Market Trends of south america plant protein ingredients Industry
Brazil contributes the largest share in the regional plant protein consumption across region
- The graph depicts the per capita consumption of plant protein in all South American countries. In Brazil, agriculture and food production are two of the most important components of the economy. This high demand can be attributed to the country's aging population, which is estimated to triple by 2050, covering around 66 million Brazilians. In Brazil, plant protein is commonly used in protein bars and energy bars, breakfast cereals, various processed meats, and meat alternatives to improve taste and texture, and several muscle-gain supplements in the fitness industry. Soy protein is the most commercially used plant protein, and it is the largest market segment in the country, followed by wheat protein and pea protein.
- The Argentine market has witnessed growing demands for vegetable-centric cuisines in the past few years because over 40 million people are following a vegan diet. This trend has been particularly prominent in urban areas, such as Buenos Aires, Córdoba, and Mendoza, wherein people opt for plant-based diets for their daily macronutrient requirements.
- The popularity of plant-based dairy products is growing rapidly in countries such as Brazil, with an increasing number of people affected by gluten and lactose intolerance. For instance, 80-85% of the people in the region are lactose intolerant. Owing to this, the demand for alternative dairy products has been increasing. Increasing sales of plant-based protein foods has the dual benefit of improving diets and reducing agricultural carbon emissions. Changing market requirements and rising demand may create sustainability issues in supply chains. Thus, other countries of the region are adopting the pattern and encouraging more intake of peas and other protein forms in their regular diets.
Understand The Key Trends Shaping This Market
Download Sample
Soy and pea production will witness significant growth during forecast period
- The graph depicts the production of raw materials such as peas (dry), rice, soybeans, and wheat for all South American countries. Plant proteins sourced from soybeans, peas, and wheat have emerged as the major protein types in the South American plant protein ingredients market. From 2000 to 2019, the area cultivated with soybeans more than doubled from 26.4 Mha to 55.1 Mha. However, due to unfavorable crop weather conditions, including droughts, and Russia's recent invasion of Ukraine, there has been a reduction in the total soybean production in the region. In February 2022, Brazil's soybean crop amounted to 4,610 MBU, i.e., down from the January projection of 5,162 MBU.
- Argentina is one of the major producers of green peas in the region. Though the area of dry peas in South America fluctuated substantially in recent years, it tended to increase through the 1971-2020 period ending at 167,541 ha in 2020. Accounting for around 7% of global exports, Argentina is the main producer and exporter of wheat in the region. Argentina has three wheat-planting areas: North, Central, and South (Bolsa Comercio Rosario). The Central and Southern regions contribute more than 95% of the production. In contrast, Brazil is a significant importer, with 15% of its imports coming from Paraguay, Russia, Uruguay, and Canada, and 75% of its imports coming from Argentina. Many significant wheat importers who rely on Black Sea supplies are concerned about the supply of wheat and food security as a result of the ongoing crisis in Ukraine. Argentine crop farmers are currently planning wheat planting. In recent years, wheat has been assigned a larger share in crop rotations in the Pampas, the most important agricultural region in the country.
Understand The Key Trends Shaping This Market
Download Sample
OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- Organic food and incorporation of omega-3 trends are highly gaining traction
- Alcohol alternatives are boosting the market
- Growing consumer demand for naturally healthy sauces and dressings is benefitting multinational companies
- Increasing lactose intolerance to support dairy alternative sales
- Rising popularity of plant-based food products
- Consumer shift toward diet-based food drove the market growth
- Compound feed to support the market growth
- International key players to expand their footprint
- Consumer shift toward low-carb diet poses threat to market growth
- Brazil holds major share in South America chocolate market
- Increasing elderly population is changing the market dynamics
- The demand for clean label products is increasing
- Increased health and wellness trends driving the market
- South America forms a lucrative market for cosmetics
