South America Plant Protein Market is anticipated to register CAGR of 7.34%, during the forecast period (2020-2025).
Key Highlights
- The South American countries are witnessing growing urbanization and changing lifestyles due to globalization. Consumers are ready to pay for health and wellness products, which is driving the growth of proteins and other supplements.
- Furthermore, the increased purchase-power reached by the middle class in recent years is triggering the plant protein market growth in South America. Moreover, allergy and intolerance related to animal protein has increased among both humans and pets, and thus, the demand for plant protein ingredients in the market is witnessing a rise.
Key Market Trends
Increasing Demand for Soy Protein based Product
South American soy protein ingredients market is propelled by demand for sports and nutrition products by athletes, body builders, and recuperating patients. Additionally weight management category is also growing where protein is the main constituent ingredient. A huge lactose intolerant population that drives demand for alternate dairy substitutes, such as soy protein characterizes South America. Further, there is a substantial untapped potential for the GMO-free and clean-label based soy protein ingredients. Manufacturers are seeking eco-friendly ways of cultivating and/or sourcing soybeans in order to process into high quality and safe soy proteins.
Brazil Holds the Largest Market Share
Plant protein such as soy protein is commonly used in protein and energy bars, breakfast cereals, various processed meats, and meat alternatives for improvement in taste and texture, as well as in a number of muscle gain supplements in the fitness industry. Geographically, the South American market for plant protein is segmented into Brazil, Argentina, and Mexico, of which, Brazil contributes the largest share. With an increase in R&D and a surge in plant protein production in the recent times, many companies have shown interest in setting up manufacturing units in these regions of South America.
Competitive Landscape
In order to increase their market share, companies are focusing on new innovative products, by targeting the new source of plant proteins, such as hemp and chia. A large number of players drive the plant protein market. The major players in South America plant protein ingredients market include Ajinomoto, Kerry Group, Tate & Lyle, Dien Inc., KF Specialty Ingredients, and Arla Foods Ingredients, among others.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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