Meat Substitutes - EAEU

EAEU

Revenue in the Meat Substitutes market amounts to US$0.79bn in 2024. The market is expected to grow annually by 7.80% (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$4.28 are generated in 2024.
In the Meat Substitutes market, volume is expected to amount to 62.60m kg by 2029. The Meat Substitutes market is expected to show a volume growth of 3.1% in 2025.
The average volume per person in the Meat Substitutes market is expected to amount to 0.3kg in 2024.

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

Market

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Region comparison

Currency

Analyst Opinion

The Meat Substitutes Market in the EAEU is experiencing subdued growth due to various factors such as low consumer awareness, limited availability, and high prices. However, with increasing health consciousness and advancements in technology, the market is expected to witness significant growth in the coming years.

Customer preferences: The growing trend towards healthier and more sustainable food options has led to a rise in demand for meat substitutes in the EAEU market. This shift is driven by a desire for plant-based alternatives among environmentally conscious consumers. Additionally, the increasing popularity of vegan and vegetarian diets in the region has also contributed to the growth of the Meat Substitutes Market within The Food market. As a result, companies are now focusing on developing innovative and tasty meat-free alternatives to cater to this growing demand. This trend is expected to continue in the coming years, with consumers increasingly seeking plant-based options for their meals.

Trends in the market: In the EAEU, the Meat Substitutes Market is experiencing a surge in demand due to the growing trend of plant-based diets and increasing health consciousness among consumers. This trend has led to an increase in the availability and variety of meat substitute products, as well as investments in research and development to improve their taste and texture. Additionally, the emergence of new players and partnerships in the market is expected to drive competition and innovation. These trends suggest a promising future for the Meat Substitutes Market and its potential to capture a significant share of the overall Meat Market within The Food market industry.

Local special circumstances: In the EAEU region, the Meat Substitutes Market of the Meat Market within The Food market market is influenced by unique factors. For instance, in Kazakhstan, the market is driven by the increasing adoption of vegetarian and flexitarian diets due to cultural and religious influences. In Russia, the market is shaped by the government's efforts to reduce meat consumption and promote sustainable food options. In Armenia, the market is driven by the growing demand for plant-based proteins among health-conscious consumers. These factors contribute to the dynamic growth of the Meat Substitutes Market in the EAEU region.

Underlying macroeconomic factors: The Meat Substitutes Market within the Meat Market of The Food market is also impacted by macroeconomic factors such as consumer preferences, government regulations, and overall economic stability. Countries with favorable regulatory environments and a growing trend towards plant-based diets are seeing a surge in demand for meat substitutes, while regions with stricter regulations and a preference for traditional meat products may experience slower market growth. Furthermore, economic downturns and fluctuations in disposable income can also affect consumer spending on meat substitutes, as they are often priced higher than traditional meats. Overall, a stable and supportive economic environment can contribute to the growth of the Meat Substitutes Market within the Meat Market of The Food market.

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.