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Latin America Plant-based Protein Market by Type (Isolates, Concentrates, Protein Flour), Application (Protein Beverages, Dairy Alternatives, Meat Alternatives, Protein Bars, Processed Meat, Poultry & Seafood, Bakery Product), Source (Soy, Pea, Wheat, Others) and By Country (Brazil, Mexico, Argentina, Chile and Rest of Latin America) – Size, Share, Trends, Growth, Forecast (2023 to 2028)

Published: March, 2023
ID: 9472
Pages: 138
Formats: report pdf report excel report power bi report ppt

Latin America Plant-based Protein Market Growth and Forecast (2023 - 2028):

Latin America Plant-based Protein Market is foreseen to enlist a CAGR of 7.34% during the estimated time frame (2023 - 2028).

Market Overview:

Plant-based protein is a unique protein extracted from plant sources like soy, wheat, pea, and others. They act as building squares to muscles and tissues in the human body and are valuable for weight reduction. The Latin American nations are seeing developing urbanization and changing ways of life because of globalization. Purchasers are prepared to pay for wellbeing and health items, which is driving the development of proteins and different enhancements.

Besides, the expanded buy power came to the upper-middle-class as of late is setting off the plant protein market development in Latin America. Moreover, hypersensitivity and bigotry identified with creature protein have expanded among the two people and pets. Consequently, the interest in plant-based protein ingredients in the market sees an ascent.

Recent Developments in Latin America Plant-based Protein Industry:

  • Walgreens, a pharmaceutical organization situated in the United States, has a significant store with a different sports food area for the nutraceutical hall.
  • In October 2018, DuPont Nutrition and Health expanded their plant-based protein items with another pea protein for refreshments called TRUPRO 2000 Pea Protein.

Drivers:

In Latin America, items made with soy protein, whey protein and milk protein represent 70% of all high-protein dispatches over the most recent five years. Yet, plant-based protein sources are picking up consideration. Shoppers are attempting to add more plant-based foods to their eating regimens by grasping vegetables, nuts, grains and seeds as elective wellsprings of protein. In standard food and beverage items, proteins obtained from peas, rice, chia seeds, oats and potatoes are the absolute most famous sources.

There are three primary reasons Latin American buyers are floating towards plant proteins:

Maintainability: 68% of buyers in Argentina, Chile and Brazil state they genuinely care about dependable utilization, as indicated by Mintel.

Vegetarianism and veganism: A developing number of customers distinguish as veggie-lover, veggie lover or the more current "flexitarian", which is making a vegan like eating regimen significantly increasingly well known among buyers.

Dairy intolerance: Lactose intolerance in Latin America influences a dominant part of the populace, as per a few examinations, which position plant proteins as an increasingly attractive choice.

Restraints:

The nonattendance of awareness for plant-based proteins in specific zones is hampering the progress of business park improvement. Also, flighty thing costs are depended upon to slow market advancement during the gauge period.

Latin America Plant-based Protein Market Segmentation Analysis:

In terms of the source, the soy protein fragment is foreseen to rule the regional market in the following years. Latin American soy protein ingredients market is moved by the interest of sports and nourishment items by competitors, sportsperson, and recovering patients. Furthermore, the weight of the board class is likewise developing where protein is the principal constituent ingredient. A tremendous lactose intolerance populace that drives interest for interchange dairy substitutes, for example, soy protein describes Latin America. Further, there is a significant undiscovered potential for the GMO-free and clean-name based soy protein ingredients. Players are concentrating on eco-friendly methods for the growth of soybeans to process into the substantial caliber and safe proteins of soy.

Depending on the type, the isolates segment is projected to dominate the Latin American plant-based protein market over the prospect period. These isolates incorporate high protein content along with more digestibility characteristics. They are found in various applications like dietary supplements, protein beverages, sports nutrition products, and so on. The booming demand for isolates amongst bodybuilders, athletes, vegan communities and broad application in various drinks and dairy products due to their functional aspects is driving the traffic in this section.

By application, the food and beverage segment is anticipated to hold the most significant portion of the Latin America plant-based protein market. This is mainly ascribed to the surging demand for sustainable products, increase in consciousness about the health benefits of such proteins, growing concerns on animal products and ingredients, ascend in vegan population and skyrocketing meat prices in the neighbourhood. Moreover, the nutrition and health supplement section is supposed to witness a notable extension due to the change in lifestyle, developing health & wellness trend, and expanding prevalence of new infections.

Regional Analysis:

Plant protein, for example, soy protein is usually utilized in protein and vitality bars, breakfast grains, different prepared meats, and meat options for development in taste and surface, just as in various muscle gain supplements in the wellness business. Geologically, the Latin American market for plant protein is sectioned into Brazil, Argentina, and Mexico, of which, Brazil contributes the most significant offer. With an expansion in R&D and a flood in plant protein creation in the ongoing occasions, numerous organizations have shown enthusiasm for setting up assembling units in these areas of Latin America.

Competitive Landscape:

So as to expand their portion of the pie, organizations are concentrating on new imaginative items, by focusing on the original wellspring of plant proteins, for example, hemp and chia. Countless players drive the local plant-based protein market. The significant players in Latin America plant-based protein industry incorporate Ajinomoto, Kerry Group, Tate and Lyle, Dien Inc., KF Specialty Ingredients, and Arla Foods Ingredients, among others.

Key Players in the Market:

Major Key Players in the Latin America Plant-based Protein Market are

  • Cargill Inc
  • Archer Daniels Midland (ADM)
  • DuPont
  • Kerry Group
  • Glanbia PLC
  • Tate & Lyle PLC
  • IngredionInc
  • BurconNutraScience Corp
  • Axiom Foods
  • Royal DSM N.V.
  • Sotexpro S.A.

 

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