Argentina Rice Protein Market Size, Share, Opportunities, COVID-19 Impact, And Trends, By Source (Organic Rice Protein, Inorganic Rice Protein), By Product-Type (Protein Isolates, Protein Concentrates), By Application (Animal Feed, Cosmetics, Food & Beverage, Pharmaceutical, Others), And By Distribution Channel (Online, Offline) - Forecasts From 2022 To 2027

The Argentina rice protein market will expand from US$0.543 million in 2020 to reach US$0.761 million in 2027 at a CAGR of 4.94%. According to Argentina’s Chamber of Commerce for Beef and Its Derivatives, the consumption of meat products has plummeted to its lowest point in the last 50 years. Health-related concerns are the major driver of this switch from meat to vegan diets. Besides, climate change is also supporting this change. More specifically for Argentina, the country’s economic crisis and high inflation rates are also affecting the consumption patterns of the country. The high price of animal products such as meat or milk is prohibiting people from consuming those foods. Such factors are expected to drive the rice protein market in Argentina.

Being highly rich in amino acids, vitamin B, and vitamin D, rice proteins are expected to gain traction among the consumers of Argentina. With a lower number of players in this country, this region can be a lucrative investment for new players in rice protein in Argentina.

The growing awareness of plant-based proteins in Argentina is triggering the growth of the rice-protein market in Argentina.

Consumption in Argentina is similar to that in European countries instead of resembling other Latin American countries. Due to the several economic crises that this country has faced, consumers have become more conservative and selective in their purchase decisions. Consumers have a preference for locally produced products over imported ones, which can be relatively expensive. Consumers are not loyal to brands and tend to go for cheaper products to save on household expenditure. But as the economy is recovering gradually, the demand in the food sector is expected to grow over the forecast period. Also, wealthier and younger consumers are becoming brand conscious in the name of the quality and safety of the products. These trends are expected to drive demand for rice protein in Argentina, as it is a safer alternative to plant-based protein supplements.

Argentina was once among the top consumers of beef as a source of protein, but due to cost and health reasons, the consumers have resorted to other sources such as poultry, or meatless protein. This might be a driving factor for rice protein in this market. Besides, demand for healthy, vegetarian and organic products is also rising due to the prevalence of certain chronic diseases and obesity, especially among poor households. As far as shopping is concerned, offline shopping is still the main source of buying products even though online shopping has been growing in the country.

Declining trends in final consumption expenditure in Argentina are restraining the growth potential of the market.

According to World Bank data, consumer final consumption expenditure plummeted from $539.74 billion in 2017 to $421.998 Billion in 2018. Besides, general government expenditure as a percentage of GDP is also falling. Such factors might restrain the sales of rice protein in Argentina.

Key Developments:

• September 2021- 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.
• July 2021- New VegOtein TX Textured Pea Protein Versions by Axiom Foods are Available for Vegan and Processed Meats. New VegOtein TX Textured Pea Protein Versions by Axiom Foods are Available for Vegan and Processed Meats to check he t plant-based burgers, as releases of vegetarian products, have surged by 29.5% in a year.

Impact of COVID-19 on the Argentina Rice Protein Market

COVID-19 has a positive growth in this market but as the growing vegan population increases demand for rice protein as they look forward to alternative protein sources. It is a healthier source of protein due to its ability to separate proteins from carbs. As a result, the market for rice protein is boosted by its high protein content. Due to its increased protein content, organic rice proteins are also becoming more and more popular, which serves as a stimulus for the growth of the worldwide fructose industry. Lactose-intolerant people can eat organic rice protein. Additionally, the absence of gluten is anticipated to open up new market potential for rice protein worldwide. However, the strong demand hindered the supply, which had an impact on growth.

Argentina Rice Protein Market Scope:

Market Segmentation:

• By Source
  • Organic
  • Inorganic
• By Product Type
  • Isolates
  • Concentrates
• By Application
  • Animal Feed
  • Cosmetics
  • Food & Beverages
  • Pharmaceutical
  • Others
• By Distribution Channel
  • Online
  • Offline