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South America Protein Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2026

South America Protein Market - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2026

  • September 2022
  • ID: 6321748
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The South America Protein Market stood at 1.43 billion usd in 2021 and is projected to register a CAGR of 3.99% to reach 1.74 billion usd in 2026.

Key Highlights
Largest Segment by Source - Plant : Plant proteins have become the major protein source in South America as these proteins contain fewer allergic components, supported by a survey led by DuPont in the region.
Largest Segment by End User - Food and Beverages : The higher supply of plant proteins like rice, pea, and wheat proteins that can mimic meat texture, together with protein fortification, is catering to the segment.
Fastest Growing Segment by Source - Plant : The fastest growth of plant protein is aided by the growth of the F&B industry, mainly bakery and snacks. Pea protein remained the region’s fastest-growing plant protein.
Fastest Growing Segment by End User - Personal Care and Cosmetics : The rise in demand for natural ingredients and protein-enriched skin, body, and hair care products is driving the fastest growth of the segment.

Key Market Trends

Largest Segment By End User : Food and Beverages

In terms of value, the F&B segment was the leading segment, and it is expected to register a CAGR of 3.68%, by value, during the forecast period. Bakery and meat/meat alternatives remain the most dominant sub-segments in the F&B segment, accounting for value shares of 26.4% and 23.6%, respectively. By protein type, gelatin remained the most used protein in the bakery sector as it delivers protein fortification and also acts as a transparent gelling and thickening agent in baked goods.
Bakery and beverages are the fastest-growing sub-segments, aided by constant innovation and increased demand for energy-boosting, skin-boosting, and other nutritious products. However, during the forecast period, the personal care and cosmetics segment is projected to be the fastest-growing end-user segment, registering a value CAGR of 6.34%, majorly driven by collagen protein applications.

Largest Country : Brazil

The market is expected to see high growth potential, registering a CAGR of 3.99% during the forecast period, owing to the rise in government backing. For instance, the introduction of new regulations by the National Sanitary Surveillance Agency (ANIVSA) for dietary supplements in 2018 in Brazil made it a lot easier for brands to enter the country. It also made it easier for existing brands to flourish and innovate.
By country, Brazil dominates the market, where plant protein demand led the market. This high demand can be attributed to the country’s aging population, which is estimated to triple by 2050, covering around 66 million Brazilians. With growing concerns, consumers are increasingly adopting healthy diets. As a result, Brazil recorded the fastest growth potential among all South American countries, with a CAGR of 5.49% during the forecast period. By application, the F&B segment leads the market demand, under which 70% of its demand is shared by the bakery, meat/meat alternatives, and dairy/dairy alternatives sub-segments.

Competitive Landscape

The South America Protein Market is fragmented, with the top five companies occupying 24.65%. The major players in this market are Archer Daniels Midland Company, BRF S.A., DuPont de Nemours Inc, Ingredion Incorporated and Kerry Group plc (sorted alphabetically).

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