Europe Plant-based Food Market Size and Forecast (2019-2028)

Europe Plant-based Food Market Size and Forecast (2019-2028)

Executive Summary

The plant-based food and dairy market in Europe is currently undergoing significant growth, and this positive trend is expected to continue. In recent years, Europe has seen a surge in consumer interest and demand for plant-based food and dairy products. Several factors have contributed to this phenomenon, such as increased awareness of health considerations, environmental issues, animal welfare concerns, and a growing preference for more sustainable dietary choices. Across Europe, food manufacturers and retailers have been actively broadening their ranges of plant-based products. This expansion includes not only alternatives to plant-based meat and dairy but also a wide variety of other offerings, including plant-based snacks, desserts, and beverages.

In the past four years, Europe has experienced a remarkable and significant rise in the number of vegans. Within this relatively brief timeframe, the vegan population has doubled, going from approximately 1.3 million people to the latest estimate of 2.6 million. This surge now represents a noteworthy 3.2% of the European population.

Furthermore, certain European nations have been implementing regulations and policies aimed at promoting plant-based and sustainable dietary practices. These initiatives are designed to mitigate the environmental impact of the food industry and foster healthier eating habits.

In response to the increased demand during COVID-19, many companies in the plant-based food market gained profits by expanding their product lines, such as:

• In June 2021, Nestlé, headquartered in Switzerland, introduced vegan KitKat V in the United Kingdom, Poland, Estonia, Latvia, and Lithuania.
• In May 2021, Unilever PLC, based in the United Kingdom, collaborated with ENOUGH (formerly known as 3F BIO) to launch new plant-based meat products.
• In December 2020, Plant & Bean, a U.K.-based company, inaugurated a plant-based meat factory in Boston, Lincolnshire, United Kingdom, with an initial production capacity of 55,000 tons per year, catering to the European market.

According to Makreo Research, in 2022, the market continued its upward trend, demonstrating a year-on-year growth rate of approximately 5.5% when compared to 2021. Although the growth rate was slightly lower compared to the preceding year, it still signifies a robust and expanding market. By 2022, plant-based food had gained greater acceptance, becoming increasingly mainstream as more consumers integrated plant-based choices into their dietary preferences.

Performance by Segmentation

By Product: Plant-based milk and dairy substitutes currently command the largest market share, accounting more than half of the market. This category encompasses a wide range of products, such as almond milk, soy milk, and vegan cheese. The dominance of this category reflects the surging popularity of dairy alternatives among consumers, driven by factors like health-consciousness, lactose intolerance, and concerns for the environment. It is worth noting that even before the rise of the plant-based trend, vegan milk options were in existence. Additionally, plant-based food products, which include items like plant-based meat, tofu, and ready-made vegan meals, hold a significant market share. Their appeal is bolstered by their ability to deliver exciting flavors that closely mimic non-vegetarian dishes.

By Region Germany boasts the largest market share for plant-based food products in Europe. This can be attributed to the country's strong emphasis on sustainability and healthy lifestyles, as well as its well-established vegetarian and vegan culture. In addition, the United Kingdom and Italy also command substantial market shares in this sector. However, it is important to note that the plant-based food trend is not confined to a select few countries; it has permeated throughout Europe. Spain, France, and the Netherlands, each with significant market shares, demonstrate the widespread appeal of plant-based products among European consumers. Furthermore, countries such as Sweden, Belgium, Poland, Denmark, Austria, Portugal, and Romania may have smaller market shares, but their presence indicates a growing interest in and adoption of plant-based options across the continent.

Future Prospects

The European plant-based food market was anticipated to sustain its growth momentum, primarily propelled by rising consumer enthusiasm for plant-based offerings. This heightened demand is expected to be further bolstered by the younger demographic in Europe, which tends to be more receptive to experimenting with new food trends. According to Makreo Research, by 2028, the market is expected to expand to surpass Euro 9 billion, marking a noteworthy year-on-year increase of 6.3%. This robust growth trajectory underscores the increasing prominence of plant-based food and dairy products within the European market, affirming their enduring presence and significance.

Scope of the Study

Makreo Research has conducted a comprehensive study on the Plant-Based Food Market, titled "Europe America Plant-Based Food and Dairy Forecast (2018-2028)." The research utilized both qualitative and quantitative methods to assess the market, taking into account the impact of macroeconomic and microeconomic factors. The market has experienced significant changes in recent years, and the study offers insights into its future outlook by considering various influencing factors and potential opportunities.

The research study encompasses the following key areas of coverage:

1. Segmentation by Product Type:

Plant-Based Food

• Plant-Based Milk
• Plant-Based Seafood

2. Segmentation by Region:

• Germany
• UK
• Spain
• France

The study aims to provide a comprehensive understanding of the Plant-Based Food Market in Europe and America, offering valuable insights into product categories and regional dynamics. It considers past market shifts and assesses the market's future prospects, taking into account a range of influencing factors and potential opportunities within the industry.

Key Questions Answered

1. How has the Europe plant-based food market performed in terms of growth and revenue over the past decade?

2. What were the key drivers and barriers to growth in the past?

3. What is the current size of the plant-based food market in Europe, and how is it segmented by product type (e.g., meat substitutes, dairy alternatives, plant-based snacks)?

4. Are there any emerging submarkets within the plant-based food industry?

5. What are the prevailing consumer trends related to plant-based foods in Europe?

6. How have changing consumer preferences impacted the market?

7. Who are the major players in the Europe plant-based food market?

8. What are the growth prospects for the Europe plant-based food market in the coming years?

9. Are there any emerging opportunities or challenges that could impact market growth?

10. What innovations and new product developments are driving the plant-based food market in Europe?

11. Are there any noteworthy technological advancements in plant-based food production?

12. Who are the primary consumers of plant-based foods in Europe (e.g., age groups, income levels)?

13. How are demographics influencing market demand?

14. What is the status of international trade in plant-based food products within Europe and with other regions?

15. What is the long-term outlook for the Europe plant-based food market, and how is it expected to evolve in the next 5 to 10 years?