Meat Substitutes - Vietnam

Vietnam

Highlights

Revenue in the Meat Substitutes market amounts to US$37.58m in 2024. The market is expected to grow annually by 10.09% (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$0.38 are generated in 2024.
In the Meat Substitutes market, volume is expected to amount to 5.32m kg by 2029. The Meat Substitutes market is expected to show a volume growth of 7.2% 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 Vietnam is experiencing slow growth due to factors such as limited consumer awareness, lack of infrastructure, and traditional meat-based diet preferences. Despite these challenges, the market is expected to grow, driven by increasing health consciousness and availability of plant-based alternatives.

Customer preferences: As more Vietnamese consumers become health-conscious, there is a growing demand for alternative protein sources in the Meat Substitutes Market. This trend is driven by cultural preferences for plant-based diets, as well as increasing concerns about the environmental impact of meat consumption. Additionally, demographic shifts towards a younger population and evolving lifestyle factors, such as busy schedules and a desire for convenience, are fueling the popularity of meat substitutes as a quick and easy meal option.

Trends in the market: In Vietnam, the Meat Substitutes Market of the Meat Market within The Food market is experiencing a surge in demand, driven by increasing health consciousness and environmental concerns. This trend is expected to continue as the government promotes sustainable and healthy diets. Furthermore, the rising popularity of plant-based diets among the younger generation is also contributing to the growth of this market. As a result, industry stakeholders are investing in research and development of innovative meat substitutes, while also expanding their distribution channels to meet the growing demand. This trend is likely to have a significant impact on the traditional meat industry and could lead to a shift towards more sustainable and ethical practices.

Local special circumstances: In Vietnam, the Meat Substitutes Market within The Food market is influenced by the country's Buddhist population, who follow a vegetarian or vegan diet. This has led to an increase in demand for plant-based meat alternatives, such as tofu and seitan. Additionally, the government's efforts to promote sustainable and healthy eating habits have also contributed to the growth of the Meat Substitutes Market. Furthermore, the country's growing middle class and increasing health consciousness have also led to a rise in demand for meat substitutes as a healthier and more environmentally friendly option.

Underlying macroeconomic factors: The Meat Substitutes Market in Vietnam is heavily impacted by macroeconomic factors such as the country's economic growth, consumer spending power, and government policies. Vietnam's rapidly growing economy, coupled with a rising middle class population, has led to an increase in demand for healthy and sustainable food options, including meat substitutes. Moreover, the government's focus on promoting a plant-based diet and reducing meat consumption has further boosted the growth of the market. Additionally, the growing awareness about the environmental and health benefits of plant-based diets, coupled with increasing concerns over animal welfare, has also contributed to the growth of the market. Furthermore, the rising cost of meat production and the availability of affordable and high-quality meat substitutes have also played a significant role in driving the market's growth.

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.