Sweden Plant Based Food Market - Forecasts from 2024 to 2029

Sweden Plant Based Food Market - Forecasts from 2024 to 2029

The Sweden plant-based food market is projected to rise at a compound annual growth rate (CAGR) of 15.11% to reach a market valuation of US$81.850 million by 2029, from US$30.566 million in 2022.

The availability of plant-based foods has expanded in Sweden as more people choose them over dairy and meat. People are choosing cruelty-free and environment-friendly food alternatives due to concerns about animal welfare and environmental sustainability. A wider range of plant-based foods that are just as convenient and delicious as their animal counterparts has been made possible by advancements in food technology. This tendency is further accelerated by government assistance in the form of public health campaigns and legislation that favors sustainable agriculture. Furthermore, imports of agricultural products can broaden the scope of plant-based foods available in Sweden and diversify the market. As per the data represented by the International Trade Administration, a total of $25.414 billion in agricultural and associated items were imported by Sweden in 2022, with $275 million coming from the US. This is fueled due to the growing health consciousness among consumers which has led to an increase in demand for fresh, organic, and free-from food products.

Furthermore, growing sustainable eating practices in Sweden has a beneficial effect on the plant-based foods market, which in turn promotes industry expansion and innovation. This trend encourages the further acceptance of plant-based diets and goods, which is in line with Sweden's strong environmental conscience. The Swedish Dietary Guidelines are being modified to accommodate various food cultures and are intended for healthy adults, adolescents, and children two years of age and older. Specific population group recommendations (vegetarians, newborns, and children under two years old, as well as pregnant and lactating mothers) are given individually.

Shifting consumer preference towards vegan and flexitarian diets propels the market.

The main sources in the Swedish plant-based food market include grains, legumes, fruits, vegetables, nuts, and seeds. These varied sources serve as the cornerstone for an extensive array of plant-based substitutes for customary animal-derived meals, satisfying the inclinations of customers looking for solutions that are ethical, sustainable, and health-conscious. As per a survey conducted by the National Library of Medicine in 2020, with 1,760 individuals, 987 individuals did not consume legumes, while 773 consumed legumes. Moreover, in the last quarter of 2020, women’s consumption of legumes increased to 58.1%.

Key Market Developments:

February 2023, Millow, a Swedish business, presented a novel approach to alternative protein. The firm is presently looking for funding to expand manufacturing of its minimally processed meat replacements, which are manufactured from mycelium and oats cultivated in a method that, according to the company, requires less energy and water than brands like Quorn and requires less capital investment.
September 2022, the highly anticipated Swedish food tech firm Mycorena made a move into the frozen segment with Peas of Heaven, the market leader in fresh plant-based goods in Sweden. The goods incorporate protein from peas, recipes from Peas of Heaven, and Promyc, a unique mycoprotein component from Mycorena that is generated from fungus.

Segmentation:

By Type:

Food
Meat
Others
Beverage
Milk
Others
By Source:

Soya
Legumes
Coconut
Wheat
Peas
Oats
Others
By Distribution Channel:

Online
Offline