Meat Substitutes - BRICS

BRICS

Highlights

Revenue in the Meat Substitutes market amounts to US$3.42bn in 2024. The market is expected to grow annually by 10.20% (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$1.04 are generated in 2024.
In the Meat Substitutes market, volume is expected to amount to 349.70m kg by 2029. The Meat Substitutes market is expected to show a volume growth of 9.9% in 2025.0.
The average volume per person in the Meat Substitutes market is expected to amount to 0.1kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Meat Substitutes Market in the BRICS has been experiencing subdued growth, impacted by factors such as consumer preference for traditional meat, limited awareness of meat substitutes, and challenges in product availability.

Customer preferences: As consumer awareness around sustainability and ethical consumption grows, there has been a rising demand for plant-based meat substitutes in the Meat Market within The Food market. This trend is further fueled by changing dietary preferences, as more individuals opt for healthier and environmentally-friendly options. Additionally, the growing popularity of veganism and flexitarianism has also contributed to the increasing demand for meat substitutes.

Trends in the market: In the BRICS region, the Meat Substitutes Market of the Meat Market within The Food market is experiencing a surge in demand due to rising health and environmental concerns. In Brazil, there is a growing trend of plant-based diets, with more consumers turning to meat substitutes as a healthier alternative. In Russia, there is a rise in the availability of vegetarian and vegan options in restaurants and supermarkets. In India, there is a growing market for plant-based protein sources, driven by a large vegetarian population. In China, there is a growing trend of incorporating meat substitutes into traditional dishes, reflecting the increasing acceptance of plant-based diets. These trends are expected to continue, presenting significant opportunities for industry stakeholders to tap into the growing demand for meat substitutes in the region.

Local special circumstances: In China, the Meat Substitutes Market is experiencing rapid growth due to the increasing health consciousness among consumers and the government's push for sustainable food production. The country has a large vegetarian and vegan population, leading to high demand for plant-based meat alternatives. In South Africa, the market is driven by the rising trend of flexitarianism and the growing availability of locally sourced, plant-based protein products. The country's diverse cultural heritage also plays a role in the wide range of meat substitute options available, catering to different dietary preferences.

Underlying macroeconomic factors: The Meat Substitutes Market within the Meat Market of The Food market is heavily influenced by macroeconomic factors such as consumer preferences, government policies, and economic conditions. Countries with a growing trend towards plant-based diets and environmentally sustainable practices are experiencing higher demand for meat substitutes. Additionally, government initiatives promoting healthy eating habits and reducing the consumption of animal products are also driving the market growth. Moreover, economic downturns and fluctuating meat prices have led to a shift towards cost-effective alternatives, further boosting the demand for meat substitutes. These factors, combined with increasing health consciousness and ethical concerns, are expected to drive the growth of the Meat Substitutes Market in the coming years.

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.