Colombia Plant Protein Market is projected to grow at a rapid pace during the forecast period. The Market was valued at US$47.938 million in 2020 and is projected to grow at a CAGR of 8.99% to attain a value of US$87.661 million by 2027. The rise in the disposable income among the middle-income and lower-income populations is increasing their propensity to spend on better and more advanced protein products, which are plant-based, rather than sourced from animals, in order to incorporate more naturally derived proteins into their diet to maintain a healthy lifestyle. Therefore, the demand for plant-based proteins is increasing and is acting as a driving factor for the market’s growth over the forecast period.
In addition, the rising trend of veganism throughout the world is encouraging more people to change their food preferences, leading to a surge in the demand for plant-based proteins, and augmenting the market’s growth further over the forecast period.
Moreover, the farmers are taking measures in order to ensure and facilitate the provision of top-quality plants with high protein content to feed their cattle as a part of the environmentally friendly project. This is being done in order to increase the forestry areas and ensure that the cattle are able to produce more milk. This new plant protein diet will minimize the levels of gas the cattle produce, which is rich in methane and contributes to climate change.
Furthermore, product offerings are one of the initiatives that are being taken by the market players, so that they are able to maximize their profits, gain a competitive edge over their rivals, and fulfil the ever-rising demand for enhanced plant protein products and provide a boost to the market’s growth. For instance, Amway, one of the leading companies dealing with the provision of nutrition and wellness, among other solutions globally, offers their plant protein products. Amway’s product under the NUTRILITE range is called the “NUTRILITE Proteina Vegetal”, which is a protein powder that is composed of 100 vegetable proteins and sourced from 100% pure vegetable extracts. It is a specially designed protein powder that is enriched with an exclusive blend of soy protein, pea protein, and wheat protein, with a very high nutritional value and nutritional content. Consuming every 10g serving of this protein is able to facilitate the provision of 8g grams of pure protein.
Dietary Supplements hold a significant share
By application, the market has been segmented on the basis of dietary supplements, food and beverages, pharmaceuticals, and animal feed. Dietary supplements are projected to hold a notable share in the market owing to the fact that the trend of leading a healthy lifestyle is causing the millennial population and the younger population to attend gyms and consume dietary supplements such as protein concentrates and isolates to support their daily calories and protein intake required to build muscles. Furthermore, animal feed is expected to rise in price over the forecast period as livestock owners become more concerned about feeding their cattle a well-balanced diet rich in naturally derived proteins.
Impact of COVID-19
The industry for plant proteins had positive growth in the COVID-19 situation. The dearth of conventional meat alternatives on supermarket shelves offers a rare chance to hasten the uptake of goods based on plant proteins. The meat processing sector is probably going to experience a downturn over the next couple of years as a result of Tyson and Smithfield closing their plants due to COVID-19 outbreaks. A possible meat scarcity is approaching. Because the main meat producers are suffering, customers are turning to plant-based diets. The traditional protein supply chain's disruption is primarily to blame for the rise in demand for plant proteins, which won't considerably lower the demand for animal-based protein.
Herbalife International of America, Inc.
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