Meat Substitutes - South America

South America

Highlights

Revenue in the Meat Substitutes market amounts to US$318.20m in 2024. The market is expected to grow annually by 11.12% (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$0.77 are generated in 2024.
In the Meat Substitutes market, volume is expected to amount to 30.90m kg by 2029. The Meat Substitutes market is expected to show a volume growth of 9.3% 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 South America is seeing moderate growth, influenced by factors such as the increasing trend of plant-based diets, health consciousness among consumers, and the convenience of alternative protein sources. Despite subdued growth, the market is expected to continue expanding in the coming years.

Customer preferences: As consumers become more health-conscious and environmentally aware, there has been a noticeable increase in demand for plant-based meat substitutes in South America. This trend is fueled by a growing desire for sustainable and ethical food options, as well as a rise in flexitarian and vegetarian diets. Additionally, the rise of social media and health influencers has also contributed to the popularity of meat substitutes as consumers seek out healthier and more environmentally friendly alternatives to traditional meat products.

Trends in the market: In South America, the Meat Substitutes market is experiencing a surge in demand due to the rising awareness about the health and environmental benefits of plant-based diets. This trend is expected to continue, with a growing number of consumers opting for meat alternatives. This shift towards plant-based proteins is significant for industry stakeholders, as it presents opportunities for growth and innovation in the market. Additionally, this trend could have implications for traditional meat producers, who may need to adapt their business models to cater to this changing consumer preference.

Local special circumstances: In South America, the Meat Substitutes Market within the Meat Market of The Food market is heavily influenced by the region's strong cultural ties to meat consumption. However, with the rise of health and environmental awareness, there is a growing demand for plant-based alternatives. This trend is further supported by government initiatives promoting sustainable and healthier food options. Additionally, the region's diverse terrain and climate present opportunities for locally sourced and unique plant-based ingredients, creating a distinct market dynamic. As a result, South America has become a key market for companies looking to expand their meat substitutes offerings.

Underlying macroeconomic factors: The Meat Substitutes Market in South America is also impacted by macroeconomic factors such as global economic trends, national economic health, fiscal policies, and other relevant financial indicators. The growth of this market is heavily influenced by consumer spending, as well as government policies and regulations related to food safety and sustainability. In countries with a strong emphasis on promoting plant-based diets and reducing meat consumption, the market for meat substitutes is expected to see significant growth. Additionally, the increasing health consciousness among consumers and the rising prevalence of chronic diseases in the region are also driving the demand for healthier and more sustainable food options, further boosting the growth of the Meat Substitutes Market in South America.

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.