Meat Substitutes - Bhutan

Bhutan

Revenue in the Meat Substitutes market amounts to €168.50k in 2024. The market is expected to grow annually by 14.26% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€2,175m in 2024).
In relation to total population figures, per person revenues of €0.21 are generated in 2024.
In the Meat Substitutes market, volume is expected to amount to 18.04k kg by 2029. The Meat Substitutes market is expected to show a volume growth of 8.1% in 2025.
The average volume per person in the Meat Substitutes market is expected to amount to 0.0kg in 2024.

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

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Analyst Opinion

The Meat Substitutes Market in Bhutan is experiencing minimal growth, influenced by factors such as increasing demand for healthier food options, rising awareness about the environmental impact of meat consumption, and the convenience of plant-based alternatives within The Food market.

Customer preferences: As more consumers in Bhutan become health-conscious, there has been a noticeable increase in demand for meat substitutes. This shift is largely influenced by cultural beliefs that promote a plant-based diet, as well as a growing awareness of the environmental and ethical implications of traditional meat consumption. Additionally, the rise of vegetarianism and veganism among younger demographics is also contributing to the growth of the Meat Substitutes Market within The Food market.

Trends in the market: In Bhutan, the Meat Substitutes Market within The Food market is experiencing a surge in demand for plant-based protein options. This trend is driven by a growing awareness of the health and environmental benefits of reducing meat consumption. As a result, companies are investing in research and development to create innovative meat substitutes that mimic the taste and texture of real meat. This trend is expected to continue as consumers become more health-conscious and environmentally aware. Industry stakeholders should focus on developing sustainable and high-quality meat substitutes to cater to this growing market segment.

Local special circumstances: In Bhutan, the Meat Substitutes Market of the Meat Market within The Food market is influenced by the country's unique cultural and religious beliefs. As a predominantly Buddhist nation, vegetarianism is widely practiced, leading to a high demand for meat alternatives. Additionally, the government has implemented strict regulations on the import of meat products, creating a demand for locally produced meat substitutes. This has led to the growth of the domestic meat substitutes market, with companies focusing on creating plant-based products that cater to Bhutanese tastes and preferences.

Underlying macroeconomic factors: The Meat Substitutes Market within The Food market in Bhutan is influenced by various macroeconomic factors. These include global economic trends, national economic health, fiscal policies, and other relevant financial indicators. The market growth is largely driven by the increasing awareness of health and environmental concerns, as well as the rising demand for vegetarian and vegan options. Additionally, government initiatives to promote sustainable and healthy food consumption, such as tax incentives for plant-based products, are also contributing to the market growth. Moreover, the growing trend of flexitarianism and the availability of alternative protein sources are further fueling the demand for meat substitutes in the country.

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.