Meat Substitutes - Asia

Asia

Revenue in the Meat Substitutes market amounts to €3.47bn in 2024. The market is expected to grow annually by 10.40% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€2,198m in 2024).
In relation to total population figures, per person revenues of €0.76 are generated in 2024.
In the Meat Substitutes market, volume is expected to amount to 361.80m kg by 2029. The Meat Substitutes market is expected to show a volume growth of 10.5% in 2025.
The average volume per person in the Meat Substitutes market is expected to amount to 0.1kg in 2024.

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

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Comparaison de régions

Monnaie

Analyst Opinion

The Meat Substitutes Market in Asia is facing subdued growth due to various factors such as changing dietary preferences, rising health concerns, and increasing awareness about animal welfare. Despite these challenges, the market is expected to grow, driven by the convenience and health benefits offered by meat substitutes.

Customer preferences: Consumers in Asia are increasingly gravitating towards plant-based meat substitutes for health and environmental reasons. With a growing awareness of the negative impact of meat consumption, there has been a rise in demand for alternative protein sources. This trend is particularly prominent among younger generations, who are more open to trying new and innovative food options. Additionally, the rise in vegetarian and vegan lifestyles is also fueling the growth of the meat substitutes market in Asia.

Trends in the market: In Asia, the Meat Substitutes Market is experiencing a surge in demand, driven by increasing health consciousness and environmental concerns. This trend is expected to continue as the region's population becomes more affluent and aware of the benefits of plant-based diets. In addition, government initiatives promoting sustainable food production and reducing meat consumption are further fueling the market growth. This presents opportunities for industry stakeholders to innovate and expand their product offerings to cater to this growing demand for meat substitutes.

Local special circumstances: In China, the Meat Substitutes Market is experiencing rapid growth due to the increasing health consciousness and environmental concerns among the population. The country's large vegetarian and Buddhist population also creates a strong demand for meat substitutes. Additionally, the government's push for reducing meat consumption and promoting plant-based diets has further fueled the market. In Japan, the market is driven by the high prevalence of vegetarianism and veganism, as well as the popularity of traditional Buddhist cuisine. Furthermore, the country's strict regulations on meat imports and production have created a favorable environment for the growth of the Meat Substitutes Market.

Underlying macroeconomic factors: The Meat Substitutes Market in Asia is heavily influenced by macroeconomic factors such as shifting consumer preferences towards healthier and sustainable food options, increasing government support for plant-based diets, and growing awareness about the negative impacts of meat consumption on the environment. Additionally, the rising disposable incomes and changing lifestyles of the region's population are driving the demand for convenient and nutritious meat substitutes. Furthermore, the growing trend of veganism and vegetarianism, especially among the younger generation, is expected to propel the market growth in the coming years.

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.