Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Europe Plant-based Food Market Outlook, 2028" report has been added to ResearchAndMarkets.com's offering.
The market outlook for plant-based food in Europe projects a significant rise, with expectations to add over USD 8 billion by 2028. This surge underscores the shift in consumer diets toward more sustainable and health-conscious choices, as European nations see a growing number of vegans and individuals adopting plant-based diets.
The increase in demand for plant-based alternatives spans various segments, including vegan meat, seafood substitutes, dairy-free products, and innovative convenience foods. With Germany anticipated to dominate the market and carve out a leading position through a compound annual growth rate (CAGR) of 9.45% from 2023 to 2028, the region's commitment to plant-based diets is illustrated by its substantial vegan population and legislative efforts in food labeling.
Stellar product launches and partnerships within major chains enhance accessibility, and as a testament to market vitality, notable German brands like LikeMeat and Oatly Group have rolled out novel plant-based products catering to evolving consumer preferences.
In the UK, the climb of vegan startups and product innovation further propels the market, aiming to satisfy a burgeoning demand for plant-based nourishment. From ventures involving Quorn Foods and Teesside University to new line extensions by Moving Mountains, UK's plant-based scene is set to influence market dynamics significantly.
Market segmentation by product type indicates a striking trend with plant-based bars expected to exceed a market value of USD 400 million by 2028. These bars' appeal lies in their nutrient density, ability to cater to dietary needs, and on-the-go convenience—a formula that resonates with Europe's health-minded consumers. With the sports and fitness communities actively seeking plant-based proteins and nutrients, the market for plant-based bars is witnessing an uptick.
From a distribution standpoint, convenience stores are projected to occupy over 25% market share by 2028 within the European plant-based food sector. The retail landscape adapts quickly, meeting the immediate needs of consumers who desire fast, sustainable, and healthy eating options despite their busy lifestyles. Notable convenience chains like 7-Eleven and Tesco Express are among those enhancing their plant-based assortments to align with contemporary eating trends such as flexitarian diets.
Key Market Drivers and Emerging Trends
- Readily available plant-based products in retail and foodservice outlets act as a significant driver, with giants like Tesco and Pret A Manger broadening their vegan and vegetarian offerings. These expanded ranges across various European retail stores affirm the shifts in consumer purchasing behavior.
- The influence of vegan and vegetarian movements within Europe is another profound market driver, catalyzing changes in plant-based food perceptions. These movements are instrumental in fostering the development of innovative products and nurturing a supportive atmosphere for the growth of plant-based consumption.
- Despite the positive trajectory, the market faces challenges, such as the preference for animal-based products and issues related to food waste and shelf-life management in the plant-based sector. These challenges require strategic solutions from industry stakeholders to ensure sustained market growth.
- Emerging trends within the plant-based food market include the incorporation of functional ingredients to boost nutrition and the expansion of retail offerings with more diverse and accessible plant-based products. These trends indicate a deepening of consumer interest in foods that offer added health benefits and a preference for convenience without compromise on dietary values.
Key Players and Recent Developments
The market landscape boasts key players making significant strides to expand plant-based food offerings. With companies investing heavily in research and development, the scene is ripe for continued growth and innovation.
- Heura Food's impressive crowdfunding achievement reflects the market's potential for expansion and the appetite for new plant-based proteins.
- The Meatless Farm's capital infusion will help meet the rising demand post-COVID.
- Follow Your Heart's partnership with Tesco stores in the UK underscores the persistent demand for dairy alternatives in mainstream retail.
- Nestlé SA's meatier-tasting plant burger launch and functionally enhanced Nesquik variant reflect a strategic response to evolving palates and health considerations.
- Unilever PLC's investment in 'The Hive' indicates a strong commitment to the plant-based sector's innovative progress, from ingredients to sustainable practices.
These developments and more demonstrate a market poised for continued growth, with key industry players driving innovation at every turn. This comprehensive analysis of the Europe Plant-based Food Market examines numerous aspects, including detailed product segmentations, country-wise analysis, market drivers, challenges, and trends.
Aspects covered in this report
- Europe Plant-based Food with its value and forecast along with its segments
- Country-wise Plant-based Food market analysis
- Various drivers and challenges
- On-going trends and developments
- Top profiled companies
- Strategic recommendation
By Product Type
- Plant-based Milk
- Plant-based Meat and Seafood (Tofu, Quorn, Seitan, Fish, TVP, Burger Patties, Tempeh, Hot Dogs and Sausages, Meatballs, Ground Meat, Nuggets, Crumbles, Shreds, Crab, shrimp, Others)
- Plant-based Cheese
- Plant-based Desserts (Cakes, Pastries, Custard, Pudding, etc.)
- Plant-based Ice Cream
- Plant-based Yogurt
- Plant-based Butter
- Plant-based Bars (Protein Bars, Energy Bars, Cereal Bars, Fruit & Nut Bars, etc.)
- Plant-based Bakery Snacks and Confectionery (Biscuit and Cookies, Bread and Rolls, Chocolate, etc.)
- Plant-based Creamer
- Plant Based Mayonnaise and Salad Dressing
- Others
By Distribution Channel
- Hypermarkets and Supermarkets
- Convenience Stores
- E-Commerce
- Others
Company Profiles
- The Kellogg Company
- Danone
- Archer Daniels Midland
- Blue Diamond Growers
- Nestle
- JBS
- The Kraft Heinz Company
- Unilever
- General Mills
- Beyond Meat
- Impossible Foods
- Bob's Red Mill
- The Hain Celestial Group
- Plamil Foods
For more information about this report visit https://www.researchandmarkets.com/r/yykflm
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