At 6.7% CAGR, South & Central America Meat Substitute Ingredients Market is Projected to be worth US$ 247.07 million by 2030, says Business Market Insights

According to Business Market Insights’ research, the South & Central America meat substitute ingredients market was valued at US$ 146.52 million in 2022 and is expected to reach US$ 247.07 million by 2030, registering a CAGR of 6.7% from 2022 to 2030. Growing veganism trend and rising demand for plant-based meat are among the critical factors attributed to drive the South & Central America meat substitute ingredients market growth.

Several dieticians and health practitioners recommend reducing meat consumption and switching to a vegetarian diet to reduce the risks of chronic health issues, such as obesity, heart disease, hypertension, and digestive disorders. According to Google Trends, veganism was one of the top five searched terms on Google in 2019 in the UK and worldwide.

A report published by Veganuary (a nonprofit organization that encourages individuals worldwide to turn vegan for the whole month of January) states that ~5.8 million people signed up for the Veganuary Campaign in 2021. The figure below shows the global number of participants enrolled in the Veganuary Campaign during 2015–2021.

Registrations for the Veganuary Campaign from 2015 to 2021

Source: Veganuary 2020 Campaign Review

As depicted in the figure, registrations for the Veganuary Campaign have increased dramatically in the past few years. The large shift toward vegetarianism and veganism is owing to increasing care for animals among the population, as people don’t want to see them suffer. Several people have become more aware of the impact of animal-based meat on the environment. This factor makes them more willing to adopt vegan food to reduce carbon emissions and combat climate change. However, many people are adopting a vegan diet due to the rising health consciousness. In addition, the number of flexitarians who consume less meat and are occasionally vegetarian is also on the rise.

Recently, the rising health concerns among people due to the increasing prevalence of obesity, diabetes, and other diseases are compelling people to change their dietary habits. Plant-based meat is generally perceived to be healthier than animal-based meat. The increasing adoption of veganism is also attributed to the empathy toward animals and awareness of the ill-treatment of animals in slaughterhouses and similar facilities, which has raised concerns about animal protection among consumers. These factors are boosting the demand for meat substitute ingredients such as soy protein, pea protein, tofu, and tempeh. Thus, surging veganism across the region is expected to create new trends in the meat substitute ingredients market.

On the flip side, flavor challenges associated with plant-based protein hamper the growth of South & Central America meat substitute ingredients market.

Based on source, the South & Central America meat substitute ingredients market is categorized into soy, wheat, pea, mycoprotein, and others. The soy segment held 48.5% market share in 2022, amassing US$ 71.07 million. It is projected to garner US$ 112.07 million by 2030 to register 5.9% CAGR during 2022–2030.

In terms of ingredients, the South & Central America meat substitute ingredients market is segmented into soy protein, pea protein, tempeh, tofu, seitan, and others. The soy protein segment held 39.5% share of South & Central America meat substitute ingredients market in 2022, amassing US$ 57.88 million. It is anticipated to garner US$ 90.74 million by 2030 to expand at 5.8% CAGR during 2022–2030.

In terms of application, the South & Central America meat substitute ingredients market is segmented into patties, nuggets, sausages, meatballs, and others. The others segment held 47.7% share of South & Central America meat substitute ingredients market in 2022, amassing US$ 69.92 million. It is anticipated to garner US$ 116.85 million by 2030 to expand at 6.6% CAGR during 2022–2030

Based on country, the South & Central America meat substitute ingredients market is categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that the Rest of South & Central America captured 47.9% share of South & Central America meat substitute ingredients market in 2022. It was assessed at US$ 70.11 million in 2022 and is likely to hit US$ 114.37 million by 2030, registering a CAGR of 6.3% during 2022–2030.

Key players operating in the South & Central America meat substitute ingredients market are DuPont de Neumours Inc, Ingredion Inc, Archer Daniels Midland Co, Kerry Group Plc, and Roquette Freres SA, among others.

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