Meat Substitutes - Worldwide

Worldwide

Highlights

Revenue in the Meat Substitutes market amounts to US$10.33bn in 2024. The market is expected to grow annually by 8.54% (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$1.33 are generated in 2024.
In the Meat Substitutes market, volume is expected to amount to 877.00m kg by 2029. The Meat Substitutes market is expected to show a volume growth of 7.1% in 2025.0.
The average volume per person in the Meat Substitutes market is expected to amount to 0.1kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Meat Substitutes Market within The Food market Worldwide is experiencing minimal growth, impacted by factors such as consumer preference for traditional meat products and the high cost of meat substitutes. Despite this, the market is expected to continue growing due to increasing health consciousness and the convenience offered by alternative protein sources.

Customer preferences: As consumers become more health-conscious, there is a growing demand for plant-based meat substitutes, driven by concerns over the environmental impact of traditional meat production and a desire for healthier diets. This trend is particularly evident in younger generations, who are increasingly adopting vegetarian and vegan lifestyles. Additionally, the rise of flexitarian diets, which involve reducing meat consumption, has also contributed to the growing popularity of meat substitutes.

Trends in the market: In the Meat Substitutes Market of the Meat Market within The Food market, there is a notable trend towards plant-based alternatives to traditional meat products. This trend is being driven by increasing consumer awareness of the environmental and health benefits of reducing meat consumption. As a result, companies are investing in research and development to create new and improved meat substitutes to meet the growing demand. This trend is expected to continue, with potential implications for industry stakeholders such as increased competition and the need for innovative marketing strategies.

Local special circumstances: In the Meat Substitutes Market of the Meat Market within The Food market, geographical factors play a significant role in market dynamics. In Europe, the market is driven by the increasing number of vegetarian and vegan consumers, as well as the rise in health-consciousness. Meanwhile, in Asia, the market is influenced by cultural preferences for plant-based diets, as well as the government's efforts to promote sustainable and ethical food consumption. These factors have led to the growth of the Meat Substitutes Market in these regions, catering to the unique needs and demands of local consumers.

Underlying macroeconomic factors: The Meat Substitutes Market of the Meat Market within The Food market is significantly impacted by macroeconomic factors such as changing consumer preferences, government regulations, and economic stability. Countries with a growing trend towards plant-based diets and a strong focus on sustainability are experiencing a surge in demand for meat substitutes. On the other hand, regions with strict regulations on food labeling and safety may pose challenges for the market. Moreover, economic stability and purchasing power also play a crucial role in the adoption of meat substitutes as they are often priced higher than traditional meat products.

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.