Meat Substitutes - Sri Lanka

Sri Lanka

Highlights

Revenue in the Meat Substitutes market amounts to US$10.67m in 2024. The market is expected to grow annually by 12.03% (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$0.49 are generated in 2024.
In the Meat Substitutes market, volume is expected to amount to 700.10k kg by 2029. The Meat Substitutes market is expected to show a volume growth of 3.8% 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 Sri Lanka is seeing significant growth due to factors like increasing health consciousness, adoption of plant-based diets, and convenience of online shopping. This growth rate is driven by evolving consumer preferences and rising awareness about the benefits of meat substitutes.

Customer preferences: As more consumers in Sri Lanka become health-conscious, there has been a noticeable shift towards plant-based diets and meat substitutes. This trend is particularly evident among younger generations, who are increasingly concerned about animal welfare and environmental sustainability. Additionally, with the rise of vegetarian and vegan lifestyles, there has been a growing demand for innovative and diverse meat substitute products, such as plant-based burgers, sausages, and nuggets. This shift is also influenced by cultural and religious practices in Sri Lanka, which promote vegetarianism and limit meat consumption.

Trends in the market: In Sri Lanka, the Meat Substitutes Market within The Food market is experiencing a surge in demand due to the increasing popularity of plant-based diets. This trend is driven by health and environmental concerns, as well as cultural and religious practices. As more consumers turn towards alternative protein sources, the market is expected to continue its growth trajectory. Industry stakeholders can capitalize on this trend by expanding their product offerings and investing in research and development to improve the taste and texture of meat substitutes. Additionally, collaborations with local farmers and producers can help to ensure a steady supply of high-quality plant-based ingredients. This trend also presents opportunities for innovation and technology adoption, such as the use of 3D printing to create more realistic meat substitutes. Overall, the growth of the Meat Substitutes Market in Sri Lanka has significant implications for industry stakeholders, as it opens up new avenues for growth and diversification in The Food market.

Local special circumstances: In Sri Lanka, the Meat Substitutes Market is driven by the country's large population of vegetarians, as well as the increasing health consciousness and environmental concerns among consumers. Additionally, the government has implemented regulations to promote the production and consumption of plant-based protein as a sustainable alternative to meat. The market is also influenced by the country's diverse cuisine and the availability of traditional ingredients that are used to create meat-free dishes. Moreover, the growing tourism industry has also contributed to the demand for meat substitutes, as tourists look for vegetarian options while visiting the country.

Underlying macroeconomic factors: The Meat Substitutes Market within the Meat Market of Sri Lanka is heavily influenced by macroeconomic factors such as consumer purchasing power, government policies on food production and distribution, and global trade agreements. The country's economic growth and stability, as well as its policies promoting sustainable and healthy diets, have a significant impact on the market's performance. Moreover, the rising trend of health-consciousness among consumers and the increasing demand for plant-based protein alternatives are also driving the growth of the Meat Substitutes Market in Sri Lanka.

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.