Meat Substitutes - Taiwan

Taiwan

Highlights

Revenue in the Meat Substitutes market amounts to US$151.30m in 2024. The market is expected to grow annually by 14.56% (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$6.32 are generated in 2024.
In the Meat Substitutes market, volume is expected to amount to 17.56m kg by 2029. The Meat Substitutes market is expected to show a volume growth of 13.5% in 2025.0.
The average volume per person in the Meat Substitutes market is expected to amount to 0.4kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Meat Substitutes Market in Taiwan is experiencing subdued growth due to various factors including low consumer awareness, limited availability of products, and high prices. Despite this, the market is still witnessing growth driven by the increasing demand for healthier and sustainable food options. The rising trend of vegetarianism and veganism is also contributing to the growth of this market.

Customer preferences: As consumers become more health-conscious, there has been a growing demand for plant-based meat substitutes in Taiwan. This trend is driven by a combination of factors, including a rising awareness of environmental sustainability, the influence of vegetarian and vegan diets, and a desire to reduce meat consumption for health reasons. As a result, the market for meat substitutes has seen a significant growth in recent years, with a wide range of options available to cater to the diverse preferences of Taiwanese consumers. This shift towards plant-based alternatives is also evident in the increasing popularity of vegetarian and vegan restaurants, as well as the incorporation of plant-based options by traditional meat-based restaurants. Additionally, there has been a rise in the use of social media platforms to promote and showcase meat substitute products, catering to the tech-savvy and socially connected population in Taiwan.

Trends in the market: In Taiwan, the demand for meat substitutes is on the rise, fueled by health and environmental concerns. This trend is expected to continue as consumers become more health-conscious and environmentally aware. Additionally, there is a growing trend of incorporating traditional Taiwanese ingredients, such as tofu and soy, into meat substitutes, catering to local tastes. This trend has significant implications for industry stakeholders, as it presents opportunities for innovation and market expansion. Furthermore, with the government's initiatives to promote plant-based diets, the meat substitutes market is expected to witness further growth in the coming years.

Local special circumstances: In Taiwan, the Meat Substitutes Market of the Meat Market within The Food market is heavily influenced by the country's strong Buddhist culture, as the majority of the population follows a vegetarian diet. This has led to a high demand for meat alternatives, driving the growth of the market. Additionally, strict government regulations on food safety and labeling have also played a significant role in shaping the market dynamics. This has resulted in the emergence of innovative and high-quality meat substitute products to meet these regulatory standards.

Underlying macroeconomic factors: The Meat Substitutes Market of the Meat Market within The Food market is greatly impacted by macroeconomic factors in Taiwan. The country's economic health and policies have a significant influence on the market's performance. Taiwan's strong investment in food technology and sustainability initiatives, as well as its favorable regulatory framework for alternative protein sources, are driving the growth of the Meat Substitutes Market. Additionally, the rising health and environmental concerns among consumers in Taiwan are also contributing to the increasing demand for meat substitutes, as people seek healthier and more sustainable food options.

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.