Argentina Plant Protein Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Source (Pea, Rapeseed, Soy, Hempseed, Others), By Form (Protein Concentrates, Protein Isolates, Protein Hydrolysate), By Application (Dietary Supplement, Food, And Beverages, Pharmaceuticals, Animal Feed), By Distribution Channel (Online, Offline) - Forecasts From 2022 To 2027

The Argentine plant-based protein market was valued at US$47.852 million in 2020. The market is projected to grow at a CAGR of 8.99% to attain a value of US$89.311 million by 2027. The consumption of beef, which is an essential component of Argentina’s food culture, has decreased among the Argentinian population and reached about 50 kilogrammes a year, which is the lowest level recorded in 50 years, according to the report provided by Argentina’s Chamber of Commerce for Beef and its Derivatives, in July 2019. This decree is being caused by the increasing support for veganism and the consumption of vegetarian foods among the Argentinian population, including the young population, millennials, and activists. In addition, the health benefits that are provided by the consumption of plant protein-based diets are slowly gaining traction and appealing to more individuals, which is encouraging them to incorporate naturally sourced proteins into their daily diets. Therefore, the demand for plant protein products is increasing and is acting as the driver for market growth over the forecast period.

Moreover, concerns regarding the welfare of animals and the suffering they go through are rising among the population, particularly among children, which is also contributing to the market growth over the forecast period.

Furthermore, the interest being shown by the market payers in order to provide the population with innovative and advanced products is increasing with their major objectives, fueling the market growth further over the forecast period. For example, The Scoular Company, one of the leading companies dealing in the provision of storage, handling, and sale of food and grain products, offers different plant protein products under their portfolio. They are involved in dealing with pet food ingredients in both dry and wet forms, which are grain-free and consist of only plant protein ingredients that are hypoallergenic and non-GMO. The products that are available in this line are barley, lentil, faba, pea, and potato, which are available as protein concentrates and isolates in either pellets or powders and contain about 50-90% protein. They also provide pet food products that contain plant protein under flour fibres and starches, which are available as a roasted or cooked powder and pellets consisting of plant products such as barley, chickpea, lentil, fava, pea, and tapioca, among others.

Online sales are increasing due to the growing penetration of the internet

The market has been segmented based on distribution channels; the market has been segmented based on online and offline. An online distribution channel is projected to grow considerably on account of the fact that the penetration of the internet is increasing, and so is the usage of internet services such as e-retail and e-commerce stores, due to the lucrative discounts and level of convenience online shopping provides for the purchase of a plethora of products, including the purchase of protein isolates and proteinated foods and beverages such as protein bars. The convenience of online stores is further augmenting the demand for plant-based protein products in the country.

Key Developments

• Argentinian plant-based firm Tomorrow Foods has raised $3 million in a fresh round of funding. Following the introduction of its vegan burger, the food technology company claims it will utilise the funding to increase its R&D efforts, extend its product line, and enter new markets in an effort to establish itself as a major player in Latin America's plant-based sector. Ingredients and B2B plant-based suppliers like Tomorrow Foods will be essential for supporting the developing vegan food industry, according to investor GRIDX.
• The biggest fast-food chain in Argentina, Mostaza, and NotCo, the largest plant-based food company in Latin America, announced an agreement in January 2022. A new range of Mega NotBurger items will be introduced as a result of the cooperation and will be sold in more than 150 locations throughout Argentina.
• Frizata, one of Argentina's pioneering businesses, today sells a variety of frozen goods directly to customers in Buenos Aires, Rosario, and Cordoba. In 2019, it introduced the FriBurger, a soy-based patty that uses beetroot, onion, and yeast extract in addition to other ingredients to give it a flavour and texture similar to meat. Since then, they have increased both their product offering and their market reach by entering Brazil, Chile, and the US. According to co-owner Adolfo Rouillon, the business is now operating profitably and secured a US$5 million funding round in July 2022.

Covid-19 Impact

The Covid-19 outbreak has had a favourable impact on the industry's expansion. The high-protein diet trend is taking off and will keep tickling people's appetites in the future years. Consumers are now more aware of how important protein is for maintaining an active lifestyle. Proteins can assist in lowering the risk of diabetes and heart disease.

Market Segmentation

• By Source
  • Pea
  • Rapeseed
  • Soy
  • Hempseed
  • Others
• By Form
  • Protein Concentrates
  • Protein Isolates
  • Protein Hydrolysate
• By Application
  • Dietary Supplement
  • Food and Beverages
  • Pharmaceuticals
  • Animal Feed
• By Distribution Channel
  • Online
  • Offline

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