Meat Substitutes - Belgium

Belgium

Revenue in the Meat Substitutes market amounts to US$91.63m in 2024. The market is expected to grow annually by 8.46% (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$7.82 are generated in 2024.
In the Meat Substitutes market, volume is expected to amount to 6.99m kg by 2029. The Meat Substitutes market is expected to show a volume growth of 7.6% in 2025.
The average volume per person in the Meat Substitutes market is expected to amount to 0.4kg in 2024.

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

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Analyst Opinion

The Meat Substitutes Market in Belgium is experiencing minimal growth due to factors such as consumer concerns over processed foods and the popularity of traditional meat-based dishes. Despite this, the Meat Market within The Food market continues to show steady growth.

Customer preferences: With the rise in health consciousness and concerns over environmental sustainability, there has been a growing demand for plant-based meat substitutes in the Belgian market. This trend is driven by a shift towards a more plant-based diet, influenced by cultural norms and dietary preferences. Additionally, the increasing availability and variety of meat substitute products cater to the evolving lifestyles of consumers, including busy schedules and the desire for convenient, healthy options. These factors have contributed to the growth and acceptance of the meat substitutes market in Belgium.

Trends in the market: In Belgium, the Meat Substitutes Market within the Meat Market of The Food market is experiencing a surge in demand for plant-based alternatives, driven by an increasing number of consumers adopting flexitarian diets. This trend is expected to continue, with market experts predicting a significant growth trajectory in the coming years. This trend is significant as it reflects a shift towards more sustainable and healthy food choices. For industry stakeholders, this presents opportunities for innovation and diversification of product offerings to cater to this growing market segment. Additionally, it also poses a potential threat to traditional meat producers, who may need to adapt to changing consumer preferences in order to remain competitive.

Local special circumstances: In Belgium, the Meat Substitutes Market within the Meat Market of The Food market is driven by the country's strong vegetarian and vegan culture. The demand for meat alternatives is also influenced by the government's initiatives to promote sustainable and healthy food consumption. Additionally, the country's high income levels and health-conscious population also contribute to the growth of the market. This has led to the emergence of innovative plant-based meat products and a surge in the popularity of vegan restaurants and food options.

Underlying macroeconomic factors: The Meat Substitutes Market of the Meat Market within The Food market in Belgium is influenced by macroeconomic factors such as consumer preferences for healthier and more sustainable food options, as well as government regulations promoting plant-based diets. Additionally, global trends towards reducing meat consumption and increasing environmental concerns are driving the growth of the market. Furthermore, the country's strong economic health and investment in sustainable food production are creating a favorable environment for the growth of the Meat Substitutes Market. However, challenges such as high production costs and limited availability of raw materials may hinder market growth.

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.