Market Trends of europe meat substitutes Industry
Higher price is observed as a major constraint in purchasing plant-based products
- The price of tempeh has been gradually increasing over the years, mostly to combat inflation and a minimal increase in soybean prices. In Europe, the price of tempeh increased by 2.61% from 2017 to 2022. Due to rising soybean output in the region, the price of soybeans has remained consistent, which has contributed to the stability of tempeh prices.
- In Europe, soybean production increased by 9.16% from the previous season to reach 11.56 million tons in 2021. Other than soybeans, raw materials like chickpeas are also widely used to produce tempeh. The price of chickpeas is higher than soybeans. As there is hardly any production of chickpeas in European countries like Germany, these countries depend entirely on imported chickpeas. As per a study released by Proveg International (an NGO promoting plant-based food) on plant-based foods, price was the main area of dissatisfaction for consumers, including both plant-based eaters and reducers. Consumers have perceived plant-based foods as too expensive and believe that the industry should lower the price point to make them available to a broader consumer base.
- The price of tempeh was about 27% more than tofu in 2022, owing to the lower popularity of tempeh in the European market compared to tofu. Among major European countries, Italy and Germany witnessed the highest tempeh prices, amounting to about 24%, more than the lowest price in the region, in 2022. The bigger vegan populations have led to higher demand for the product in these countries. Accordingly, a rise in the offering of hand-made tempeh was observed in these markets, which contributed to the higher prices. The price of processed tempeh, such as tempeh soy fillet and marinated tempeh, was almost 5-7% higher than plain tempeh in 2022.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Rising demand is expected to help control the prices
- The demand for soybeans from the animal feed industry is posing a threat to tofu production and prices
