Meat Substitutes - Malaysia

Malaysia

Revenue in the Meat Substitutes market amounts to €15.29m in 2024. The market is expected to grow annually by 8.51% (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 €0.43 are generated in 2024.
In the Meat Substitutes market, volume is expected to amount to 1.58m kg by 2029. The Meat Substitutes market is expected to show a volume growth of 6.7% 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 Malaysia is experiencing minimal growth, influenced by factors such as preference for traditional meat products and limited availability of plant-based alternatives. Despite this, rising health consciousness and demand for sustainable food options may drive market growth.

Customer preferences: The rising trend of plant-based diets in Malaysia has led to a growing demand for meat substitutes, catering to the preferences of health-conscious and environmentally-aware consumers. This shift is also driven by the increasing availability of vegetarian and vegan options in restaurants and grocery stores, as well as a growing awareness of the impact of meat consumption on the environment. Additionally, the rise of flexitarianism, where individuals reduce their meat consumption without fully eliminating it, is also contributing to the growth of the meat substitutes market.

Trends in the market: In Malaysia, the Meat Substitutes Market of the Meat Market within The Food market is experiencing a surge in demand due to a growing awareness of the health and environmental benefits of plant-based diets. This trend is expected to continue as consumers become more health-conscious and concerned about sustainable food options. Additionally, the market is seeing an increase in the availability and variety of meat substitutes, as well as the rise of innovative products such as lab-grown meat. These developments are significant for industry stakeholders as they present opportunities for growth and diversification, but also pose challenges in terms of production and distribution. As the trend towards meat substitutes continues, it is crucial for companies to adapt and innovate to stay competitive in the market.

Local special circumstances: In Malaysia, the Meat Substitutes Market of the Meat Market within The Food market is heavily influenced by the country's diverse cultural and religious practices. With a large Muslim population, there is a high demand for halal-certified meat substitutes. Additionally, the government's initiatives to promote plant-based diets and reduce meat consumption have also contributed to the growth of this market. Furthermore, the country's tropical climate and abundance of plant-based ingredients have made it a favorable location for the production of meat alternatives.

Underlying macroeconomic factors: The Meat Substitutes Market of the Meat Market within The Food market in Malaysia is impacted by macroeconomic factors such as changing consumer preferences, government support for sustainable food production, and rising health awareness. The country's growing economy and increasing disposable income are also driving the demand for healthier and sustainable food options, including meat substitutes. Additionally, the rising prevalence of lifestyle diseases and the growing trend of flexitarianism are further contributing to the market growth in Malaysia. Moreover, the government's initiatives to reduce meat consumption and promote plant-based diets are 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.