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Growth of meat and dairy alternatives is stirring up the European food industry

According to our latest report “Growth of meat and dairy alternatives is stirring up the European food industry”, published today, the plant-based alternatives food market will be worth €7.5 billion by 2025. The rapid growth at 10% per year leads to an increased share in the total meat and dairy market.

In the report, ING economists outline that they expect the European market for meat and dairy alternatives to keep growing at around 10% per year between 2020 and 2025. This is mainly driven by the continued investments being made by start-ups, general food producers and meat and dairy companies. This means sales of meat alternatives are expected to increase to €2.5 billion and sales of dairy alternatives to €5 billion in 2025. According to ING’s calculations, market share for meat alternatives is set to increase to 1.3% and for dairy alternatives to 4.6% over the next five years.

However, there are regional differences across Europe when it comes to the use of plant-based alternatives, particularly in terms of product range and pricing. ING Economists have found that the UK is leading the way with lower prices because the UK plant-based market is more mature, and the retail environment is highly competitive. This is notable compared to markets such as Italy, where plant-based alternatives are still mainly targeted at consumers who are willing to pay a premium for these products.

Read the report on Think