Report : South America Plant-based Meat Products Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Patties, Nuggets, Meatballs, Sausages, and Others), Category (Frozen, Refrigerated, and Ambient), and Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Online Retail, and Others)
At 13.4% CAGR, the SAM Plant Based Meat Products Market is speculated to be worth US$ 249.87 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the SAM plant based meat products market was valued at US$ 103.83 million in 2021 and is expected to reach US$ 249.87 million by 2028, registering an annual growth rate of 13.4% from 2021 to 2028. Rising importance of environment sustainability and surging veganism and vegetarianism trends are the critical factors attributed to the market expansion.
Over the past few years, awareness regarding environmental sustainability among people has increased significantly. Climate change has affected the earth's natural ecosystems and poses a significant threat to the present and future generations' well-being. SAM population growth and urbanization are the primary causes of natural resource depletion, including water, fossil fuels, and land, contributing to global warming. Due to the rising SAM population, the demand for food is also increasing. People are heavily reliant on animal sources to meet their nutritional requirements. This factor exerts high pressure on the livestock industry. The livestock industry is one of the key contributors to anthropogenic greenhouse gas emissions. According to the Food and Agriculture Organization (FAO) of the United Nations (UN), the worldwide livestock industry emits 7.1 gigatons of carbon dioxide per year, accounting for 14.5% of all human-caused greenhouse gas emissions. According to industry experts, livestock production emits more carbon dioxide than the whole transportation industry combined. This is expected to drive the market during the forecast period
On the contrary, high product price of plant based meat products hurdles the growth of SAM plant based meat products market.
Based on type, the SAM plant based meat products Market is divided into patties, nuggets, meatballs, sausages, and others. The patties segment held 41.7% market share in 2021, amassing US$ 43.26 million. It is projected to garner US$ 107.44 million by 2028 to expand at 13.9% CAGR during 2021–2028.
Based on category, the SAM plant based meat products Market is categorized into frozen, refrigerated, and ambient. The frozen segment held 75.0% market share in 2021, amassing US$ 77.86 million. It is projected to garner US$ 184.28 million by 2028 to expand at 13.1% CAGR during 2021–2028.
Based on distribution channel, the SAM plant based meat products Market is categorized into supermarkets and hypermarkets, convenience stores, online retail, and others. The supermarkets and hypermarkets segment held 62.6% market share in 2021, amassing US$ 65.02 million. It is projected to garner US$ 154.62 million by 2028 to expand at 13.2% CAGR during 2021–2028
Based on country, the SAM plant based meat products market has been categorised into the Brazil, Argentina, and Rest of SAM. Our regional analysis states that Brazil captured 57.3% market share in 2021. It was assessed at US$ 59.44 million in 2021 and is likely to hit US$ 143.95 million by 2028, exhibiting a CAGR of 13.5% during the forecast period.
Key players dominating the SAM plant based meat products market are Kellogg’s Company; Tofurky; VBites Foods Ltd; Quorn; and Impossible Foods Inc. among others.
- In Sep 2020, Gardein (Conagra Brands, Inc.) debuts a first-ever collection of plant based meat alternative soups.
- In April 2022, Beyond Meat expands the availability of beyond chicken tenders at over 8,000 new outlets nationwide, including grocery, pharmacy, and club stores.
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