Meat Substitutes - South Africa

South Africa

Revenue in the Meat Substitutes market amounts to €17.29m in 2024. The market is expected to grow annually by 15.66% (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 €0.28 are generated in 2024.
In the Meat Substitutes market, volume is expected to amount to 3.05m kg by 2029. The Meat Substitutes market is expected to show a volume growth of 13.5% 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 South Africa is experiencing steady growth, driven by factors such as increasing health consciousness, convenience of plant-based alternatives, and rising demand for sustainable food options. With an average growth rate, this market is impacted by changing dietary preferences and growing awareness about the environmental impact of traditional meat production.

Customer preferences: The growing trend towards plant-based diets and ethical consumption is influencing the demand for meat substitutes in South Africa. With concerns over animal welfare and environmental sustainability, consumers are turning to alternative protein sources such as soy, pea, and mushroom-based products. This shift is also driven by the rising health consciousness among South Africans, who are increasingly looking for healthier and more sustainable food options. Additionally, the convenience and accessibility of these products, especially through online platforms, have further fueled their popularity.

Trends in the market: In South Africa, the Meat Substitutes Market of the Meat Market within The Food market is experiencing a surge in demand for plant-based alternatives, driven by a growing health-conscious and environmentally-aware consumer base. This trend is expected to continue as consumers become more educated about the benefits of a plant-based diet and the negative impact of traditional meat production on the environment. This could lead to increased competition in the market, with both local and international players looking to capitalize on this trend. Additionally, this trend could also have implications for traditional meat producers, who may need to adapt their offerings to cater to this changing consumer demand.

Local special circumstances: In South Africa, the Meat Substitutes Market is influenced by the country's diverse cultural and religious demographics. With a large population of vegetarians and vegans, there is a growing demand for plant-based meat alternatives. Additionally, the country has strict regulations on the labeling and sourcing of meat products, leading to a rise in consumer awareness and demand for ethical and sustainable meat substitutes. This unique combination of cultural and regulatory factors sets the South African Meat Substitutes Market apart from others, driving its growth and shaping its market dynamics.

Underlying macroeconomic factors: The Meat Substitutes Market within The Food market in South Africa is heavily influenced by macroeconomic factors such as global economic trends, national economic health, and fiscal policies. The country's economic growth and stability play a significant role in consumer spending habits and overall market demand for meat substitutes. Additionally, government initiatives to promote sustainable and ethical food systems, as well as rising health concerns and increasing awareness about the environmental impact of meat consumption, are driving the growth of the Meat Substitutes Market in South Africa. Furthermore, the country's strong agricultural sector and growing demand for plant-based protein sources are also contributing to the market's growth.

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.