Meat Substitutes - Mexico

Mexico

Revenue in the Meat Substitutes market amounts to €235.50m in 2024. The market is expected to grow annually by 9.00% (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 €1.82 are generated in 2024.
In the Meat Substitutes market, volume is expected to amount to 14.67m kg by 2029. The Meat Substitutes market is expected to show a volume growth of 5.9% 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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Región

Comparación de regiones

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Analyst Opinion

The Meat Substitutes market in Mexico is experiencing minimal growth due to factors such as consumer preference for traditional meat products and lack of awareness about plant-based alternatives. However, with increasing health consciousness and convenient online options, the market is expected to grow in the coming years.

Customer preferences: The rising popularity of plant-based diets and growing concerns about animal welfare and environmental sustainability are driving the demand for meat substitutes in the Mexican market. This trend is further amplified by the increasing number of health-conscious consumers seeking healthier and more sustainable food options. As a result, there has been a surge in the availability and variety of meat alternative products, catering to different dietary preferences and cultural tastes. This shift towards plant-based proteins is also being encouraged by government initiatives promoting healthy and sustainable food choices.

Trends in the market: In Mexico, the Meat Substitutes Market of the Meat Market within The Food market is experiencing a surge in demand due to the increasing popularity of plant-based diets. This trend is driven by growing health consciousness and concerns over the environmental impact of meat consumption. As a result, major meat producers are diversifying their portfolios to include meat substitutes, while new players are entering the market. This trend is expected to continue, with potential implications for industry stakeholders such as changes in supply chain and distribution, as well as the emergence of new partnerships and collaborations.

Local special circumstances: In Mexico, the Meat Substitutes Market within the Meat Market of The Food market is influenced by cultural and regulatory factors. The country has a long tradition of meat-heavy cuisine, but the rising trend of veganism and vegetarianism is driving demand for plant-based protein alternatives. Additionally, the government has implemented policies to promote healthier eating habits, encouraging the growth of the meat substitutes market. Furthermore, the large population of lactose intolerant individuals in Mexico has also contributed to the popularity of meat substitutes in the country.

Underlying macroeconomic factors: The Meat Substitutes Market of the Meat Market within The Food market is heavily influenced by macroeconomic factors such as consumer preferences, government regulations, and economic stability. Growing health concerns and the rise of vegetarian and flexitarian diets are driving the demand for meat substitutes globally. In Mexico, the growing middle class and increasing disposable income are also contributing to the demand for healthier and more sustainable food options. Additionally, government initiatives promoting sustainable food production and reducing meat consumption are further propelling the growth of the Meat Substitutes Market in Mexico. However, economic instability and fluctuations in raw material prices can hinder market growth 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.