Meat Substitutes - Baltics

Baltics

Revenue in the Meat Substitutes market amounts to US$7.50m in 2024. The market is expected to grow annually by 8.37% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (US$2,371m in 2024).
In relation to total population figures, per person revenues of US$1.29 are generated in 2024.
In the Meat Substitutes market, volume is expected to amount to 478.50k kg by 2029. The Meat Substitutes market is expected to show a volume growth of 7.0% in 2025.
The average volume per person in the Meat Substitutes market is expected to amount to 0.1kg in 2024.

Key regions: Spain, Russia, United Kingdom, South Korea, India

Market

Region

Region comparison

Currency

Analyst Opinion

The Meat Substitutes Market in the Baltics is experiencing subdued growth, influenced by factors such as increasing health consciousness, convenience of plant-based options, and rising adoption of digital technologies. This trend is expected to continue due to evolving consumer preferences and market saturation.

Customer preferences: The growing awareness and concern for animal welfare and environmental sustainability are driving the demand for plant-based meat substitutes in the Baltics market. As consumers become more conscious of their food choices, they are embracing plant-based options as a healthier and more ethical alternative. This trend is also fueled by the increasing number of flexitarians and vegetarians in the region. Moreover, the convenience and variety of plant-based meat substitutes are appealing to busy and health-conscious consumers.

Trends in the market: In the Baltics, there is a growing trend towards plant-based diets, leading to an increase in demand for meat substitutes. This trend is driven by a combination of health and environmental concerns, as well as a desire for more diverse and ethical food options. As a result, there has been a surge in the availability and variety of meat substitutes in the market, with new players entering the industry and established companies expanding their product lines. This trajectory is expected to continue, with the potential to disrupt the traditional meat market and create challenges for stakeholders in the industry.

Local special circumstances: In the Baltics, the Meat Substitutes Market of the Meat Market within The Food market is heavily influenced by the growing trend towards plant-based diets and sustainability. With a high percentage of vegetarians and vegans in the region, companies are introducing innovative meat substitute products to cater to this demand. Additionally, government initiatives promoting healthy and sustainable food choices are further driving the market. The unique combination of health and environmental consciousness in the Baltics sets it apart from other markets, making it a promising hub for the growth of the Meat Substitutes Market.

Underlying macroeconomic factors: The Meat Substitutes Market in the Baltics is heavily influenced by macroeconomic factors such as consumer awareness and preferences, regulatory support, and investment in sustainable food production. With increasing concerns about health, environment, and animal welfare, there is a growing demand for plant-based alternatives to traditional meat products. Additionally, government initiatives promoting healthy and sustainable diets, along with investments in research and development for meat substitutes, are expected to further drive market growth. However, the availability and affordability of these products may be affected by national economic health and fiscal policies, which could impact market performance in the region.

Methodology

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.