The South America dairy protein market size is projected to expand at a CAGR of 4.7% during the forecast period, 2021-2028. The growth of the market is attributed to rising health consciousness in emerging economies.
Growing consumers' concerns about environmental deterioration and unethical animal treatment in intensive farming systems have grown in recent years. This, in turn, has resulted in an increase in the demand for sustainable protein, which has increased the demand for plant protein in the majority of countries in the region. South America accounts for approximately 10% of the global plant protein market. In 2018, the South America plant protein market was estimated to be worth USD 1.3 Billion. Brazil, Argentina, and Columbia are among the countries with the prominent market share.
The demand for supplements is increasing, particularly among the young and middle-aged population. South America has a small number of global plant protein producers. However, Brazil's investor-friendly government policies have made it one of the most appealing destinations for global players in South America.
The majority of South American countries are experiencing rapid urbanization and changing lifestyles. Consumers in rapidly developing economies such as Argentina, Columbia, and Peru are shifting to high-nutritional-value ready-to-eat and ready-to-cook products.
Market Trends, Drivers, Restraints, and Opportunities
- Rising awareness about the negative impact of meat and its derivative products, such as obesity, cardiovascular diseases, and cancer is estimated to propel the market growth.
- Rapid industrialization and rapid infrastructure development are major drivers of the market expansion.
- Increasing initiatives and support from various government agencies is projected to drive the market growth.
- Increasing demand for sustainable products is estimated to fuel the growth of the market.
- Development of meat substitutes can create immense opportunities for the market players.
Key Players
- Arla Foods
- Fonterra Co-Operative
- Saputo Inc.
Competitive Landscape
The major players in the South America dairy protein market include Arla Foods, Fonterra Co-Operative and Saputo Inc. The South American dairy protein market is consolidated, with global players dominating domestic players. The main opportunity for market participants is to launch innovative solutions to meet the increased demand for cheese production, which includes infant formulas. Protein versatility and cost are also important factors in developing brand value. Global players are engaging in mergers, acquisitions, and partnerships with local food industries in order to gain a strong foothold in the regional market.
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