the european market for meat substitutes€¦ · karine chartier analyst consumer foods telephone...
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Challenges & Opportunities
Karine Chartier, Analyst Consumer Foods
The European market for Meat Substitutes
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The rise of the flexitarian
Meat substitutes
Worldwide Google searches show how ‘flexitarian’ is increasingly popular
Sources: Google, Rabobank 2019
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What is driving consumer interest in alternatives to meat?
Source: Rabobank 2019
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Different types of alternatives – at different stages of market maturity
Tofu
Vegetarianburger/
schnitzel etc
Impossible Burger/Beyond
MeatHybrid
Insects/
Lab-grownmeat?
Established Emerging
Source: Rabobank 2019
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The current European meat substitutes market is substantial and growing
2013 2018 202257.4 kg 54.0 kg 52.8 kg
2013 2018 202217.3 kg 16.8 kg 16.8 kg
2013 2018 20220.1 kg 0.2 kg 0.3 kg
(1.2%) (0.6%)
(0.5%) (0.0%)
11.2% 6.9%
Sources: Euromonitor, Rabobank 2019
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32%
16%13%
10%
8%
6%
15%
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Big differences between European countries (1/3)
2018 market size
EUR 1.246 mln
Other
Sources: Euromonitor, Rabobank 2019
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Big differences between European countries (2/3)
Sources: Euromonitor, Rabobank 2019
236 396
748
2013 2018 2023
UK
81 98136
2013 2018 2023
+3.8%+4.5%
NL
125 167 203
2013 2018 2023
+6.0%+4.0%
IT
FRA
25 126248
2013 2018 2023
+41.0%+11.3%
+13.6% +14.6%
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Big differences between European countries (3/3)
GER
100200
2013 2018
+17.1%
Reversal in growth trend 2017-2018:
• Products failed to achieve regular purchases
• Wider availability in supermarkets and discounters
• Many products being on promotions
Fall in unit prices
Rapid changes and innovations in terms of quality/taste improvements might have a positive impact on the future growth rate
Sources: Euromonitor, Rabobank 2019
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Europe: introducing the ‘baskets’
Big Food Animal Protein
Pure Play/Organic Private Label
Source: Rabobank 2019
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Europe: the tide is lifting all boats
Sources: Euromonitor, Rabobank 2019
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How will the shelves look like in the (near) future?
Growing shelf space?
Products
- What is being replaced?
- Technology?
- Ingredients?
Which brands?
Private Label?
Chilled/frozen/shelf stable?
Price?
Source: Rabobank 2019
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Several factors might define who’s winning the battle for the centre of the plate
Branding Power
Cost price
Distribution Power
Innovation/
technology
Manufacturing
Capacity
Source: Rabobank 2019
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The European market: opportunities & challenges
Growing market
Room for everyone
Big Food and Private Label seem to be well positioned
Source: Rabobank 2019
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Karine Chartier
Analyst Consumer Foods
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Mobile +31 (0)6 1346 8480
E-mail [email protected]
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