Market Size of South America Meat Substitute Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 11.45 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South America Meat Substitute Market Analysis
The South American meat substitute market is projected to register a CAGR of 11.45% during the forecast period.
- Due to the rising recognition of the advantages of a vegetarian diet, the demand for plant-based meals expanded along with changing lifestyles. This, in turn, drives the growth in the meat substitute market. Although animal sources are rich in protein, the excessive consumption of animal-based products may result in chronic diseases, including obesity, cardiovascular disorder, and diabetes.
- Due to the above factors, meat consumption has stagnated across Latin America and is expected to decrease in the coming years. According to CONAB, Brazil's meat consumption dropped from 20.2 million metric tons the year before to under 20 million tons in 2022.
- Additionally, in recent years, the growing concern about animal abuse for meat production has greatly impacted the way consumers think about meat consumption. This factor further changes the consumer's choice of plant-based meat products to reduce animal slaughtering for meat and thereby increase the demand for meat analogs in the market.
- For instance, in 2021, a global survey by Green Queen on changing consumers' patterns towards vegan diets involving 8500 participants across 100 countries reported that nearly 90% of respondents cited animal welfare as a primary reason for the inclination toward a plant-based diet.
- However, plant-based meat has low cholesterol levels, saturated fats, and calories and is enriched with micronutrients such as calcium and zinc. Thus, the growing consumer consciousness regarding health is increasing the demand for plant-based meat products and further fueling market growth.
- Owing to the consumer demand for meat analogous, the manufacturers are focusing on producing innovative plant-based meat products to cater to the need. Further, the consumers perceive that replacing animal-based meat with meat substitutes can lower the risk of heart disease as plant-protein food can lower cholesterol levels.
