Green Revolution: Europe's Meat Substitutes Industry Surges Ahead

Between 2020 and 2022, the plant-based meat alternatives (PBMA) market in Europe experienced a remarkable surge. According to the Good Food Institute (GFI), the market size of the PBMA market in Europe reached EUR 2.01 billion in 2022, a 21 % increase compared with 2020. In 2021, the market size of the PBMA market was recorded at EUR 1.96 billion, representing a 16% YoY increase compared with the previous year.

Statista data shows that the market size of meat substitutes in Europe is expected to reach USD 3.95 billion (around EUR 3.5 billion) by the end of 2023. The market is forecast to grow at a compound annual growth rate (CAGR) of 10.41% from 2023 to 2028. Projections indicate that this growth trajectory is set to continue, with the market expected to expand annually and further solidify the upward trend in the industry.

As shown in Figure 1, there is a notable and consistent upward trend in Europe's PBMA market from 2016 to 2022. Starting at EUR 0.7 billion in 2016, the market grew steadily, increasing to EUR 2.1 billion in 2022. This is a substantial 200% rise over the six-year period. Notably, there was a significant acceleration in growth from 2020 to 2022, where the market expanded by nearly EUR 0.4 billion, reflecting a remarkable 24% increase in just two years.

These trends underline the escalating consumer interest and acceptance of PBMA in Europe. The presented data in Figure 1 suggests a promising future for the plant-based meat industry, with indications of sustained growth and a potentially expanding market share in the years ahead.

The growth rates in Europe's PBMA market reveal a compelling narrative of consistent expansion and maturation of the industry. Starting with an impressive surge of 28.5% in 2017, the market continued its robust upward trajectory, recording growth rates of 33%, 25%, and 11.87% in the subsequent years. This signifies a rapidly evolving market landscape driven by factors such as increased consumer awareness and changing dietary preferences in Europe.

While the growth rates tapered in 2021 and 2022, registering 16% and 6%, respectively, this leveling off may indicate a stabilizing market after several years of rapid expansion. Figure 2 reflects a promising and resilient industry, poised for sustained growth and solidifying its presence in the European market.

The European PBMA market presents a dynamic and diverse landscape, with various countries contributing to its growth. Some nations, particularly in Western Europe, have established themselves as key players in the industry, while others show promising potential for further expansion.

As shown in Figure 3, Germany leads the pack, with an impressive total sales figure of EUR 642.8 million, underscoring its prominence as a key player in the European PBMA market. The United Kingdom (UK) closely follows, boasting substantial sales of EUR 530.4 million, reaffirming its robust market presence. The Netherlands, Italy, and France demonstrate noteworthy market sizes, registering sales of EUR 220.8 million, EUR 168.4 million, and EUR 112.5 million, respectively. These figures reflect a thriving PBMA market landscape across Western Europe.

Meanwhile, Sweden, Spain, and Belgium exhibit promising growth potential, with sales figures ranging from EUR 84.7 million to EUR 86.7 million. Other European countries such as Poland, Denmark, Austria, Romania, and Portugal also contribute to the market, although with relatively smaller sales figures.

The surge in the European market for PBMA presents a telling account of a rapidly evolving industry. It is evident that consumer interest in plant-based options is on a steep upward trend, with a staggering 21% increase in market size compared to 2020, reaching EUR 2.01 billion in 2022 and projections indicating continued growth. The growth rates, though slowing in recent years, still reflect a maturing market after years of rapid expansion. The diverse landscape of the European PBMA market, with key players like Germany and the UK leading the way, underscores the regional variations and opportunities for further expansion.

Looking ahead, the plant-based meat industry in Europe is poised for continued growth and an even greater market share. With an industry-wide commitment to innovation and sustainability, the potential for further advancements and adoption of plant-based alternatives is huge. This surge in demand not only represents a shift in dietary preferences but also signifies a pivotal step towards a more sustainable and environmentally conscious future.

References:

1.Tridge Market Insights:https://www.tridge.com/market-insights

2.The Good Food Institute:https://gfieurope.org/

3.NielsenIQ Retail Sales Data:https://nielseniq.com/global/en/insights/retail/

4.Statista Market Data:https://www.statista.com/

5.The European Plant-based Foods Association (ENSA):https://ensa-eu.org/

6.Fraunhofer Institute for Process Engineering and Packaging(Fraunhofer IVV):https://www.ivv.fraunhofer.de/en.html