Meat Substitutes - Mongolia

Mongolia

Revenue in the Meat Substitutes market amounts to €0.92m in 2024. The market is expected to grow annually by 13.46% (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 €0.26 are generated in 2024.
In the Meat Substitutes market, volume is expected to amount to 61.25k kg by 2029. The Meat Substitutes market is expected to show a volume growth of 4.5% 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 Mongolia is experiencing mild growth, influenced by factors like changing consumer preferences, health consciousness, and the convenience of meat-free options. This trend is expected to continue in the coming years.

Customer preferences: Consumers in Mongolia are increasingly turning towards alternative protein sources, such as plant-based meat substitutes, as a result of growing awareness about health and environmental concerns. This trend is further amplified by the rise in vegetarianism and veganism, as well as the increasing availability and variety of meat substitutes in the market. Additionally, the younger generation, which is more health-conscious and environmentally aware, is also driving the demand for meat substitutes. These factors suggest a growing shift towards a more plant-based diet in Mongolia, with a potential impact on the traditional meat market.

Trends in the market: In Mongolia, the Meat Substitutes market is experiencing a surge in demand as consumers look for healthier and more sustainable alternatives to traditional meat products. This trend is expected to continue as more people become aware of the environmental and health benefits of plant-based proteins. Additionally, the government's efforts to reduce meat consumption and promote a plant-based diet are driving the growth of this market. This trend has significant implications for industry stakeholders, as they will need to adapt their products and marketing strategies to cater to this growing demand for meat substitutes. It also presents opportunities for innovation and collaboration between companies in the Meat Substitutes market and the wider Food Market industry.

Local special circumstances: In Mongolia, the Meat Substitutes Market of the Meat Market within The Food market is influenced by the country's nomadic culture and the widespread consumption of meat. However, with the rise of vegetarian and vegan diets, there is a growing demand for plant-based alternatives. The government's push for sustainable and environmentally-friendly practices also plays a role in shaping the market. Additionally, the harsh climate and limited access to certain ingredients may present challenges for companies looking to enter the market.

Underlying macroeconomic factors: The Meat Substitutes Market of the Meat Market within The Food market in Mongolia is strongly influenced by macroeconomic factors such as population growth, economic stability, and consumer preferences. With a growing population and stable economic conditions, there is an increasing demand for alternative protein sources, including meat substitutes. Additionally, government initiatives promoting sustainable and healthy food options have also contributed to the growth of the market. However, challenges such as high production costs and limited consumer awareness hinder market growth. As the global trend towards plant-based diets continues to rise, the Meat Substitutes Market in Mongolia is expected to experience significant growth, driven by factors such as environmental concerns, health consciousness, and ethical considerations.

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.