Meat Substitutes - New Zealand

New Zealand

Revenue in the Meat Substitutes market amounts to US$20.28m in 2024. The market is expected to grow annually by 8.17% (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$3.85 are generated in 2024.
In the Meat Substitutes market, volume is expected to amount to 1.09m kg by 2029. The Meat Substitutes market is expected to show a volume growth of 5.1% in 2025.
The average volume per person in the Meat Substitutes market is expected to amount to 0.1kg in 2024.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Meat Substitutes Market in New Zealand is seeing slow growth due to factors such as consumer preference for traditional meat products and limited availability of meat substitutes. However, the market is expected to expand with the rising trend of plant-based diets and increasing health consciousness among consumers.

Customer preferences: As consumers become more health-conscious and environmentally aware, there is a growing demand for plant-based meat substitutes in New Zealand's Meat Market. This trend is driven by factors such as the rise of vegetarian and vegan diets, concerns about animal welfare, and the desire for sustainable food options. Additionally, the increasing availability and variety of meat alternative products cater to diverse cultural preferences and dietary restrictions, making them an attractive option for a wider range of consumers.

Trends in the market: In New Zealand, the Meat Substitutes market is experiencing a surge in demand, driven by rising health and environmental concerns. Plant-based meat alternatives are gaining popularity, with consumers increasingly opting for vegetarian and vegan options. This trend is expected to continue, fueled by the growing adoption of flexitarian diets. As a result, food companies are investing in research and development to create innovative and flavorful meat substitutes. This presents opportunities for industry stakeholders to tap into this growing market and cater to shifting consumer preferences towards sustainable and healthier food choices.

Local special circumstances: In New Zealand, the Meat Substitutes Market within the Meat Market of The Food market is thriving due to the country's strong focus on sustainability and environmental consciousness. With a large vegetarian and vegan population, there is a high demand for plant-based alternatives to meat. Additionally, stringent regulations on animal welfare and food safety have pushed consumers towards meat substitutes. This unique combination of factors has created a favorable market for meat substitutes in New Zealand, setting it apart from other markets globally.

Underlying macroeconomic factors: The growth of the Meat Substitutes Market within The Food market in New Zealand is influenced by various macroeconomic factors. These include the country's economic health, global economic trends, fiscal policies, and other financial indicators. New Zealand's strong and stable economy, with a GDP growth rate of 2.8% in 2019, provides a favorable environment for market growth. Moreover, the growing trend towards plant-based diets and increasing concerns about sustainability and animal welfare are driving the demand for meat substitutes in the country. Additionally, the government's initiatives to promote healthy eating and reduce carbon emissions are further boosting the growth of the Meat Substitutes Market in New Zealand.

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.