Meat Substitutes - Myanmar

Myanmar

Highlights

Revenue in the Meat Substitutes market amounts to US$7.54m in 2024. The market is expected to grow annually by 17.75% (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$0.14 are generated in 2024.
In the Meat Substitutes market, volume is expected to amount to 392.50k kg by 2029. The Meat Substitutes market is expected to show a volume growth of 12.0% in 2025.0.
The average volume per person in the Meat Substitutes market is expected to amount to 0.0kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Meat Substitutes Market in Myanmar is experiencing mild growth, driven by factors such as increasing health consciousness among consumers and the convenience of online services. This growth is impacted by the rising demand for meat alternatives and the shift towards plant-based diets in the country.

Customer preferences: As consumers in Myanmar become more health-conscious, there is a growing demand for meat substitutes as a healthier alternative to traditional meat products. This trend is further fueled by the rising popularity of vegetarian and vegan diets, as well as a growing awareness of the environmental and ethical implications of meat consumption. Additionally, the younger generation is increasingly open to trying new and innovative plant-based products, contributing to the growth of the meat substitutes market in Myanmar.

Trends in the market: In Myanmar, 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 and increasing health consciousness among consumers. This trend is expected to continue as more individuals opt for sustainable and ethical food choices. The significance of this trend lies in its potential to reduce the environmental impact of traditional meat production and improve public health. Industry stakeholders should focus on expanding their product offerings and investing in innovative technologies to cater to this shifting consumer preference.

Local special circumstances: In Myanmar, the Meat Substitutes Market within The Food market is still in its nascent stage due to the traditional reliance on meat in the local cuisine. However, the market is slowly gaining traction due to the growing health consciousness among consumers and the increasing availability of vegetarian and vegan options. Additionally, the country's Buddhist majority population, who practice vegetarianism on certain days, presents a significant opportunity for the growth of the Meat Substitutes Market. However, the lack of infrastructure and distribution channels pose a challenge for market players.

Underlying macroeconomic factors: The Meat Substitutes Market of the Meat Market within The Food market in Myanmar is greatly influenced by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and financial indicators. Myanmar's economy has been growing steadily in recent years, with a focus on diversifying its economy and attracting foreign investment. This has led to increased consumer spending power and a growing middle class, which in turn has driven demand for meat substitutes as a healthier and more sustainable alternative to traditional meat products. Additionally, the government's policies promoting sustainable and environmentally friendly practices have also contributed to the growth of the Meat Substitutes Market in Myanmar. However, challenges such as limited infrastructure and regulatory barriers may hinder the market's growth in the country. As global demand for sustainable and plant-based food options continues to rise, Myanmar's Meat Substitutes Market is expected to experience significant growth 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.