Meat Substitutes - Cyprus

Cyprus

Highlights

Revenue in the Meat Substitutes market amounts to US$1.67m in 2024. The market is expected to grow annually by 5.90% (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$1.32 are generated in 2024.
In the Meat Substitutes market, volume is expected to amount to 109.60k kg by 2029. The Meat Substitutes market is expected to show a volume growth of 7.1% 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 Cyprus is facing subdued growth due to factors such as a slow adoption rate of plant-based diets and a lack of awareness among consumers. The Food market as a whole is experiencing steady growth, but the Meat Market is being impacted by the rise of alternative protein sources.

Customer preferences: With the rise of veganism and vegetarianism, there has been a growing demand for meat substitutes in the Meat Market of The Food market in Cyprus. This trend is driven by a shift towards healthier and more sustainable food choices, as well as an increasing awareness of animal welfare and environmental issues. As a result, companies are investing in research and development to create innovative and tasty alternatives to meat, such as plant-based burgers and sausages. Additionally, there is a growing interest in locally sourced and organic meat substitutes, reflecting a preference for ethically and environmentally responsible products.

Trends in the market: In Cyprus, the Meat Substitutes Market within the Meat Market of The Food market is experiencing a surge in demand due to the growing trend of plant-based diets. This trend is driven by increasing health consciousness and concerns over environmental sustainability. As a result, there is a rise in the availability and variety of meat alternatives, such as tofu, tempeh, and seitan. This trajectory is significant as it presents opportunities for industry stakeholders to tap into a new market segment and diversify their product offerings. Additionally, this trend has implications for the traditional meat market, as it may lead to a decline in demand for animal-based products. As such, it is crucial for meat producers to adapt to this shift in consumer preferences to remain competitive in the market.

Local special circumstances: In Cyprus, the Meat Substitutes market is growing due to the rising health consciousness of consumers and the government's initiatives to promote sustainable and plant-based diets. The country's Mediterranean culture also plays a significant role, with many traditional dishes incorporating vegetarian options. Additionally, Cyprus has strict regulations on animal welfare, leading to a demand for cruelty-free products. This unique combination of factors has created a favorable environment for the growth of the Meat Substitutes market in the country.

Underlying macroeconomic factors: The Meat Substitutes Market within The Food market in Cyprus is greatly impacted by macroeconomic factors such as consumer preferences, health consciousness, and environmental concerns. As global trends towards plant-based diets and sustainable food production continue to rise, the demand for meat substitutes is expected to increase in Cyprus. Moreover, the country's stable economic growth and government initiatives promoting healthy eating habits are also contributing to the growth of the Meat Substitutes Market. Additionally, the rising cost of meat production and concerns over animal welfare are further driving the demand for meat alternatives in Cyprus. These factors are expected to continue influencing the market in the coming years, making it a lucrative opportunity for industry players.

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.