Definition:
The Meat Substitutes market covers all types of meat-like products that approximate certain aesthetic qualities (primarily texture, flavor, and appearance) or chemical characteristics of a specific meat. The Meat Substitutes market includes plant-based meat and vegetarian meat. Plant-based meat includes meat made from plants, such as soybeans (and other legumes), wheat gluten, lentils, tofu, yuba, tempeh, and a variety of nuts. Vegetarian meat contains non-vegan ingredients, such as egg and dairy. Examples of meat substitutes included in this segment are plant-based and vegetarian meat in the form of nuggets, minced meat, burger patties, sausages, and the like.
Additional Information:
The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram). The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.
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Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
The Meat Substitutes Market in ASEAN is experiencing minimal growth, influenced by factors like consumer health consciousness and the convenience of online services. The market's slow growth rate is impacted by various factors within The Food market.
Customer preferences: As plant-based diets gain popularity in ASEAN, there has been a significant increase in demand for meat substitutes, driven by consumers' growing concerns for animal welfare and sustainability. Additionally, there is a rise in health-consciousness and a preference for clean-label, natural ingredients, leading to the development of innovative plant-based products that closely mimic the taste and texture of meat. This trend is further bolstered by the growing number of flexitarians and vegetarians in the region, as well as the influence of Western vegetarian and vegan diets.
Trends in the market: In ASEAN, the Meat Substitutes Market within the Meat Market of The Food market is experiencing a surge in demand due to the increasing consumer preference for plant-based alternatives. This trend is driven by factors such as health consciousness, environmental concerns, and ethical considerations. As a result, major players in the meat industry are investing in research and development to introduce innovative and sustainable meat substitutes. This trajectory is significant as it presents opportunities for industry stakeholders to tap into a growing market and cater to the changing consumer preferences. Additionally, it has the potential to reshape the traditional meat market and drive a shift towards more sustainable and ethical practices.
Local special circumstances: In the ASEAN region, the Meat Substitutes Market is gaining traction due to the increasing health consciousness and environmental awareness among consumers. Thailand's market is driven by the Buddhist population's preference for vegetarian options, while in Indonesia, the Halal certification requirement has led to a surge in demand for plant-based alternatives. In Malaysia, the market is fueled by the government's efforts to promote a sustainable and healthy lifestyle, leading to the rise of local meat substitute brands.
Underlying macroeconomic factors: The growth of the Meat Substitutes Market in the Meat Market within The Food market is also influenced by macroeconomic factors such as changing consumer preferences, increasing health consciousness, and government regulations on meat production. Countries with a strong focus on sustainability and animal welfare, as well as a growing demand for plant-based diets, are experiencing faster market growth compared to regions with less emphasis on these factors. Additionally, the rising cost of meat production and concerns over environmental impact are driving the demand for meat substitutes as a more sustainable and ethical alternative.
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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights