South America Plant-Based Meat Market Outlook, 2027

Consumers across South America claim to be cutting back on meat, and while vegan claims are on the rise, felxitarians are the main target for an opportunity. Some meat alternatives replicate texture and flavour to attract curious consumers. Natural recipes made with recognizable ingredients are perceived as better for you. Combining sustainability with natural claims can help engage consumers even more Claims about low allergen content, such as gluten and lactose free, can also entice non-vegan consumers that suffer from food intolerances. The community of vegans is rising with the South America's mass population continuing with farming, making and selling animal products and by-products. An average of 8% of the people in South America and the Caribbean is vegetarian. As much as 90% of the population across Argentina, Chile, Colombia and Peru want to eat more plant-based foods. Plant-based manufacturers also saw this opportunity and hurriedly snapped up the chance to set up roots in these high-growth countries. Beyond meat was one of the first to establish their presence in Brazil, using that as a base to penetrate the rest of the market. The desire to consume a healthy, sustainable and convenient diet is the primary reason for consumers inclining towards meat substitutes. The consumers’ openness towards experimentation with food has led to an increase in the number of meat alternative products being introduced in the market. The key to reaching more consumers will be clear guidance on how plant-based products can effectively improve the health of people and planet, and also making it affordable and accessible to older generations and those living outside of cities. According to the research report “South America Plant-Based Meat Outlook, 2027" published by Bonafide Research, the plant-based meat market is expected to grow rapidly at a CAGR of 14.76% over the forecast period. The region is not new to the concept of vegetarianism and also boasts of several vegan restaurants. Plant-based meat alternatives have drawn investments and innovation in the studied market. Investment is taking place in expanded processing infrastructure and new sources of protein; innovation emphasizes flavourings, ingredients and alternatives to existing processing. Chicken burger patties & sausages together constitute for major market share of nearly 70% of the market demands. Supermarkets are a major distribution channel providing affordable food products. The number of supermarkets is growing with the increase in global population. The wide presence of supermarkets fulfils the ever-increasing demand for meat substitute products, thus fuelling the growth of the meat substitute market. However, the HoReCa sector rules the sales of plant-based meat in South America as consumers are still unaware of the various products availability and how to cook them. Plant-based meat items made from soy as a source ingredient are the most demanded ones in South America.

Despite the buzz generated by vegan diets, most people focus on consuming more plants and reducing animal ingredients rather than eliminating them. A steady rise in health-consciousness that gained even more momentum from COVID-19 means the desire to eat more plants has transcended from a trend into a fact in many markets. Brands are reacting to the trend by developing innovations that offer consumers tasty, affordable and convenient ways to increase the amount of fruit, vegetables, legumes, grains and other plants in their diets. Sustainable nutrition is the driving point for Brazil's plant-based meat market. Environmental concerns rank high among Brazilian consumers, with 77% agreeing that it’s important that the brands they buy from follow ethical or sustainability practices. Companies can highlight how they are utilising the country's rich biodiversity in nutrient-dense ingredients to avoid harming the planet and benefit local communities and their economies. Argentina has market demands for more naturalness in the products. Vegan brands should call out natural, minimally processed claims to get the attention of consumers seeking a more genuine plant-based experience and prioritize 'real' or 'whole' plant foods, such as grains and legumes. To appeal to the more health-conscious consumers, brands should specify the fat content of products instead of relying on plant-based healthy halo.

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Manmayi Raval

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In Chile, exploring local ingredients would be the key to making plant-based meat more environmentally friendly. Since as much as 66% of Chilean consumers try to buy from local companies where possible, brands should tap into the potential of sustainably and locally-sourced ingredients that have less impact on the environment, such as kelp, which can elevate a products’ health claims, taste and texture. Convenience is also important, so brands can explore formats that let creativity soar while not being too time consuming. During the COVID-19 pandemic, the food industry witnessed significant shifts, but, plant-based companies adapted and continued to launch new products and grow sales. Foodservice channel distribution was significantly impaired, and pantry stocking and panic buying led to a sharp increase in retail sales over the prior year. The COVID-19 pandemic, lockdowns have encouraged consumers to order goods online, which has boosted the online sales channels. Major Companies present in the market Beyond Meat, Kellogg NA Co, Tyson Foods Inc, Nestle S.A., Kraft Heinz Company, Unilever (The Vegetarian Butcher)

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Considered in this report • Geography: South America • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • South America plant based meat products market with its value and forecast along with its segments • Country-wise plant based meat products market analysis • Various drivers and challenges • On-going trends and developments • Five force models • Top profiled companies • Strategic recommendation Countries covered in the report • Brazil • Argentina • Colombia By Sources in the report • Soy • Pea • Wheat • Others By products in the report • Burger Pattie • Sausages • Strips & Nuggets • Meatballs • Others By Type in the report • Beef • Chicken • Pork • Fish • Others (lamb, turkey) By End-User in the report • Retail • HoReCa The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to plant-based meat industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.