Report Overview

Europe Meat Substitute Market – Industry Trends & Forecast Report, 2029

Europe Meat Substitute Market size was estimated at USD 1.64 billion in 2022. During the forecast period between 2023 and 2029, the size of Europe Meat Substitute Market is projected to grow at a CAGR of 13.09% reaching a value of USD 3.43 billion by 2029. Europe Meat Substitute Market is driven by increasing consumer awareness about health and environmental concerns, fostering a shift toward plant-based diets. Growing concerns about animal welfare, coupled with a rising demand for sustainable and ethical food choices, fuel the market's expansion. Innovations in meat substitute products, offering taste and texture akin to traditional meat, further stimulate consumer adoption. Government initiatives promoting plant-based diets, coupled with a surge in vegetarian and flexitarian lifestyles, contribute to market growth. Also, the convenience and accessibility of meat alternatives in retail outlets and restaurants propel the European Meat Substitute Market forward.

Meat Substitutes – Overview

Meat substitutes, also known as plant-based or vegetarian alternatives, are products designed to replicate the taste, texture, and nutritional profile of traditional meat without using animal ingredients. Typically made from soy, wheat, peas, or other plant-based sources, these alternatives cater to individuals seeking ethical, environmental, or health-conscious dietary choices. Innovations in food technology have led to diverse and increasingly realistic options, including burgers, sausages, and even cultured meat. The growing popularity of meat substitutes reflects a global shift towards sustainable and cruelty-free eating, driven by concerns about animal welfare and the environmental impact of conventional meat production.

Growth Drivers

Rising Vegetarian and Vegan Population

Europe Meat Substitute Market is experiencing a significant boost due to the escalating number of vegetarians and vegans. As consumer awareness regarding health, environmental sustainability, and ethical considerations continues to rise, the demand for plant-based meat alternatives has surged. This paradigm shift in dietary preferences is driving innovation and investment in the meat substitute sector, encouraging the development of diverse, flavorful, and nutritionally rich plant-based products. With an expanding market base embracing meat alternatives, the industry is poised for robust growth, presenting lucrative opportunities for manufacturers and contributing to a more sustainable and ethical food ecosystem.

Restraints

High cost of meat substitute food products

Despite the positive momentum, the Europe Meat Substitute Market faces a notable restraint in the form of consumer price sensitivity. As plant-based alternatives often require specialized production methods and high-quality ingredients, their retail prices tend to be relatively higher than traditional meat products. This price disparity may limit widespread adoption, particularly among cost-conscious consumers. Also, economic uncertainties and fluctuations can further amplify price sensitivity, hindering the market's potential growth. Balancing affordability while maintaining product quality and innovation will be crucial for industry players to overcome this challenge and ensure broader market acceptance of meat substitutes.

Europe Meat Substitute Market 

Segmental Coverage

Europe Meat Substitute Market – By Product

based on product, Europe Meat Substitute Market is divided into Tempeh, Textured Vegetable Protein (TVP), and Tofu Source segments. The textured vegetable protein emerges as a prominent and expansive segment, reflecting a growing consumer interest in plant-based alternatives. TVP, derived from soy, has gained popularity due to its versatility, nutritional profile, and ability to mimic the texture of meat. As the demand for sustainable and plant-based diets continues to rise, the textured vegetable protein segment remains a major driver in shaping the evolving landscape of meat substitutes across Europe.

Europe Meat Substitute Market – By Source

based on source, Europe Meat Substitute Market is divided into Soy-based, Wheat-based, and Mycoprotein segments. The soy-based segment is the largest, reflecting a substantial consumer preference for plant-based protein derived from soy. This segment's dominance is attributed to factors such as nutritional value, versatility in culinary applications, and a growing demand for sustainable and cruelty-free protein sources. As plant-based diets gain popularity, the soy-based segment continues to lead the market, driving innovation and expanding its presence in the evolving landscape of meat alternatives across Europe.

Europe Meat Substitute Market – By Category

based on category, Europe Meat Substitute Market is divided into Frozen, Refrigerated, and Shelf-stable segments. The frozen segment dominates the market share. This segment represents a significant portion of the market, offering consumers convenient and longer-lasting options. Frozen meat substitutes maintain their quality and nutritional value while extending shelf life. The appeal of quick and easy meal solutions, coupled with the ability to stock up for future use, contributes to the dominance of the frozen segment in the European market. This preference aligns with the modern consumer's demand for both health-conscious choices and practicality in their dietary selections.

Europe Meat Substitute Market – By Distribution Channel

based on distribution channel, Europe Meat Substitute Market is divided into Off-Trade (Convenience Stores, Online Channel, and Supermarkets & Hypermarkets) and On-Trade segments. The off-trade sector encompasses convenience stores, online channels, supermarkets, and hypermarkets, presenting a vast and diverse market share. This segment reflects the growing consumer preference for convenient and accessible meat substitutes through various retail channels. The on-trade segment, while significant, may not surpass the extensive reach and market presence of Off-Trade channels. The pivotal role of off-trade avenues, such as supermarkets and online platforms, underscores the evolving trends and preferences in the European market for meat substitutes, shaping the industry's trajectory.

Europe Meat Substitute Market – By Country

based on distribution channel, Europe Meat Substitute Market is divided into Germany, United Kingdom, Italy, France, Spain, Belgium, Russia, The Netherlands, and Rest of Europe. Germany is the leading country in the Europe Meat Substitute Market. With the largest economy in the region and increasing awareness about plant-based diets, Germany dominates the Europe Meat Substitute Market, driving substantial growth. The country's evolving food preferences, coupled with a surge in health-conscious consumers, contribute to a thriving meat substitute industry.

Competitive Landscape

Major players in the Europe Meat Substitute Market include Amy's Kitchen Inc., Associated British Foods PLC, Beyond Meat Incorporated, Conagra Brands Incorporated, House Foods Group Inc., International Flavors & Fragrances Inc., Monde Nissin Corporation, Plant Meat Limited, The Tofoo Co. Ltd, and Vitasoy International Holdings Ltd. To enhance their market share and expand their reach, these companies are also focusing on investing in innovations, collaborations, and expansions.

Scope of the Report

By Product

• • Tempeh

  • Textured Vegetable Protein

  • Tofu Source

By Source

• • Soy-based

  • Wheat-based

  • Mycoprotein

By Category

• • Frozen

  • Refrigerated

  • Shelf Stable

By Distribution Channel

• • Off-Trade

• Convenience Stores

• Online Channel

• Supermarkets and Hypermarkets

  • On-Trade

By Country

• • Germany

  • United Kingdom

  • Italy

  • France

  • Spain

  • Belgium

  • Russia

  • The Netherlands

  • Rest of Europe

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Europe Meat Substitute Market Insights
   1. Industry Value Chain Analysis
      1. DROC Analysis
      2. Growth Drivers
         1. Growing health and environmental concerns
         2. Rising vegetarian and vegan population
      3. Restraints
         1. Price sensitivity
         2. Taste and texture challenges
      4. Opportunities
         1. Product diversification
         2. Nutritional enhancement
      5. Challenges
         1. Competitive landscape
         2. Consumer education
   2. Technological Advancements/Recent Developments
   3. Regulatory Framework
   4. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Europe Meat Substitute Market Overview
   1. Market Product & Forecast, 2019–2029
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Product
         1. Tempeh
         2. Textured Vegetable Protein
         3. Tofu Source
         4. Others
      2. By Source
         1. Soy-based
         2. Wheat-based
         3. Mycoprotein
         4. Others
      3. By Category
         1. Frozen
         2. Refrigerated
         3. Shelf Stable
      4. By Distribution Channel
         1. Off-Trade
            1. Convenience Stores
            2. Online Channel
            3. Supermarkets & Hypermarkets
            4. Others
         2. On-Trade
      5. By Country
         1. Germany
         2. United Kingdom
         3. Italy
         4. France
         5. Spain
         6. Belgium
         7. Russia
         8. The Netherlands
         9. Rest of Europe
5. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Europe Meat Substitute Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of Escalating Geopolitical Tensions on Europe Meat Substitute Market
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. Amy's Kitchen Inc.
   2. Associated British Foods PLC
   3. Beyond Meat Incorporated
   4. Conagra Brands Incorporated
   5. House Foods Group Inc.
   6. International Flavors & Fragrances Inc.
   7. Monde Nissin Corporation
   8. Plant Meat Limited
   9. The Tofoo Co. Ltd
   10. Vitasoy International Holdings Ltd
   11. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
   1.    Qualitative Research
      1.  Primary & Secondary Research
   2.    Quantitative Research
   3.    Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
   4.    Breakdown of Primary Research Respondents, By Country
   5.    Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

List of Figures

Figure 1       Europe Meat Substitute Segmentation

Figure 2       Europe Meat Substitute Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2022

Figure 4       Europe Meat Substitute Market Size, By Value (USD Billion), 2019–2029

Figure 5       Europe Meat Substitute Market Share, By Product, By Value, 2019–2029

Figure 6       Europe Meat Substitute Market Share, By Source, By Value, 2019–2029

Figure 7       Europe Meat Substitute Market Share, By Category, By Value, 2019–2029

Figure 8       Europe Meat Substitute Market Share, By Distribution Channel, By Value, 2019–2029

Figure 9       Europe Meat Substitute Market Share, By Country, By Value, 2019–2029

List of Tables

Table 1        Europe Meat Substitute Market Size, By Value (USD Billion), 2019–2029

Table 2        Europe Meat Substitute Market Size, By Product, By Value, 2019–2029

Table 3        Europe Meat Substitute Market Size, By Source, By Value, 2019–2029

Table 4        Europe Meat Substitute Market Size, By Category, By Value, 2019–2029

Table 5        Europe Meat Substitute Market Size, By Distribution Channel, By Value, 2019–2029

Table 6        Europe Meat Substitute Market Size, By Country, By Value, 2019–2029

Table 7        Amy's Kitchen Inc. Company Overview

Table 8        Amy's Kitchen Inc. Financial Overview

Table 9        Associated British Foods PLC Company Overview

Table 10      Associated British Foods PLC Financial Overview

Table 11      Beyond Meat Incorporated Company Overview

Table 12      Beyond Meat Incorporated Financial Overview

Table 13      Conagra Brands Incorporated Company Overview

Table 14      Conagra Brands Incorporated Financial Overview

Table 15      House Foods Group Inc. Company Overview

Table 16      House Foods Group Inc. Financial Overview

Table 17      International Flavors & Fragrances Inc. Company Overview

Table 18      International Flavors & Fragrances Inc. Financial Overview

Table 19      Monde Nissin Corporation Company Overview

Table 20      Monde Nissin Corporation Financial Overview

Table 21      Plant Meat Limited Company Overview

Table 22      Plant Meat Limited Financial Overview

Table 23      The Tofoo Co. Ltd Company Overview

Table 24      The Tofoo Co. Ltd Financial Overview

Table 25      Vitasoy International Holdings Ltd Company Overview

Table 26      Vitasoy International Holdings Ltd Financial Overview