The size of the Latin America plant-based protein market is expected to be worth USD 1.90 billion in 2024 and grow at a CAGR of 14.49% from 2024 to 2032 to achieve USD 5.62 billion by 2032. The Latin American plant-based protein market is shifting from conventional sources like soy and pea. The growing consumer interest in health and diversity is prompting manufacturers to include a wider range of protein sources, including hemp, chickpeas, and lentils. This pattern increases the possibilities available to consumers, supporting a variety of dietary preferences and increasing the market's attractiveness. The industry's focus on diversification helps the market remain resilient and sustainable while also meeting consumer demand for innovation.
Latin American consumers are moving towards diets high in nutrients as a result of the rise in wellness and health consciousness. Additionally, plant-based proteins are growing rapidly. This is because of supportive government policies and legislation. Also, global initiatives to address environmental issues and promote healthy eating habits supporting sustainable agriculture and nutritional changes are expanding the market. The Latin American plant-based protein market is facing various obstacles that restrict integration. Plant-based protein sources face higher production costs and processing requirements. This makes them less competitive in price-sensitive markets and also requires specialized equipment.
There is a significant shift towards creating novel goods like snacks, dairy substitutes, and meat substitutes. Moreover, the Latin American plant-based protein market is influenced by the growing popularity of flexitarian and vegetarian diets. These dietary choices are becoming more and more popular among consumers on moral, ethical, and environmental grounds. People are choosing plant-based protein sources more often as a result of this trend because they want to eat food that is consistent with their ideals. Traditional meat sensory experience is challenging to replicate due to inconsistent flavor, texture, and a limited range of products. Moreover, plant-based protein supply chain disruptions and fluctuating prices can disrupt market stability. This poses challenges to producers and stifles expansion.
COVID-19 significantly impacted the Latin America plant-based protein market. This is due to increased health consciousness and meat supply chain issues. Furthermore, sustainability concerns, the rise of vegetarianism and veganism, and dairy intolerance issues are driving consumers towards plant proteins.
The isolates segment is anticipated to lead the Latin America plant-based protein market because of its growing application in improving the nutritional value of cereals, candies, dairy products made without milk, and confections. Since isolates have superior emulsification and non-allergic qualities, they are widely used as nutritional supplements in fruit mixes, energy drinks, and bakery goods.
The protein beverages segment is dominating the Latin American plant-based protein market. The rise in consumption is attributed to rising consumer preferences, increased awareness of high-protein foods, their compatibility with vegetarian and vegan diets, and the growing clean-label movement.
The soy segment is expected to hold a bigger share of the Latin American plant-based protein market. The primary reasons for this are elevated levels of consumer acceptance, enough manufacturing capacity, reduced expenses, amplified demand, effortless accessibility to raw materials, and extensive utilization across diverse sectors.
Whereas the pea protein segment is also anticipated to develop at the fastest CAGR. This explosive rise is mostly due to its nutritional value and its ability to be lactose, gluten-free, and allergen free.
Brazil plant-based protein market is estimated to propel at a higher CAGR during the forecast period. It is one of the largest consumers of meat and is moving more towards plant-based substitutes. And, this is due to greenhouse gas emissions and deforestation by conventional animal production methods.
Mexico is experiencing a rising consumption of plant-based food and beverage alternatives. The rise in veganism and vegetarianism is fueled by a shift in dietary habits, increasing consumer interest, and the nation's focus on healthy eating.
Argentina is one of the world's biggest meat consumers. It has seen a slow increase in veganism, and Green Eats has capitalized on this rising trend. The industry is expanding due to rising purchasing power and increased awareness of wellness and health.
Companies playing a significant role in the Latin America Plant Protein Market are Archer Daniels Midland Company, Cargill, Incorporated, Roquette Frères Le Romain, Ingredion Incorporated, Kerry Group, DuPont de Nemours, Inc., Now Foods, Tate & Lyle PCL, Axiom Foods Inc., AMCO Protein, Burcon NutraScience Corporation, BENEO GmbH, Glico Nutrition Co., Ltd, Glanbia plc, Cosucra Groupe Warcoing SA, Sotexpro, Farbest Brands, Crespel & Deiters GmbH & Co. KG, Wilmar International, and CHS Inc.
In January 2024, there was a strategic collaboration that enabled Chunk Foods to acquire 7.5 million dollars in seed extension finance.
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