Europe Plant-Based Food and Beverage Market Size (2024 - 2029)

Europe Plant-based Food and Beverages Market Analysis

Europe's plant-based food and beverage market is projected to grow at a CAGR of 8.87% over the next five years.

The popularity of the vegan diet and incidences of lactose intolerance drive the European plant-based food and beverages market. The rising consumer awareness regarding meat consumption's negative impact on health is leading to a shift toward a vegan diet and declining meat consumption. For instance, according to the Office for National Statistics (UK), in 2021, consumer spending on meat was at approximately 20.54 billion British pounds, which decreased from 20.78 billion British pounds in 2020. Additionally, the benefits of cholesterol-free protein, with a meat-like texture, are one of those critical factors promoting the growth of plant-based food and beverages.

Increased launch of unconventional dairy alternative products, such as hemp, pea, and cashew milk, is an optimistic development for the market. This is expected to drive the market in the future, as most manufacturers are making developments in the sector. For instance, in July 2021, Linda McCartney's, one of the UK's darling meat-free brands, launched its plant-based milk line. Linda McCartney's range comprises a barista oat, barista coconut, soy, and rice milk. Furthermore, there is a significant improvement in media coverage, which is primarily in line with the increase in new product developments and the demand for products.

However, the comparatively high prices of dairy alternatives pose a challenge to the market. The presence of nutritionally equivalent options for a lower price is expected to affect consumer behavior and refrain from purchasing dairy alternatives.

Europe Plant-based Food and Beverages Industry Segmentation

Foods and beverages "plant-based" contain only plant-based ingredients, such as fruits, vegetables, whole grains, legumes, nuts & seeds, herbs, and spices. These products don't include any animal-based products in them. The market studied is segmented based on product type, distribution channel, and country. Based on product type, the market " is segmented into meat substitutes, dairy-alternative beverages, non-dairy ice cream, non-dairy cheese, non-dairy yogurt, and non-dairy spreads. Dairy-alternative beverages are further segmented into soy and other drinks. almonddrinksSimilarly, meat substitutes are further segmented as textured vegetable protein, tofu, tempeh, and others. By distribution channel, the market studied is segmented into supermarkets/hypermarkets, convenience stores, online

media, and other distribution channels. The report also analyzes the Europe plant-based food and beverages market in emerging and established countries such as the United Kingdom, Germany, France, Italy, Spain, and the rest of Europe. The report offers market size and forecasts for the market in value (USD million) for all the above segments.