South America meat substitute market is forecasted to value at 328 million USD in 2024 growing at a CAGR 12.4%.
– The market for meat substitutes is found to have a markable growth in the region. This is mainly due to the inclination towards vegan diets and the awareness towards the plant-based substitutes.
– The intolerances caused by meat-based products and the health benefits of plant-based products are also driving the market.
– The urban areas of the region are found to have a greater demand for meat substitutes. However, the range of products and brands available in the region is less as compared to other regions.
– Textured Vegetable Protein holds the major share in the region. Product innovations and new product launches are strengthening the market.
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Scope of the Report
South America meat substitute market is segmented by type into Textured Vegetable Protein, Tofu, Tempeh, Seitan, Quorn and others. The market is also fragmented on the basis of Source into Soy-based, Wheat-based, Mycoprotein-based and others. Some of the other sources include black beans, ancient grains, peas, and mushrooms.
Key Market Trends
Brazil Held a Prominent Share
Brazil remains one of the most prominent countries which follows a vegetarian diet, forming nearly 8% in the world population. The majority of the vegetarians include middle or upper-class urban dwellers, from the central and southern part of the country. The Brazilian Ministry of Health released its dietary guidelines in 2014, and stated, “Opting to consume various types of plant-based foods and limited consumption of animal products, indirectly results in a food system that is more just and less stressful on the environment, animals, and biodiversity in general. This is anticipated to further boost the market demand for meat substitutes in the country.
Textured Vegetable Protein Is The Largest Selling Meat Substitute
Textured Vegetable Protein(TVP) holds the major share in the meat substitute market. It is being used in various meat products such as burger patties, frankfurters, nuggets, sausages, meatballs, etc. The major features of textured vegetable protein are to provide the desired quality, texture, binding ability, and the appropriate amount of chewiness. It has an elastic and spongy texture which makes it suitable for products such as patties, sauces, and stews. There are mainly two types of TVPs, wheat-based TVP and soy-based TVP. TVPs are a blend of soy isolate and soy concentrate or wheat gluten and wheat protein. Wheat based TVP is lighter in color, while soy-based is darker. The lighter is used for substitutes as meats like pork, turkey, etc.
South American Meat Substitute market is a very much consolidated market with few major players holding the major market share. The South American meat substitute market is still in the growing stage with consumers less aware of many product types. The major players of the market are Beyond Meat, Tofurky, Mr. Veggy, Soyana, and The Superbom.
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Table of Contents
1.1 Research Phases
1.2 Study Deliverables
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
3.1 Market Overview
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness – Porter’s Five Force Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Degree of Competition
5 MARKET SEGMENTATION
5.1 By Product Type
5.1.2 Textured Vegetable Protein
5.2 By Source
5.2.4 Other Sources
5.3.3 Rest of SA
6 COMPETITIVE LANDSCAPE
6.1 Strategies adopted by Key players
6.2 Most Active Companies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Beyond Meat
6.4.2 Mr. Veggy
6.4.4 The Superbom
6.4.5 Impossible Foods Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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