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MARKET OUTLOOK

Triton’s research report puts forth that the Latin America plant-based food and beverage market would progress with a CAGR of 8.28% over the forecasting years from 2021 to 2028. Mexico, Brazil, and Rest of Latin America together make the market in this region.

Brazil is the largest beef exporter in the world. In recent years, owing to more sedentary lifestyles and the growing consumption of junk food, the prevalence of diabetes, obesity, and cardiovascular disease has increased significantly in the country. However, the last few years have seen Brazilians becoming more health-conscious. They are becoming increasingly aware of healthier dietary options, and many of them have even turned towards plant-based diets. Apart from health concerns, this shift toward a plant-based diet from animal meat is also driven by the growing deforestation caused by the meat industry, and a growing prominence of the animal rights movement. 

Also, the number of self-declared vegetarians has increased by nearly two times in Brazil over the period of last six years. The largest food tech start-ups and meat processors in Brazil have been increasingly investing in plant-based products to cater to the rising demand. Their product portfolio includes nuggets, sausages, hamburgers, and other plant-based frozen foods. Plant-based food start-ups in the nation have witnessed a soaring demand since 2019, when animal-based protein analogs first became widely available across restaurants and supermarkets. These instances show that the market for plant-based food and beverage in Brazil will flourish in the years to come.

COMPETITIVE OUTLOOK

The eminent names in the plant-based food and beverage market are Conagra Brands, Kikkoman Corporation, The Hain Celestial Group Inc, Amy’s Kitchen, Sweet Earth Inc, Daiya Foods Inc, Sunfed, Yofix Probiotics, and Moving Mountains.