South America Meat Substitute Market -Segmented by Type (Crisps/Chips, Extruded Snacks, Nuts and Seeds, Popcorn and Other Product Types), Distribution Channel (Hypermarkets/Supermarkets, Specialty Store, Departmental Store and Other Distribution Channels), and Geography - Growth, Trends and Forecasts (2018 - 2023)
South America Meat Substitute Market Insights
Veganism is trending as people find that plant-based proteins are also complete proteins, if eaten in the right combination, for the right body type. They can even work better than animal proteins, mainly because of the absence of hormones and enzymes.
The South America meat substitute market has been gradually growing, and is expected to witness robust growth in the region due to increased inclination toward vegan trend, and awareness about plant-based meat substitutes.
The South America meat substitute market was valued at USD 144.86 million in 2017, and is estimated to be worth USD 291.95 million by 2023, registering a CAGR of 12.4% during the forecast period, 2018-2023.
South America Meat Substitute Market Dynamics
The rising popularity of ethnic cuisines from the Asian region is a major factor boosting the market growth of meat substitutes in South America. However, the availability of products and brands is still very less, as compared to the global level. Therefore, restraining the market growth currently.
Soy protein, the most common meat substitute, is proving to be a viable market for growers and manufactures, as more consumers are gradually shifting towards plant-based protein diets.
South America Meat Substitute Market Segmentation
South America meat substitute market is segmented on the basis of product type, source and geography. On the basis of product type, the market is further segmented as textured vegetable protein, tofu and others.
Most of the meat substitutes are based on old traditional recipes, such as wheat gluten, mushrooms, legumes, tempeh, and pressed tofu, with added flavorings to give it meat flavor profile.
South America Meat Substitute Market Analysis
The meat substitute market in South America was led by Brazil, with share of 80.06% in 2017, then by Argentina and rest of South America.
The TVP category remains the most popular meat substitute in the region owing to entry of various companies/brands such as Mr. Veggy, Superbom, and Vegabom.
Key Developments in South America Meat Substitute Market
June 2018 -Beyond Meat opened its second production facility in Columbia, Missouri, to meet the increasing consumer demand of Meat Substitute.
Competitive Landscape of South America Meat Substitute Market
South America Meat Substitute Market Major Players -Beyond Meat, Mr. Veggy, Vegabom,The Superbom, Impossible Foods Inc. and Tofurky, among others.
Reasons to Purchase South America Meat Substitute Market Research Report
Analyzing outlook of the market with the recent trends and Porter’s five forces analysis.
Market dynamics which essentially consider the factors which are impelling the present market scenario along with growth opportunities of the market in the years to come.
Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects.
Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
Competitive landscape involving the market share of major players along with the key strategies adopted for development in the past five years.
Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis and strategies employed by the major market players.
3 months analyst support along with the Market Estimates sheet in excel.
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