Meat Substitutes - NAFTA

NAFTA

Highlights

Revenue in the Meat Substitutes market amounts to US$1.94bn in 2024. The market is expected to grow annually by 4.26% (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$3.80 are generated in 2024.
In the Meat Substitutes market, volume is expected to amount to 120.60m kg by 2029. The Meat Substitutes market is expected to show a volume growth of 2.1% in 2025.0.
The average volume per person in the Meat Substitutes market is expected to amount to 0.2kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Meat Substitutes Market within The Food market in NAFTA is experiencing minimal growth due to factors such as the slow adoption of plant-based diets and limited availability of meat substitutes. This is impacting the market's growth rate, which is expected to remain stagnant in the near future. Despite the growing health awareness among consumers, the convenience offered by traditional meat products is still a major barrier to the growth of this market.

Customer preferences: There has been a notable increase in demand for plant-based meat substitutes in the meat market within The Food market. This can be attributed to the growing trend of consumers opting for a more sustainable and ethical diet. Additionally, the rise in health-consciousness has led to a shift towards plant-based options, driven by the perception that these substitutes are healthier and lower in calories. Furthermore, the rise in vegetarian and vegan diets, influenced by cultural and ethical considerations, has also contributed to the growth of the meat substitutes market.

Trends in the market: In the NAFTA region, the Meat Substitutes Market of the Meat Market within The Food market is experiencing a surge in demand for plant-based protein alternatives, driven by increasing health consciousness and environmental concerns. The trend is expected to continue as consumers become more aware of the benefits of a plant-based diet and governments implement policies promoting sustainable food production. This has significant implications for industry stakeholders, who must adapt to changing consumer preferences and invest in research and development to create innovative and competitive meat substitute products. Additionally, the growth of the market is also attracting new players, leading to increased competition and potential consolidation in the industry.

Local special circumstances: In Canada, the Meat Substitutes Market is experiencing growth due to the country's commitment to sustainable and ethical food production. With a rising awareness of climate change and animal welfare, Canadian consumers are increasingly seeking plant-based alternatives to traditional meat products. Additionally, the country's multicultural population has led to a diverse range of meat substitutes being available in the market, catering to various dietary preferences and cultural tastes. Furthermore, Canada's strict food regulations and labeling requirements ensure transparency and trust among consumers, promoting the growth of the Meat Substitutes Market.

Underlying macroeconomic factors: The Meat Substitutes Market of the Meat Market within The Food market is impacted by various macroeconomic factors, including global economic trends, national economic health, fiscal policies, and financial indicators. For instance, countries with a strong focus on sustainability and health-conscious consumers are seeing a significant increase in demand for meat substitutes. Additionally, government initiatives promoting plant-based diets and reducing meat consumption are also driving the growth of this market. Moreover, the rising concerns regarding animal welfare and environmental impact of meat production are also contributing to the growth of the meat substitutes market. These factors are expected to continue influencing the market in the coming years, leading to significant growth opportunities 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.