Brazil’s plant protein market is projected to grow at a CAGR of 8.96%, from US$290.599 million in 2020 to US$529.978 million in 2027.
There is a rising threat of suffering from serious diseases such as diabetes, and obesity due to the consumption of meat such as beef and pork, among others. This is resulting in increased awareness among the younger population and adult population in order to mitigate this threat by leading a healthier lifestyle by consuming more foods with protein from natural sources such as plants, thereby increasing the demand for plant proteins and leading to a surge in market growth. In addition, the welfare of animals is given good importance in Brazil, which is resulting in a significant increase in the number of Brazilian consumers that are reducing their consumption of meat, and meat-based foods and turning their preference towards foods rich in proteins sourced from plant-based alternatives.
Increased inclination towards plant-based products
Additionally, there has been an increase in the younger population going to the gym in order to stay fit and maintain a healthier lifestyle. This increases the daily dietary requirements of the individuals and encourages them to consume supplements such as protein isolates, which replenish the nutrients in the body and help to build the muscles faster. Thus, this factor is contributing to the growth of the market over the forecast period. Furthermore, there are steps and actions being taken by the market players in order to encourage the adoption of plant proteins and strengthen their market position so as to fuel the market’s growth further over the forecast period.
For example, in November 2019, Axiom Foods, one of the leading companies dealing in the provision of top-quality pea protein, rice protein, and other plant protein ingredients, announced that they had entered into a distribution agreement with Univar Solutions Brazil in order to facilitate the distribution of food and beverage products. Under this agreement, Axiom Foods will present plant-based protein ingredients from its product portfolio in the markets of Brazil. In May 2019, NotCo, one of the leading food tech startups, based in Chile, announced that it had entered into a partnership agreement with Grupo Pão de Açúcar (GPA), a Brazilian supermarket operator, in order to offer its range of plant-based products. NotCo manufactures a chickpea-based vegan mayonnaise called “Not Mayo” and is also involved in developing other plant-based alternatives such as Not Milk and Not Ice cream.
Pea-based plant protein is anticipated to witness notable growth in the forecast period.
By source, the plant-based protein market has been segmented into pea, rapeseed, soy, hempseed, and others. Pea-based plant protein is expected to hold a significant market share over the forecast period, which is attributable to the fact that the demand and consumption of pea products are increasing in Brazil due to the health benefits it is able to provide. Additionally, the increasing efforts of the major players in order to encourage the consumption of protein sourced from plant-based sources are also contributing to the market share of pea protein.
Products offered in the market
Key Developments in the Market
COVID-19 Insights
COVID-19 had a significant impact on the Brazil plant proteins market. The increased consumption of a high-protein diet amid the pandemic to boost immunity increased the consumption of plant-based proteins too. The gap in the supply and demand chain of meat further surged the market growth. Nonetheless, the mandated lockdown and border restrictions had a significant impact on the overall market development.
Segmentation