A new report reveals that Europe’s vegan meat and dairy market is growing fast as consumers embrace plant-based alternatives, writes Live Kindly:
Europe’s vegan meat and dairy market is expected to reach €7.5 billion by 2025.
The plant-based meat and dairy markets are small, but fast-growing. Retail sales increased by about 10 percent between 2010 and 2020. According to the report, conducted by Dutch multinational banking firm ING, meat and dairy alternatives are expected to maintain the same growth rate over the next five years.
An influx of new products and shifting consumer eating habits are driving the growing market. A previous report by ING found that one-quarter of Europeans anticipated a reduction in their meat consumption, tied primarily to health, environmental, animal, or financial reasons.
Meat and dairy consumption has reached its peak in the EU, according to projections from the European Commission. However, the plant-based meat and milk markets still face three major challenges: cost, taste and texture, and availability.