The Mexico plant protein market is projected to grow at a CAGR of 9.79%, from US$367.871 million in 2020 to US$707.354 million in 2027.
There is increasing concern among the younger population and adult populations in order to mitigate the threat of serious diseases such as cardiovascular diseases and obesity associated with the excess consumption of meat, which is the major component of Mexican food. This is causing the preference of people to shift toward healthier alternatives such as plant-based protein products, resulting in a surge in market growth.
Efforts to reduce the intake of meat-based protein products
Moreover, the Congress of Mexico City is taking steps in order to reduce the consumption of meat-based protein and meat products and has approved a point of agreement. The goal of this agreement is to encourage public organizations in Mexico City, such as the System for Integral Family Development (DIF) and the Secretariat of Education, Science, Technology, and Innovation (SECITI), to consider implementing plant-based meals in their kitchens, which serve the community at least once a week. This is being done in order to tackle problems and health issues such as childhood obesity. According to the data from UNICEF, Mexico holds the top spot in childhood obesity. Also, according to the estimates provided by the OECD, 40% of Mexican adults will be suffering from obesity in 2030. In conjunction, health experts have said that a diet that is rich in plant proteins and legumes, among other protein sources, can reduce the risks that are associated with obesity, cholesterol, hypertension, and Type 2 diabetes.
Furthermore, the major market players are contributing to the market growth and are increasing their market share by offering enhanced and high-quality plant-based protein products.
DuPont (Nutrition and Biosciences), offers products under both pea protein and soy protein variants. Under pea protein, it offers the “TRUPRO 2000” and “TRUPRO Pea Protein Nuggets”. The former product is easily soluble and is ideal for dry blended beverages with high protein content. It also contains 83% protein and is non-GM. The latter product is offered in three sib-variants, TRUPRO 1614, which contains 55% protein and has an oval shape with a firm texture. TRUPRO 1670, which contains 70% protein has an oval shape with a firm texture, and TRUPRO 1673, which contains 70% protein has a flake-like shape and is able to blend easily into, nut, high grain, or seed formulations. The soy protein is available in a variety of products such as PROCON Soy Protein, PROFINE Soy Protein, PROPLUS Vegetable Protein, RESPONSE Soy Protein, and SUPRO MAX Soy Protein, among others.
Soy-based plant protein to hold a significant share
By source, the plant-based protein market has been segmented into as pea, rapeseed, soy, hempseed, and others. Soy-based plant protein is expected to hold a significant market share over the forecast period, which is attributable to the fact that the demand and consumption of soy products are increasing in Mexico due to the rise in the number of lactose-intolerant and gluten-sensitive people.
The growing number of plant-based foods is bound to propel market growth.
Exploiting the growing demand for meat alternatives, many market players are launching innovative plant-based offerings. In December 2020, for instance, Unilever's Vegetarian Butcher announced its expansion plans with its plant-based Whopper into Latin America, including Mexico, in collaboration with Burger King. The Vegetarian Butcher predominantly employs soy-based proteins to develop its offerings. At the same, multiple renowned food and nutrition brands are also investing in the burgeoning plant-based alternatives market in the country.
Sigma Alimentos, for instance, a major supplier of Meat and dairy goods in southern Mexico, has made investments in plant-based meat substitutes. The firm invested in The Live Green Co. (TLGC), a Chilean supplier of plant-based Meat and dairy products, in 2021 by acquiring a minority of the latter's stake. Similar developments are anticipated to propel the Mexico plant-based proteins market.
Key Developments in the Market
- In January 2020, one of the renowned plant-based meat alternatives, Beyond Meat, and plant-based ingredients producer Roquette, signed a multi-year supply agreement for pea protein. According to this agreement, Roquette is responsible for providing Beyond Meat with plant-based proteins through December 2022. This development has significantly increased the number of pea proteins being supplied to the latter in Latin America, including Mexico.
COVID-19 Insights
COVID-19 had a significant impact on the Mexico plant-based protein market. The epidemic had a significant impact on the dietary habits of the consumers as they became more health conscious, driving up demand for a balanced diet that is nutrient-rich. The demand for plant-based protein increased as a result of this trend. However, the lockdown and the border restrictions disrupted the supply chain.
Segmentation
- By Source
- Pea
- Rapeseed
- Soy
- Hempseed
- Others
- By Form
- By Application
- Dietary Supplement
- Food and Beverages
- Pharmaceuticals
- Animal Feed
- By Distribution Channel
