Meat Substitutes - LATAM

LATAM

Highlights

Revenue in the Meat Substitutes market amounts to US$613.10m in 2024. The market is expected to grow annually by 10.22% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$2bn in 2024).
In relation to total population figures, per person revenues of US$0.96 are generated in 2024.
In the Meat Substitutes market, volume is expected to amount to 48.28m kg by 2029. The Meat Substitutes market is expected to show a volume growth of 8.1% in 2025.0.
The average volume per person in the Meat Substitutes market is expected to amount to 0.1kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Meat Substitutes Market in LATAM is experiencing subdued growth, influenced by factors such as consumer preference for traditional meat, limited availability of substitutes, and lack of awareness about plant-based options. Despite this, the market is gradually growing, driven by rising health consciousness and the convenience of meat-free alternatives.

Customer preferences: With the rise of health-conscious consumers in LATAM, there has been a growing demand for plant-based meat substitutes as a healthier and more sustainable alternative to traditional meat products. This trend is particularly pronounced among the younger generation, who are more open to trying new and innovative food options. Additionally, there is a growing awareness of the environmental and ethical impacts of meat production, leading to a shift towards plant-based diets and meat substitutes. This has also been supported by the increasing availability and variety of meat substitute products in the market.

Trends in the market: In LATAM, the Meat Substitutes Market within The Food market is experiencing a surge in demand due to the increasing popularity of vegetarian and vegan diets. This trend is being propelled by a rising awareness of the health and environmental benefits of plant-based diets. Additionally, there is a growing trend of incorporating traditional Latin American ingredients into meat substitutes, making them more appealing to the local palate. This presents significant opportunities for industry stakeholders to expand their product offerings and cater to the growing demand for alternative protein sources.

Local special circumstances: In LATAM, the Meat Substitutes Market of the Meat Market within The Food market is heavily influenced by the region's large vegetarian and vegan population. This is due to cultural and religious factors, such as the popularity of vegetarianism in Hinduism and Buddhism. Additionally, government initiatives promoting healthy and sustainable diets have also led to the growth of the market. Moreover, the region's rich biodiversity and traditional consumption of plant-based foods have created a favorable environment for the development of meat substitutes, with unique flavors and ingredients that cater to local tastes.

Underlying macroeconomic factors: The growth of the Meat Substitutes Market within The Food market is heavily influenced by macroeconomic factors such as changing dietary preferences, government policies promoting sustainable and plant-based diets, and consumer awareness regarding the environmental impact of traditional meat production. Countries with strong economic growth and a growing middle class, such as Brazil and Mexico, are experiencing higher demand for meat substitutes as consumers become more health-conscious and environmentally aware. Additionally, the rising cost of meat production and concerns over animal welfare are also driving the demand for meat substitutes in the region.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.