EUROPE PLANT BASED FOOD MARKET IS ESTIMATED TO REACH USD 24.62 BILLION BY 2033: SPER MARKET RESEARCH
Plant based foods are the meat and dairy free foods which is produced from the plant-based sources. Alternative to meat foods are those foods which taste, smell, and look like original meat yet they are healthier than meat. These foods are made up of peas, soy, wheat and others. However, the plant-based foods are those foods that contains minerals, proteins and nutrients. The popularity of plant- based food is increasing rapidly. This plant-based food is characterised for its high levels of nutrients and eco-friendly nature. Several firms are manufacturing plant-based food items with clean-label and plant-based components.
According to SPER Market Research, ‘Europe Plant Based Food Market Size- By Type, By Source, By Distribution Channel- Regional Outlook, Competitive Strategies and Segment Forecast till 2033’ states that the Europe Plant Based Market is estimated to reach USD 24.62 billion by 2033 with a CAGR of 10.42%.
The acceptance of the vegan diet and incidences of lactose intolerance direct the growth of Europe Plant Based Market. The increasing awareness among the consumer about the negative impact of meat consumptions on health is shifting the consumer towards a vegan- diet. Additionally, one of the crucial factors that is responsible for the growth of plant-based food is the availability of cholesterol-free protein, with a meat-like texture. Furthermore, the increased production of dairy alternative like cashew-milk, hemp aids in the development and growth of the market. The Global-per-capita has witnessed an increased growth rate and a rise in personal disposable income increases the market of plant-based food.
Since utmost care needs to be provided at every step of production of plant- based foods, since they are to be used for a longer time. This increases the cost of production and makes the plant- based food expensive. There is requirement of advanced technology for the production, packaging and distribution of these food items. Further, it involves the requirement of experienced and skilled personnels and also advance instruments. Plant-based seafoods fail to mimic the taste of original seafoods which stand as a hurdle for the market growth. Due to the failure in mimicking the taste of the original seafood, there is a decrease in the number of consumers which declines the growth of market.
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Impact of COVID-19 on Europe Plant-based Food Market
With the outbreak of COVID-19 pandemic, it was seen that there is a link between the health of the public and meat consumption and an increased awareness was seen for a healthy diet. Due to this increased awareness, the plant- based industry encountered and increased demand for these foods which led to change in the strategy of many manufacturers. Plant-based food products also aided from stockpiling and initial panic buying during the lockdowns. A sharp decline was recorded in the meat industry due to the viral infections in the meat processing plants.
Europe Plant-based Food Market Key Players:
Asia- Pacific accounts for the largest market share in terms of plant-based food market. The region was dominant due to the increased awareness among the individuals for the protein-rich food, flourishing food industry, economic growth, increased urbanization and an increase in vegetarian and vegan population. Some of the major players in the Asia Pacific Busbar Market are Amy’s Kitchen Inc., Berief Food GmbH, Beyond Meat Inc., Conagra Brands Inc., Danone SA, Hain Celestial Group Inc., Marlow Foods Ltd., Nestlé S.A., Plamil Foods Ltd, Plant & Bean Ltd, Taifun -Tofu GmbH, The Meatless Farm, Unilever PLC, Vbite Food Ltd, Veganz Group AG, Others.
Europe Plant-based Food Market Segmentation:
By Type: Based on the Type, Europe Plant-based Food Market is segmented as; Baked Goods, Confectionery, Dairy Alternatives, Egg Substitutes, Meals, Meat Substitutes, RTD Beverages, Seafood Substitutes, Others.
By Source: Based on the Source, Europe Plant-based Food Market is segmented as; Nuts, Pea, Rice, Soy, Wheat, Others.
By Distribution Channel: Based on the Distribution Channel, Europe Plant-based Food Market is segmented as; Business-to-Business, Modern Groceries, Convenience Store, Specialty Store, Online Retail, Others.
By Region: This research also includes data for France, Spain, Italy, Netherlands Germany, United Kingdom, Rest of Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link: –
Europe Plant-based Food Market Growth
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