South America Plant Protein Market Size, Share, COVID-19 Impact, Opportunities, 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), And By Country - Forecasts From 2022 To 2027

The South American plant protein market is projected to grow at a CAGR of 9.04%, from US$516.352 million in 2020 to US$946.140 million in 2027.

Rising preference for plant-based protein products

 The preference of individuals is shifting increasingly towards plant protein-rich foods and premium protein products, which is being facilitated by the rising awareness of the health benefits they are able to provide, thus pushing the plant protein products to gain traction among the population.  This increase in interest in premium protein products to lead a healthier lifestyle is facilitated by the desire and ability to spend more, which is being driven by an increase in disposable income among individuals in the middle- and lower-income brackets. In addition, beef is a type of red meat that is widely consumed in Argentina and is an ingredient that is widely used in food items. The data about beef consumption in Argentina by the Argentina Chamber of Commerce for Beef and its Derivatives was presented in July 2019 and shows that beef consumption dropped to its lowest value ever in the last 50 years. This is partly attributed to the increasing awareness and change of food preferences towards healthier and more protein-rich foods such as plant protein products and the steps and initiatives being taken by children, millennials, and activists.

Also, to stay healthy and lead a longer and disease-free life, the younger population in Brazil, among other countries in the region, is increasingly joining gyms and visiting fitness centres to exercise and stay fit. The daily exercises and fitness activities induce an extra appetite in the body and require a proper diet rich in nutrients and proteins in order to support the rapid growth of muscles. This causes the younger population to opt for plant-based dietary supplements such as pea protein isolates and pea protein concentrates.

Government initiatives will further propel market growth

Moreover, there are steps being taken by organizations, government bodies, and farmers throughout the South American region. For instance, in countries such as Brazil and Argentina, there are steps being taken in order to upscale the measures and importance given to animal welfare, particularly due to participation and voices being raised by the younger population. Additionally, the farmers are actively involved in providing cattle with high protein diets to facilitate the environmentally friendly project and reduce carbon emissions, as the gases passed by the cattle are rich in methane gas, which is one of the major contributors to climate change. Lastly, the active involvement by the government of Chile in making consumers aware of the nutritional contents and presence of saturated fats and sodium content in different foods means they are putting labels on the packaged and processed foods, and apart from this, they have banned packaged and processed foods in schools and other educational establishments.

Growing demand from the F&B sector

Furthermore, the market players are also contributing to the increasing demand for plant proteins by launching new products in order to improve their market position and positively impact the market growth.  For example, in March 2019, Grupo Mantiquera, the largest egg producer in South America, based in Brazil, announced the development of a vegan egg to meet the growing demand for plant-based protein-rich food. The vegan egg called the “N.Ovo” is made using pea starch. This product comes in the form of a powder, which is packaged in a traditional egg carton and can be used for cooking and baking applications. The product was launched at the Rio Super Expofood event and was developed in collaboration with the Good Food Institute (GFI), which is a non-profit organization that is into accelerating the development of plant-based food with the objective of reducing meat consumption in Brazil.

The Increasing penetration of the internet is causing the demand for online channels to soar.

The market has been segmented by distribution channels; the market has been segmented by online and offline.  The online distribution channel is projected to hold a significant market share and increase its share over the forecast period. This is attributable to the fact that the penetration of internet services is happening at a good pace, which is facilitating the increase of e-commerce channels. People are placing online orders for groceries and food items due to the convenience and lucrative discounts they are offered.

Products Offerings by key players

• Axiom Foods' renowned VegOtein P is made from yellow, non-GMO peas by using a natural, chemical-free water extraction technique. VegOtein P provides the most consistently improved sensory experience on the market and is offered in one of the largest commercial supplies. VegOtein P, a superior plant protein source, is particularly high in Lysine and Arginine as well as important amino acids like iron. In food-grade good offerings, it is used as a substitute for and/or in combination with whey protein and soy protein. In addition to pea proteins, the firm also offers Cananatein (hemp protein), Cucurbotein (pumpkin protein), and Oryzatein (rice protein), among a few others. 
• Kerry Inc's allergen-free, clean-label vegan protein called ProDiem Refresh was particularly designed for low pH plant-based beverages. ProDiem Refresh offers a clean taste and light texture as a pea protein hydrolysate with optimized solubility, stability, and clarity to provide maximum refreshment in a number of applications, including waters, juices, and energy beverages. 
• ADM's MaxFlex Protein Blend systems are developed for diverse synergistic and positive nutrition applications. It offers premium protein quality in plant-based beverages and snack offerings. 

COVID-19 Insights

COVID-19 had a significant impact on the South American plant-based protein market. The epidemic significantly impacted the consumers' dietary habits as they became more health conscious, driving up demand for a balanced diet that is nutrient-rich. The demand for plant-based protein increased as a result of this trend. The growing number of vegans in the region is another driving factor.

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
• By Country
  • Brazil
  • Argentina
  • Colombia
  • Chile
  • Peru
  • Others

DuPont

Cargill, Incorporated

ADM

Ingredion Incorporated

Kerry Group

Amway

Axiom Foods

Roquette Frères