Key regions: Spain, Russia, United Kingdom, South Korea, India
The meat substitutes market in the EU-27 is experiencing subdued growth, impacted by factors such as consumer preference for traditional meat products and limited availability of alternative options. Despite this, the market is expected to grow due to increasing health consciousness and technological advancements in the food industry.
Customer preferences: As consumers become more health-conscious and environmentally aware, the demand for plant-based meat substitutes has increased in the EU-27 market. This trend is fueled by a growing interest in sustainable and ethical food choices, as well as a desire for healthier diets. Additionally, the rise of flexitarian and vegan lifestyles has led to a wider acceptance and adoption of meat alternatives in various cuisines. As a result, food companies are investing in innovative and diverse product offerings to cater to this evolving consumer demand.
Trends in the market: In EU-27, the Meat Substitutes market is experiencing a surge in demand due to the growing trend of flexitarianism and rising concerns over sustainability and animal welfare. This has led to an increase in product innovation and a shift towards plant-based proteins. Additionally, the COVID-19 pandemic has also accelerated the growth of this market, as consumers are seeking healthier and more sustainable food options. This trend is expected to continue, with industry stakeholders investing in research and development to meet the evolving demands of consumers. Furthermore, the adoption of technology and e-commerce in the Meat Substitutes market is also on the rise, as companies are leveraging digital platforms to reach a wider customer base and provide personalized shopping experiences.
Local special circumstances: In the EU-27, the Meat Substitutes Market within The Food market is heavily influenced by the increasing demand for plant-based products and the rising awareness of the environmental impact of meat consumption. This trend is further supported by strict regulations on animal welfare and sustainability. In addition, cultural factors such as the growing popularity of vegetarianism and veganism in certain countries have also played a significant role in driving the growth of the market. Moreover, the presence of established players in the food industry, who are investing in developing and promoting meat-free options, has further accelerated the market growth in the region.
Underlying macroeconomic factors: The Meat Substitutes Market of the Meat Market within The Food market is greatly impacted by macroeconomic factors such as consumer preferences, government regulations, and economic stability. With increasing awareness about health and sustainability, there is a growing demand for plant-based protein alternatives, driving the growth of the Meat Substitutes Market. Furthermore, favorable government policies promoting healthier and more sustainable food choices are also contributing to the market growth. On the other hand, economic instability and fluctuating prices of raw materials can hinder market growth, as it affects the affordability and availability of meat substitutes. Additionally, the overall economic health of a country can also influence consumer purchasing power and ultimately impact the performance of the Meat Substitutes Market.
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.
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