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Market Insights
The South America plant protein market is anticipated to register CAGR of 6.9%, during the forecast period (2018-2023).
Changing Lifestyle Pattern and Inclination towards Plant based Products- Driving the Market
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. Besides, 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.
Soy Protein at the Leading Front
By product type, soy protein continues to lead the market and is expected to register a CAGR of 6.6% during the forecast period. By application, the plant protein market was led by meat extenders and substitutes, followed by beverages, and nutritional supplements. Pea protein, the result of dried yellow pea is often found in the region and is expected to witness highest growth rate owing to its feature for no allergy threat (when compared to wheat or soy).
Brazil and Argentina – Major Contributor to Market Growth
The Brazilian plant protein market is propelled by demand for sports and nutrition products by athletes, body builders, and recuperating patients. The Argentina plant protein market is expected to witness CAGR of 5.4%, during the forecast period.
Key Developments
• September 2017- Good Food Institute (GFI) is working in Brazil to support companies with product development, funding, and promotion of plant-based foods & beverages in the country. The plant based product market has progressed in the recent years in Brazil. For instance: until 2014, there was only one option for plant-based cheese i.e. powder mixture in Brazil. However, in 2015 Superbom (a supplier of vegan and vegetarian food in Brazil) launched vegan cheese made of potatoes (water, potato starch, palm oil, carrot concentrates, apple and pumpkin, salt, and cheese aromas).
Major Players - AMWAY CORPORATION, ARCHER DANIELS MIDLAND COMPANY, AVEBE NUTRITION, CARGILL, INC., DU PONT-DANISCO, GLANBIA PLC, KERRY GROUP, OMEGA PROTEIN CORPORATION, ROQUETTE FOODS, SCOULAR COMPANY, among others.
Reasons to Purchase this Report
• Analyzing outlook of the market with the recent trends and Porters five forces analysis
• Market dynamics, which essentially consider the factors, which are impelling the present market scenario, along with growth opportunities of the market in the years to come
• Market segmentation analysis, including qualitative & quantitative research incorporating the impact of economic & non-economic aspects
• Regional and Country level analysis integrating the demand and supply forces that are influencing the growth of the market
• Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
The South America plant protein market is anticipated to register CAGR of 6.9%, during the forecast period (2018-2023).
Changing Lifestyle Pattern and Inclination towards Plant based Products- Driving the Market
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. Besides, 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.
Soy Protein at the Leading Front
By product type, soy protein continues to lead the market and is expected to register a CAGR of 6.6% during the forecast period. By application, the plant protein market was led by meat extenders and substitutes, followed by beverages, and nutritional supplements. Pea protein, the result of dried yellow pea is often found in the region and is expected to witness highest growth rate owing to its feature for no allergy threat (when compared to wheat or soy).
Brazil and Argentina – Major Contributor to Market Growth
The Brazilian plant protein market is propelled by demand for sports and nutrition products by athletes, body builders, and recuperating patients. The Argentina plant protein market is expected to witness CAGR of 5.4%, during the forecast period.
Key Developments
• September 2017- Good Food Institute (GFI) is working in Brazil to support companies with product development, funding, and promotion of plant-based foods & beverages in the country. The plant based product market has progressed in the recent years in Brazil. For instance: until 2014, there was only one option for plant-based cheese i.e. powder mixture in Brazil. However, in 2015 Superbom (a supplier of vegan and vegetarian food in Brazil) launched vegan cheese made of potatoes (water, potato starch, palm oil, carrot concentrates, apple and pumpkin, salt, and cheese aromas).
Major Players - AMWAY CORPORATION, ARCHER DANIELS MIDLAND COMPANY, AVEBE NUTRITION, CARGILL, INC., DU PONT-DANISCO, GLANBIA PLC, KERRY GROUP, OMEGA PROTEIN CORPORATION, ROQUETTE FOODS, SCOULAR COMPANY, among others.
Reasons to Purchase this Report
• Analyzing outlook of the market with the recent trends and Porters five forces analysis
• Market dynamics, which essentially consider the factors, which are impelling the present market scenario, along with growth opportunities of the market in the years to come
• Market segmentation analysis, including qualitative & quantitative research incorporating the impact of economic & non-economic aspects
• Regional and Country level analysis integrating the demand and supply forces that are influencing the growth of the market
• Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
