Meat Substitutes - Colombia

Colombia

Revenue in the Meat Substitutes market amounts to €31.15m in 2024. The market is expected to grow annually by 14.12% (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 €0.60 are generated in 2024.
In the Meat Substitutes market, volume is expected to amount to 4.88m kg by 2029. The Meat Substitutes market is expected to show a volume growth of 13.6% 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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Analyst Opinion

The Meat Substitutes Market in Colombia is experiencing mild growth, influenced by factors like increasing health consciousness and convenience of plant-based options in The Food market.

Customer preferences: As consumer awareness around the environmental impact of meat production grows, there has been a significant increase in demand for meat substitutes in Colombia. This trend is driven by a shift towards plant-based diets and a growing preference for sustainable and ethical food choices. Additionally, the rise of the flexitarian movement, which promotes reducing meat consumption without completely eliminating it, has also contributed to the growth of the meat substitutes market. This trend is expected to continue as more consumers prioritize health, animal welfare, and environmental concerns in their food choices, creating opportunities for plant-based meat alternatives to thrive in the Colombian market.

Trends in the market: In Colombia, the Meat Substitutes Market within The Food market is experiencing a surge in demand, driven by the growing trend of plant-based diets and increasing awareness of the environmental impacts of meat consumption. This trend is expected to continue as consumers become more health-conscious and concerned about sustainability. As a result, companies in the Meat Market are diversifying their product offerings to include plant-based meat substitutes, such as soy-based burgers and tofu-based sausages. This shift towards meat alternatives has significant implications for industry stakeholders, including potential opportunities for growth and innovation, as well as challenges in meeting consumer expectations and competing with traditional meat products.

Local special circumstances: In Colombia, the Meat Substitutes Market of the Meat Market within The Food market is driven by the rising health consciousness among consumers, as well as the increasing popularity of vegetarian and vegan diets. The country's rich biodiversity also offers a variety of locally sourced plant-based protein options, such as quinoa and beans, which are widely used in traditional Colombian cuisine. Additionally, government initiatives promoting sustainable and ethical food consumption are expected to further boost the market for meat substitutes in Colombia.

Underlying macroeconomic factors: The Meat Substitutes Market of the Meat Market within The Food market in Colombia is also influenced by macroeconomic factors such as consumer preferences for healthier and more sustainable food options, government initiatives promoting plant-based diets, and increasing concerns about the environmental impact of meat production. Additionally, the growth of the global meat substitutes market is driven by the rising trend of veganism and flexitarianism, as well as technological advancements in meat substitute products. These factors are expected to continue driving the demand for meat substitutes in Colombia, especially among younger and more health-conscious consumers.

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.