At 7.5% CAGR, Europe Meat Substitute Ingredients Market is Projected to be Worth US$ 1,482.03 Million by 2030, says Business Market Insights

According to Business Market Insights’ research, the Europe meat substitute ingredients market was valued at US$ 829.68 million in 2022 and is expected to reach US$ 1,482.03 million by 2030, registering a CAGR of 7.5% from 2022 to 2030. Government initiatives to promote consumption of meat alternative products and strategic development initiatives by key market players are among the critical factors attributed to drive the Europe meat substitute ingredients market growth.

Government bodies across various countries are promoting the consumption of plant-based meat owing to the rising environmental concerns and health benefits offered by these products. Additionally, the governments are actively investing in R&D and new product launches of plant-based meat products. A plant-based and other alternative protein-based diet is being developed and promoted by a number of European governments. For instance, the government of Denmark released an action plan aimed at encouraging the nation's transition to a greater plant-based diet and boosting the production of plant proteins. The plan calls for the establishment of an approximately US$ 189 million fund (178 million euros), among other things, to support the plant-based transition until 2030. Such initiatives by key countries boost the demand for plant-based food. These measures aim to enhance public health while reducing GHG emissions significantly. Such recommendations and the influence by government agencies further boost the demand for alternative meat products. Thus, the continuous investment and support by various government bodies are expected to offer lucrative growth opportunities to the market during the forecast period.

On the flip side, flavor challenges associated with plant-based protein hamper the growth of Europe meat substitute ingredients market.

Based on source, the Europe meat substitute ingredients market is categorized into soy, wheat, pea, mycoprotein, and others. The soy segment held 48.4% market share in 2022, amassing US$ 401.87 million. It is projected to garner US$ 674.20 million by 2030 to register 6.7% CAGR during 2022–2030.

In terms of ingredients, the Europe meat substitute ingredients market is segmented into soy protein, pea protein, tempeh, tofu, seitan, and others. The soy protein segment held 38.7% share of Europe meat substitute ingredients market in 2022, amassing US$ 321.25 million. It is anticipated to garner US$ 535.96 million by 2030 to expand at 6.6% CAGR during 2022–2030.

In terms of application, the Europe meat substitute ingredients market is segmented into patties, nuggets, sausages, meatballs, and others. The others segment held 43.9% share of Europe meat substitute ingredients market in 2022, amassing US$ 364.16 million. It is anticipated to garner US$ 644.97 million by 2030 to expand at 7.4% CAGR during 2022–2030

Based on country, the Europe meat substitute ingredients market is categorized into Germany, the UK, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 38.8% share of Europe meat substitute ingredients market in 2022. It was assessed at US$ 322.17 million in 2022 and is likely to hit US$ 560.21 million by 2030, registering a CAGR of 7.2% during 2022–2030.

Key players operating in the Europe meat substitute ingredients market are Crespel & Deiters GmbH Co KG, SOTEXPRO SA, DuPont de Neumours Inc, Ingredion Inc, Wilmar International Ltd, Archer Daniels Midland Co, Kerry Group Plc, and Roquette Freres SA, among others.

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