Argentina rice protein Market will expand from US$0.529 million in 2019 to reach US$0.699 million in 2025 at a CAGR of 4.76%. 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 to consume 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 less number of players in this country, this region can be a lucrative investment for new players of 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 several economic crises that this country had faced, the 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 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 develop demand for rice protein in Argentina as it is comparatively safer to its counter protein supplements based-out of the plant. 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 the 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 the World Bank Data, the consumer final consumption expenditure plummeted from $539.74 Billion in 2017 to $421.998 Billion in 2018. Besides, the general government expenditure as a percentage of GDP is also falling. Such factors might restrain the sales of rice protein in Argentina.