Meat Substitutes - Singapore

Singapore

Revenue in the Meat Substitutes market amounts to US$15.08m in 2024. The market is expected to grow annually by 8.43% (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$2.49 are generated in 2024.
In the Meat Substitutes market, volume is expected to amount to 1.36m kg by 2029. The Meat Substitutes market is expected to show a volume growth of 7.5% in 2025.
The average volume per person in the Meat Substitutes market is expected to amount to 0.2kg in 2024.

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

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Analyst Opinion

The Meat Substitutes Market in Singapore has seen minimal growth due to various factors including consumer preference for traditional meat products, limited availability of substitutes, and lack of awareness about alternative protein sources.

Customer preferences: As consumer awareness of environmental and health concerns grows, there has been a notable increase in demand for plant-based meat substitutes in Singapore. This trend is driven by a shift towards more sustainable and healthy food choices, especially among younger demographics. Additionally, the rise of flexitarian and vegetarian diets has also contributed to the growing popularity of meat alternatives. This has led to a surge in product innovation and availability of a variety of meat substitutes in the market.

Trends in the market: In Singapore, the Meat Substitutes Market within The Food market is experiencing significant growth due to increasing health and environmental concerns. This trend is expected to continue, with more consumers opting for plant-based meat alternatives. Additionally, the market is seeing a rise in innovative products, such as lab-grown meat and meat substitutes made from alternative protein sources. These trends have significant implications for industry stakeholders, as they must adapt to changing consumer preferences and invest in research and development to stay competitive in the market.

Local special circumstances: In Singapore, the Meat Substitutes market is thriving due to the growing trend towards plant-based diets and the government's efforts to promote sustainable and healthy food choices. The country's small land area and high population density make it challenging to sustain traditional meat production, leading to a rise in demand for alternative protein sources. Additionally, Singapore's diverse cultural influences have led to the development of unique and innovative meat substitutes that cater to the local palate.

Underlying macroeconomic factors: The Meat Substitutes Market of the Meat Market within The Food market in Singapore is heavily influenced by macroeconomic factors such as consumer purchasing power, government regulations, and global economic trends. With the rising awareness of health and environmental concerns, there has been a growing demand for alternative protein sources, leading to the growth of the meat substitutes market. Additionally, the government's initiatives to promote sustainable and healthy food options, coupled with favorable economic conditions, have further boosted the market's growth. However, factors such as high production costs and limited availability of raw materials may hinder market growth in the long term.

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.