Key regions: Russia, China, Spain, Canada, United Kingdom
The Meat Market in the G7 Food Market is facing minimal growth, influenced by factors such as changing consumer preferences, health concerns, and the increasing availability of alternative protein sources. These sub-markets play a crucial role in shaping the overall market's growth rate.
Customer preferences: The Meat Market within The Food market is experiencing a notable shift towards plant-based options as consumers become more health-conscious and environmentally aware. This trend is being driven by cultural attitudes towards sustainable living and a desire for healthier diets. Demographic shifts towards a younger, more socially conscious generation are also contributing to this trend, as they seek out products that align with their values. As a result, there has been a rise in demand for meat substitutes and alternative protein sources, such as plant-based burgers and non-dairy milk. This trend is expected to continue as consumers prioritize health, sustainability, and ethical considerations in their food choices.
Trends in the market: In the Meat Market within The Food market sector, there is a clear trend towards plant-based and alternative protein products. With consumers becoming more health-conscious and environmentally aware, there is a growing demand for meat alternatives. This trend is expected to continue as more companies invest in research and development to create new and innovative plant-based meat products. Additionally, the rise of e-commerce and online grocery shopping has made it easier for consumers to access these products, further fueling the growth of this market. This shift towards plant-based meat has significant implications for traditional meat producers who may need to adapt and diversify their offerings to stay competitive. It also presents opportunities for new companies to enter the market and cater to the changing preferences of consumers.
Local special circumstances: In Japan, the Meat Market within The Food market is heavily influenced by the country's unique cultural and religious factors. The dominance of Buddhism and Shintoism has led to a significant portion of the population practicing vegetarianism, resulting in a smaller market for meat products. However, the recent trend towards Westernization has led to an increase in demand for meat, particularly pork and beef. This has also been accompanied by a shift towards imported meats, as domestic production struggles to keep up with the growing demand.
Underlying macroeconomic factors: The growth of the Meat Market within The Food market is also influenced by macroeconomic factors such as changing consumer preferences, economic stability, and government policies. Countries with stable economies and supportive policies for the food industry are experiencing higher demand for meat products, leading to market growth. Additionally, the rise in health consciousness among consumers is creating a demand for healthier and sustainable meat options. This is driving the development of alternative protein sources and innovative production methods, resulting in the growth of the Meat Market within The Food market.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).Modeling approach:
Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.
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