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

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

  • September 2022
  • ID: 6321750
  • Format: PDF
  • Mordor Intelligence LLP


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The South America Plant Protein Ingredients Market stood at 880.70 million usd in 2021 and is projected to register a CAGR of 4.74% to reach 1.11 billion usd in 2026.

Key Highlights
Largest Segment by Product Type - Soy Protein : Among all, soy protein remained most favored, owing to its low cost and excellent quality. The animal feed and F&B industries drove the soy protein segment in the region.
Largest Segment by End User - Food and Beverages : The high supply of plant proteins (rice, pea, and wheat) that have an ability to mimic meat texture, together with protein fortification, is catering to the segment.
Fastest Growing Segment by Product Type - Pea Protein : Pea proteins are gaining demand from meat alternatives, due to their quick rehydration, neutral flavor, and texturizing abilities, leading to a slew of new products.
Fastest Growing Segment by End User - Animal Feed : Soy and wheat proteins are the plant proteins used in the segment due to their functionality traits, and they are ideal alternatives to fish and animal-based feeds.

Key Market Trends

Largest Segment By End User : Food and Beverages

The food and beverage segment emerged to be the major segment in the market, with a share of 60.91%, by value, in 2020. The F&B segment is dominated by meat and meat alternatives, with a CAGR of 2.88%, by volume, during the forecast period. Protein ingredients provide properties that mimic meat texture, making them suitable for vegans. The growing knowledge of healthy eating habits and environmental concerns are driving the demand for these items in the region.
Animal feed remained the second-largest end-user segment with a value share of 47.79% in 2020, and it is projected to be the fastest-growing segment with a CAGR of 5.39%, by volume, during the forecast period. The high sales of proteins in the animal feed segment are attributed to the region’s massive cattle population. It is mostly driven by the growing number of vegetarians and vegans who rely on soy proteins for their bodybuilding demands.

Largest Country : Brazil

By country, Brazil claimed the largest share in 2020, where the plant protein demand in F&B dominates sales. This high demand can be attributed to the country’s aging population, and it 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.
The country, bearing about half of the region’s population, has a vast consumer base and, thus, receives a major focus of competitors. In the review period, the country witnessed the most number of plant protein-based product launches with the emergence of startups, such as The New Butchers, Future Farm, Behind The Foods, and Superbom. The country was followed by Argentina, which had an accelerating plant-based trend in the region.

Competitive Landscape

The South America Plant Protein Ingredients Market is fragmented, with the top five companies occupying 36.86%. 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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