Meat Substitutes - Bosnia and Herzegovina

Bosnia and Herzegovina

Highlights

Revenue in the Meat Substitutes market amounts to US$1.31m in 2024. The market is expected to grow annually by 5.53% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$2bn in 2024).
In relation to total population figures, per person revenues of US$0.41 are generated in 2024.
In the Meat Substitutes market, volume is expected to amount to 91.45k kg by 2029. The Meat Substitutes market is expected to show a volume growth of 2.9% in 2025.0.
The average volume per person in the Meat Substitutes market is expected to amount to 0.0kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Meat Substitutes Market in Bosnia and Herzegovina has seen minimal growth due to several factors, such as limited consumer awareness and traditional eating habits. Despite the convenience offered by meat alternatives, the market's growth rate remains stagnant. However, with increasing health consciousness and adoption of plant-based diets, the market is expected to experience slow but steady growth in the coming years.

Customer preferences: The demand for plant-based meat substitutes is on the rise in Bosnia and Herzegovina, driven by a growing awareness of the health and environmental benefits of a plant-based diet. This trend is particularly evident among younger generations, who are more health-conscious and open to trying new, alternative protein sources. Additionally, the country's Muslim population, which makes up a significant portion of the population, has strict dietary restrictions that prohibit the consumption of pork, creating a strong demand for meat substitutes.

Trends in the market: In Bosnia and Herzegovina, the Meat Substitutes Market within The Food market is experiencing a surge in demand due to the growing trend of plant-based diets. This trend is driven by increasing awareness about the health and environmental benefits of reducing meat consumption. As a result, more companies are entering the market and offering a variety of meat substitute products. This trajectory is expected to continue as consumers become more health-conscious and environmentally aware. This trend has significant implications for industry stakeholders, as they must adapt to changing consumer preferences and invest in innovative plant-based products to stay competitive in the market. Additionally, the rise of meat substitutes could also have a positive impact on the meat industry, as it can help reduce the environmental impact of traditional meat production.

Local special circumstances: In Bosnia and Herzegovina, the Meat Substitutes Market is influenced by the country's cultural and religious factors. With a large Muslim population, there is a growing demand for Halal-certified meat alternatives. Additionally, the country's traditional cuisine heavily relies on meat, making it a challenging market for plant-based alternatives. However, with rising health concerns and environmental awareness, there is a gradual shift towards healthier and more sustainable food options, creating opportunities for growth in the Meat Substitutes Market.

Underlying macroeconomic factors: The Meat Substitutes Market of the Meat Market within The Food market in Bosnia and Herzegovina is largely influenced by macroeconomic factors such as consumer preferences, availability of resources, and government policies. The increasing trend towards healthy and sustainable food options has driven the demand for meat substitutes, while limited resources for traditional meat production have also contributed to the growth of this market. Additionally, favorable government policies promoting plant-based diets and sustainable agriculture practices have further accelerated the growth of the Meat Substitutes Market in the country. However, economic challenges such as high unemployment rates and low purchasing power of consumers have hindered the market's potential for growth.

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.