Columbia is third largest economy in the South America region. The country is among the fastest growing countries in the region due to rapid industrialization. The market of protein in the country is growing rapidly due to rising awareness about its health benefits and influence of trends prevailing in major western economies in the world. The markets of soy protein, rice protein and wheat protein are in the initial growth stage, hence the awareness about its derivative products among the Columbians is high compared to other protein types. Plant protein market of Columbia represents around 8% of total market in the South American region, the revenue of which is currently valued at $104.16 million in 2018.
Major drivers of plant protein market in the Columbia includes rising population adopting vegan and vegetarian lifestyle, rising level of disposable income of middle class and lower income families, growing awareness about the health-related issues due to the consumption of meat and meat derivative products and growing youngsters and middle-aged people interested in consuming protein rich supplements products to maintain healthy body. The plant protein market is estimated to grow at a CAGR of 4.3% during the forecast period, to attain the value of $128.68 million by 2023. The food and dietary supplements industry contributes major market share of plant protein market. Soy protein, wheat protein and rice protein are popular plant protein types in the country.
The application of plant protein across dietary supplements industry is growing at a highest CAGR compared to other applications. Growing demand of plant protein containing products such as protein bars, juices, shakes and smoothies is leading to plant protein industry expansion. Other application of the plant protein includes animal feed, beverages, nutraceuticals, medical and cosmetics. High popularity of whey protein among the supplement manufacturers, low awareness about the plant protein products especially in rural areas and less technological advancements in terms of emerging plant protein extraction processes hinders the market growth. However, due to rising popularity of sustainable protein sources, increasing number of local players are estimated to enter into the market which will result in growing market value of plant proteins in coming years.
Key Deliverables
Major drivers of plant protein market in the Columbia includes rising population adopting vegan and vegetarian lifestyle, rising level of disposable income of middle class and lower income families, growing awareness about the health-related issues due to the consumption of meat and meat derivative products and growing youngsters and middle-aged people interested in consuming protein rich supplements products to maintain healthy body. The plant protein market is estimated to grow at a CAGR of 4.3% during the forecast period, to attain the value of $128.68 million by 2023. The food and dietary supplements industry contributes major market share of plant protein market. Soy protein, wheat protein and rice protein are popular plant protein types in the country.
The application of plant protein across dietary supplements industry is growing at a highest CAGR compared to other applications. Growing demand of plant protein containing products such as protein bars, juices, shakes and smoothies is leading to plant protein industry expansion. Other application of the plant protein includes animal feed, beverages, nutraceuticals, medical and cosmetics. High popularity of whey protein among the supplement manufacturers, low awareness about the plant protein products especially in rural areas and less technological advancements in terms of emerging plant protein extraction processes hinders the market growth. However, due to rising popularity of sustainable protein sources, increasing number of local players are estimated to enter into the market which will result in growing market value of plant proteins in coming years.
Key Deliverables
- Market trends since 2014 and five year forecasts of market growth
- Detailed analysis of the micro and macro elements influencing demand trends
- Identifying opportunity spaces across segments and countries
- Supply & demand side trend and analysis
- Price trend analysis, investment prospects and competition pattern
- Insights on growth potential of the market
- Detailed analysis of major producers covering financial investments & strategies adopted
- Competitive landscape of the industry
Table of Contents
1. Introduction
2. Summary
3. Industry Dynamics
4. Market Size and Forecast
5. Competitive Analysis
6. Company Profiles
Appendix
Companies Mentioned
- DuPont
- ADM
- Cargill
- Bunge
- Mead Johnson
- CHS
- Scoular
- Roquette Freres Le Romarin
- Burcon NutraScience
- MGP Ingredients
- Axiom Foods
- Tate & Lyle Plc
- Fonterra
- Kerry
- Omega Protein Corporation
- Glanbia PLC
- Beneo-Pa
