A 2022 report by ResearchAndMarkets.com has provided an in-depth analysis of the European plant-based food market for more than ten countries and emphasises the current market trends, market size, market share, recent developments, and forecast till 2029. It concludes that the European Plant-based Food Market is expected to reach $16.70 billion by 2029, growing at a Compound Annual Growth Rate (CAFR) of 10.1% during the forecast period of 2022 to 2029.
The report is titled, “Europe Plant-Based Food Market by Type [Dairy Alternatives, Plant-based Meat, Meals, Confectionery, Beverages, Egg Substitutes, Seafood), Source (Soy, Wheat, Pea, Rice), Distribution Channel (B2B, B2C (Convenience Store, Online Retail)]- Forecast to 2029”. It says that this market is driven by growing vegetarianism, increasing preference for plant food, declining meat consumption, and increasing venture capital investment in alternatives to animal products. But the comparatively higher price range for plant-based food products and the general preference for animal-based products are expected to hinder the growth of this market.
The European plant-based food market is mainly divided into dairy alternatives, meat substitutes, meals, baked goods, confectionery, RTD beverages, egg substitutes, seafood substitutes, and others. The dairy alternatives segment is expected to hold the largest share of the plant-based food market in Europe in 2022, mainly because of an increase in demand for dairy alternatives from the lactose-intolerant population. The seafood substitute segment is expected to grow at the highest CAGR during the forecast period. As far as the source is concerned, the soy segment is expected to account for the largest share of the plant-based food market in Europe in 2022, mainly because of the rising demand for soy ingredients due to their easy availability, high quality, cost-effectiveness, wider application areas, and higher consumer acceptance for soy-based food products. However, the pea segment is expected to grow at the highest CAGR during the forecast period.