Meat Substitutes - Canada

Canada

Revenue in the Meat Substitutes market amounts to €267.90m in 2024. The market is expected to grow annually by 8.80% (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 €6.85 are generated in 2024.
In the Meat Substitutes market, volume is expected to amount to 24.61m kg by 2029. The Meat Substitutes market is expected to show a volume growth of 7.2% in 2025.
The average volume per person in the Meat Substitutes market is expected to amount to 0.5kg in 2024.

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

Marché

Région

Comparaison de régions

Monnaie

Analyst Opinion

The Meat Substitutes Market in Canada is experiencing minimal growth due to various factors such as changing dietary preferences, health consciousness, and convenience of plant-based options. Despite the slow growth rate, the market is expected to expand in the coming years with the rising demand for sustainable and healthier food options.

Customer preferences: As the popularity of plant-based diets continues to rise, consumers are increasingly turning to meat substitutes as a viable alternative to traditional meat products. This trend is driven by a growing awareness of the negative environmental and ethical impact of animal agriculture, as well as a desire for healthier and more sustainable food options. This shift towards plant-based meat substitutes is also influenced by the rise of flexitarianism, where individuals are reducing their meat consumption without fully eliminating it from their diets.

Trends in the market: In Canada, the Meat Substitutes Market within the Meat Market of The Food market is experiencing a surge in demand due to the growing popularity of plant-based diets and increasing concerns over environmental sustainability. This trend is expected to continue as consumers become more health-conscious and conscious of their impact on the environment. This trajectory is significant for industry stakeholders as it presents opportunities for growth and innovation in the production and distribution of meat substitutes. However, it also poses challenges for traditional meat producers who may need to adapt to changing consumer preferences. Additionally, the rise of meat substitutes could also have implications for the overall meat market, potentially leading to a shift in market share and pricing strategies.

Local special circumstances: In Canada, the Meat Substitutes Market within the Meat Market of The Food market is influenced by the country's large vegetarian and vegan population, as well as the government's promotion of sustainable and ethical food choices. Additionally, Canada's diverse population brings a demand for a variety of meat substitutes, including plant-based options from different cultural backgrounds. Furthermore, the country's strict regulations on food labeling and food safety play a crucial role in shaping the market, ensuring the quality and transparency of meat substitute products.

Underlying macroeconomic factors: The Meat Substitutes Market of the Meat Market within The Food market in Canada is heavily influenced by macroeconomic factors. The global trend towards a more health-conscious population has led to a growing demand for plant-based alternatives to traditional meat products. This trend is further supported by national economic health, as consumers in Canada have higher disposable incomes and are willing to pay for premium, healthier products. Fiscal policies promoting sustainable and eco-friendly practices also drive the growth of the Meat Substitutes Market in Canada. Moreover, the increasing focus on reducing carbon emissions and mitigating the impact of animal agriculture on the environment has led to a rise in investment in meat substitutes.

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.