Mexico rice protein market is anticipated to expand from US4.641 million in 2019 to reach US$8.189 million in 2025 at a CAGR of 9.93%. Mexico suffers from various health-related issues like malnutrition, anemia, overweight and obesity. Malnutrition is high in rural areas whereas obesity in urban areas. Consequently, the population of people in Mexico is adopting healthier diets to meet the nutrient requirements of the body.
Mexico is considered among the most vegan-friendly countries due to the rising adoption of vegan diets in the country. A large number of population, especially younger generations, are avoiding the consumption of meat or animal products. The increase in vegan diet consumption in Mexico is mainly driven by self-care thread and non-acceptance of exploitation of animals. Some of the vegans even prefer consuming raw vegan foods. This is raising the demand for plant-based protein sources of food. Rice Protein is a niche market in Mexico but is expected to witness an increase in demand due to the influence of the US and Canada. Lack of awareness and the presence of fewer players in Mexico can challenge the growth of this market, but it can also act as an incentive for new entrants, to capture the market with effective marketing efforts.
The growing demand for healthier and time-saving products in Mexico is expected to drive the demand for rice protein in Mexico.
Mexico is an upper-middle-income country with a real GDP growth rate of around 2% in 2018 but the economy faced a downward trend in the year 2019. It is the second-largest economy in Latin America. It manufactures and exports the same amount of goods as the remaining Latin American region combined. The trade agreements that Mexico has with different countries allows the country to access the 60% of the world duty-free. Mexicans are facing rising cases of obesity and diabetes, which is increasing the demand for healthier diets. The market for vitamins and dietary supplements in Mexico has witnessed a steady growth rate in recent years. The growing demand for organic and healthy products is expected to make people more inclined towards plant-based protein products. At the same time, Mexicans prefer quick to make foods to save time. A mixed trend in economic and social factors might bring an impact on the growth of the rice protein market in Mexico.
Demographic changes in Mexico are expected to bring a change in the consumption patterns of the people in that country. The falling fertility rate in conjunction with the declining mortality rate is leading to the aging of the population in Mexico. This might increase the demand for easily digested foods, especially proteins that are necessary for the building of muscles.