South America Plant Based Milk Market Outlook, 2029

Agriculture and mining form the two most important bases for South America economy that is a developing region. The land is full of minerals and other raw materials. As compared to North America and Europe, per capita income here is mere USD 27.8 thousand, with which dairy spending is not that significant. South America is more often conferred with a third world tag that is not much developed. It lacks knowledge and innovation that results in slow production and competitiveness and excess inequality. Unemployment and corruption hinders the economic growth in South America. Due to violence more prevalent the populace remains in constant uncertainty and persistent inequality. The region lacks basic structural requirements like roads, dense forests and poor communication and transportation facilities. The South America diet revolves around meat, beans and rice in varied forms. Vegetarian diet or even Veganism is by far, a distinct phenomenon in this region as it is not so widespread among populace in this region. The bigger cities have a few specific restaurants serving vegan food on their palate. Going shopping for vegan products is very difficult as the supermarkets do not have space allotted to plant based products. The dairy industry in this region is not developed yet, as the smaller cities and interior regions still have loose packaging that makes it difficult to come to actual consumption on milk. With proper packaging, developed infrastructure and transportation new products can be placed here. Covid-19 pandemic had adverse effects on South America’s economy with fewer investments, productivity coming to a halt, increased unemployment and poverty. However, in 2023 it is fast recovering, but plant based milk being a niche market has to be still propagated well among populace in this region. According to the research report “South America Plant Based Milk Market Outlook, 2029" published by Bonafide Research, the plant based milk market is expanding slowly at a CAGR of 9.83% during the forecast period. The South America plant based milk market is five times more than South America plant based meat market, which is prudent that plant based milk market is a matured market. Still, South America when compared globally holds a scanty market position. Almost 70% of the population in South America are lactose intolerant. Adults suffer from hypolactasia that is the most common enzyme deficiency. As a result of which they are turning towards plant-based milk options that are free of any dairy or animal origin. Soy milk is one of the oldest plant based milk and so it is widely available and has massive acceptance. Whereas, Almond milk has recently captivated, vital reason being soy milks allergenic property. Brazil and Argentina makes almost 50% of the plant based milk market, while Columbia is an emerging country in this region. Oat milk is the fastest growing plant milk given its health benefits. By consumption plain milk is mass consumed as compared to flavoured milk, as the latter is high priced. Sales through supermarkets/ hypermarkets are dominant as consumers prefer buying their essentials from branded chains with trust worthy names. The rising middle income level consumers traditional buying habits have been modified with recent pandemic effect. They now look out for labels that read low sugar content, nutrients list, protein and fibre content. The vegan food trend is another accelerating factor for increase in demand in plant-based milk market. People in the western countries are more inclined towards plant based milk than the developing countries. Widespread awareness of consuming plant based foods and its positive impacts on health are a major driver for this market. Obesity is on the rise, globally irrespective of varied food cultures in different regions of the world. Plant based milk provides more energy, improves health, balances body weight and adds flavour to milk. Oat milk has paved its way to become one of the fastest growing markets during the forecast period with a power to cross over 12% market share globally. The other types of milk like Cashew milk, Hazelnut milk are also gaining traction in the market, as consumers are always on a spur to taste new variants. The flavoured plant based milk market is expected to grow enormously, as manufacturers are bringing new flavours on the shelf like Berry, Hazelnut, Coffee, Mocha and Coconut. While, Chocolate, Vanilla and Strawberry are well established and have succeeded in capturing majority of the market share. Online sales of plant based milks is rapidly expanding as they offer discount schemes and free home delivery options. Today’s busy consumers want to enjoy the easy accessible shopping through their luxury home space. Many one-stop shops have put themselves on the web to ease the purchasing process for the consumers. Leading supermarket chains have their own online shopping apps which further paves the market to succeed. Major Companies present in the market: The Hain Celestial (US), Danone (France), Nestle, The Dohler Group, Kerry Inc. Considered in this report • Geography: South America • Base year: 2023 • Estimated year: 2024 • Forecast year: 2029 Aspects covered in this report • South America plant based milk market with its value and forecast along with its segments • Country-wise plant based milk market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Regions covered in the report • Brazil • Argentina • Columbia Types of milk in the report • Soy milk • Almond milk • Coconut milk • Rice milk • Oat milk • Other milk (Cashew, hazelnut, other) Type of milk by formulation: • Plain milk • Flavoured milk Type of milk by flavour: • Chocolate • Vanilla • Strawberry • Berry • Hazelnut • Others (Coffee, coconut, mocha) By Sales Channel: • Supermarkets/Hypermarkets • Convenience Stores • Online • Others (Airports, gas station, Cafes, Health shops) 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 milk 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. Please get in touch with our sales team to find out more. Keywords: South America, Brazil, Argentina, Columbia, soy milk, almond milk , coconut milk, oat milk, vegan milk, vegan, hemp milk, cashew milk, quinoa milk, hazelnut milk, chocolate milk, coffee milk, nut milk, berry milk, flavoured milk, plain milk, vanilla milk, strawberry milk, alternative milk, soy, pea, lactose, allergy, legumes, organic milk. This report would help you answer the following questions: 1. What is the impact of social media on the Plant Based Milk Market? 2. What are the labelling guidelines for the plant based milk products? 3. Is the demand for flavoured plant based milk market on the rise? 4. Veganism is boosting the plant based milk market? 5. Which is the largest market for plant based milk? 6. At what rate the global plant based milk market will grow through 2029? Answers 1. There are a number of influencers on social media platforms who target consumers to pursue plant based milk and products for healthy living. They share various information, images and videos to support their thoughts. Social media has rapidly spread the vegan food trend across millennial by educating them about the impacts on environment and cruelty against animals. 2. The dairy industry at varied times has protested against the use of specific terms that will hamper their market share. They cannot use terms that explain to the consumer what type of replacement it is. They further add, that these words confuse consumers and claim that the vegan plant based alternatives have more essential quality. Every country’s government has thus implemented guidelines in labelling and packaging of plant based milks, from conveying false messages to consumers. 3. Flavoured milk is by default a delicious flavour adored by one and all. Flavoured milk is enriched with calcium, Vitamin A and phosphorus. The tryptophan an essential amino acid makes it addictive in nature, which makes it most consumed plant based milk globally. 4. Famous celebrities around the world propagate Vegan diet and endorse various plant based products to attract more consumers. Vegan diet trend has become more of a healthy living status with a positive impact that it creates for the environment and animals. Thus, the veganism is propelling the consumers to try out plant based milk also. 5. Asia Pacific region is the largest market in plant based milk market. 6. The global plant based milk market is forecasted to grow at a CAGR of 9.83% by the end of 2029.

Make this report your own

Have queries/questions regarding a report?

Take advantage of intelligence tailored to your business objective

Ask an Expert

Manmayi Raval

Research Consultant

Don’t pay for what you don’t need. Save 30%

Customise your report by selecting specific countries or regions

Specify Scope Now