consists of Germany, United Kingdom, France, Netherlands, Italy and the Rest of Europe. The Germany Meat Alternatives Market is valued at USD 330.29 Mn in 2018 and is estimated to grow at a CAGR of XX % over the forecast period to reach a USD XX Mn by 2026. 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 substitute products in Germany is a major factor boosting the German meat alternatives market.
• Moreover, according to a research study by the US Department of Agriculture Foreign Agricultural Service, German veganism has become increasingly popular and 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, an increase from 3% in 2013. This is the result of the population that is increasingly concerned about animal welfare, the environment, and health.
Market Competitive Trends
• The Europe Meat Alternatives Market is fragmented, with the market presence of a large number of companies offering meat-free food items with moderate product differentiation and competitive pricing structure.
• For instance, on November 15, 2018, United Kingdom-based Quorn Foods opened up a new meat alternative production facility in Billingham, North East of England. The factory space of 9500 square meters would double the production capacity of Quorn’s core products, adding approximately 20,000 tonnes of production volume per annum.
• On March 17, 2019, Vegan brand Plant Power announced the launch of its tempeh products in the UK supermarket chain Sainsbury's, being among the first of its kind to stock tempeh in the mainstream United Kingdom retail market.
• On Mar 26, 2019, Upton’s Naturals, an independently-owned vegan company that was the first to produce flavored seitan in the United States, announced the launch of its popular Italian, Bacon and Chorizo Seitan in the European markets, targeting retail stores in the United Kingdom, including 800 Holland & Barrett and more than 300 Sainsbury’s stores as primary distributor outlets of the flavored seitan end-products.
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