Europe Meat Substitute Market Outlook
The Europe Meat Substitute Market was valued at $1,387 million in 2019, and is projected to reach $3,549.09 million by 2027, registering a CAGR of 7.9% from 2021 to 2027. The Europe meat substitute market is expected to exhibit an incremental revenue opportunity of $1,306.2 million from 2021 to 2027. The Europe meat substitute market growth is principally propelled by rise in vegan and flexitarian trend, environmental concerns, health consciousness due to rise in obesity, and surge in demand for clean-label products.
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The key players operating in the Europe meat substitute industry include Foods for Tomorrow, Monde Nissin Corporation, Moving Mountains Foods, Premier Foods Plc, Rügenwalder Mühle Carl Müller GmbH & Co. Kg, Schouten Europe B.V., Taifun-Tofu GmbH, The Meatless Farm, Vbites Foods Ltd and Vivera Foodgroup.
Key findings of the study
By product type, the textured vegetable proteins segment was the highest contributor to the Europe meat substitute market, with $617.77 million in 2019, and is estimated to reach $1135.46 million by 2027, at a CAGR of 7.3% during the forecast period.
Depending on source, the soy-based segment accounted for $1211 million in 2019, and is estimated to reach $2243.77 million by 2027, registering a CAGR of 7.4%.
On the basis of category, the frozen segment garnered $1412.11 million in 2019, and is anticipated to reach $2696.27 million by 2027, growing at a CAGR of 7.8%.
In 2019, UK was the most prominent country; however, Germany is expected to grow at a significant CAGR throughout the forecast period.
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