Chile Plant Protein Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Source (Pea, Rapeseed, Soy, Hempseed, Others), By Form (Protein Concentrates, Protein Isolates, Protein Hydrolysate), By Application (Dietary Supplement, Food, And Beverages, Pharmaceuticals, Animal Feed), By Distribution Channel (Online, Offline) - Forecasts From 2022 To 2027

The Chile plant protein market is estimated to be valued at US$22.997 million in 2020 and is anticipated to grow at CAGR of 8.88% to attain value of US$41.528 million by 2027. There are an increasing number of individuals preferring to consume plant protein-rich diets and reduce their consumption of proteins sourced from animals, in order to mitigate the adverse health effects such as cardiovascular diseases and type 2 diabetes, caused as a result of excess meat consumption, which is leading to a rise in demand for plant proteins and is augmenting the market growth.

The interest among consumers regarding the consumption of premium products consisting of natural ingredients such as foods rich in plant-protein, foods with low cholesterol levels and less saturated sugars, and low sodium content is leading to an increase in demand among the population, causing the market growth to surge over the forecast period.Furthermore, as the high-income population becomes more aware of the importance of living a healthy lifestyle, they are spending more money on healthier foods and protein-rich plant-based foods.

Moreover, the government is actively involved in taking steps in setting guidelines in order to make the population aware of the risks associated with the consumption of foods, which have high sodium, cholesterol, and saturated fats. For instance, the nutritional labelling law, which was implemented on July 27, 2016. Under this law, all the packaged food products containing high levels of sugar, calories, sodium, and saturated fat, must contain a label so as to warn the consumers. In addition, products with these warning signs were banned from schools in order to promote healthy eating habits among children. The major aim of this law was to promote the consumption of healthier food in educational establishments.

Furthermore, there are investments and enhanced product launches in the market by the active involvement and participation of market players in order to increase their market share and contribute to the growth of the market over the forecast period. For example, on March 4, 2019, NotCo, a company based in Chile, that makes use of artificial intelligence in order to facilitate the development of its plant protein products, announced that it had received an investment of $30 million from Jeff Bezos, the founder of Amazon. The investment round was led by Craftory, followed by Bezos Expeditions. This funding was provided to be used to support the development of new products such as alternative milk and ice cream.

Increasing consumption of Soy-based Plant Protein

By source, the plant-based protein market has been segmented into pea, rapeseed, soy, hempseed, and others. Soy-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 soy products are increasing in Chile due to the rising awareness regarding leading healthier lifestyles and consuming a balanced diet among the population.

Key Developments

• Consumers in Chile now have 8% more vegan items available to them than they did four years ago. Today, 12 percent of the nation's food market is made up of vegan products, which means that more than one in ten of the items you can find on store shelves are free of any animal products. Over the same period, there was a rise of roughly 5% in the number of food products with the "plant-based" label.For instance, Chile's NotCo has established itself as one of the most recognisable brands not just in Latin America but also internationally. The AI-powered food technology quickly became a unicorn in a $235 million round backed by athletes like Roger Federer and Lewis Hamilton after entering the US market.
• Pow! Foods is a Chilean alternative protein company that is creating plant-based chorizo and other meat substitutes that are scientifically engineered to have more protein and less fat than equivalent animal-based products.

COVID-19 Impact

The COVID-19 has increased consumer demand for plant-based goods, particularly plant-based meats, which has increased market rivalry. The quantity of new product launches in the industry has increased significantly. Similar to how the number of companies developing food technology is growing, more competition is anticipated in the near future.

Market Segmentation

• By Source
  • Pea
  • Rapeseed
  • Soy
  • Hempseed
  • Others
• By Form
  • Protein Concentrates
  • Protein Isolates
  • Protein Hydrolysate
• By Application
  • Dietary Supplement
  • Food and Beverages
  • Pharmaceuticals
  • Animal Feed
• By Distribution Channel
  • Online
  • Offline

NotCo

DuPont

ADM

Naturex (Part of Givaduan)

Amway