Definition:
The Meat Substitutes market covers all types of meat-like products that approximate certain aesthetic qualities (primarily texture, flavor, and appearance) or chemical characteristics of a specific meat. The Meat Substitutes market includes plant-based meat and vegetarian meat. Plant-based meat includes meat made from plants, such as soybeans (and other legumes), wheat gluten, lentils, tofu, yuba, tempeh, and a variety of nuts. Vegetarian meat contains non-vegan ingredients, such as egg and dairy. Examples of meat substitutes included in this segment are plant-based and vegetarian meat in the form of nuggets, minced meat, burger patties, sausages, and the like.
Additional Information:
The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram). The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.
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Notes: Data was converted from local currencies using average exchange rates of the respective year.
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
Most recent update: Sep 2024
Source: Statista Market Insights
The Meat Substitutes Market in Mongolia is experiencing mild growth, influenced by factors like changing consumer preferences, health consciousness, and the convenience of meat-free options. This trend is expected to continue in the coming years.
Customer preferences: Consumers in Mongolia are increasingly turning towards alternative protein sources, such as plant-based meat substitutes, as a result of growing awareness about health and environmental concerns. This trend is further amplified by the rise in vegetarianism and veganism, as well as the increasing availability and variety of meat substitutes in the market. Additionally, the younger generation, which is more health-conscious and environmentally aware, is also driving the demand for meat substitutes. These factors suggest a growing shift towards a more plant-based diet in Mongolia, with a potential impact on the traditional meat market.
Trends in the market: In Mongolia, the Meat Substitutes market is experiencing a surge in demand as consumers look for healthier and more sustainable alternatives to traditional meat products. This trend is expected to continue as more people become aware of the environmental and health benefits of plant-based proteins. Additionally, the government's efforts to reduce meat consumption and promote a plant-based diet are driving the growth of this market. This trend has significant implications for industry stakeholders, as they will need to adapt their products and marketing strategies to cater to this growing demand for meat substitutes. It also presents opportunities for innovation and collaboration between companies in the Meat Substitutes market and the wider Food Market industry.
Local special circumstances: In Mongolia, the Meat Substitutes Market of the Meat Market within The Food market is influenced by the country's nomadic culture and the widespread consumption of meat. However, with the rise of vegetarian and vegan diets, there is a growing demand for plant-based alternatives. The government's push for sustainable and environmentally-friendly practices also plays a role in shaping the market. Additionally, the harsh climate and limited access to certain ingredients may present challenges for companies looking to enter the market.
Underlying macroeconomic factors: The Meat Substitutes Market of the Meat Market within The Food market in Mongolia is strongly influenced by macroeconomic factors such as population growth, economic stability, and consumer preferences. With a growing population and stable economic conditions, there is an increasing demand for alternative protein sources, including meat substitutes. Additionally, government initiatives promoting sustainable and healthy food options have also contributed to the growth of the market. However, challenges such as high production costs and limited consumer awareness hinder market growth. As the global trend towards plant-based diets continues to rise, the Meat Substitutes Market in Mongolia is expected to experience significant growth, driven by factors such as environmental concerns, health consciousness, and ethical considerations.
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.Notes: Based on data from IMF, World Bank, UN and Eurostat
Most recent update: Sep 2024
Source: Statista Market Insights