Peru plant protein market is projected to grow at a CAGR of 8.94% during the forecast period.The rapid industrialization and urbanization have lead an improvement in the availability of the jobs and the accelerated development of the corporate sector, which has led to an increase the in income of the population and is allowing them to increase their expenditure due to the surge in the propensity to spend. Therefore, the population is putting their focus on consuming a well-balanced and protein-rich diet, with proteins derived from natural and plant sources, and foods containing less sugar content and sodium content and reduce cholesterol levels to avoid serious diseases, thereby increasing the demand for plant proteins and acting as factor felling the market growth over the forecast period.
In addition, due to the risks that excess animal slaughter has on the environment such as leaving a carbon footprint, which is a contributing factor to global warming is leading to a rise in awareness among people, and a trend to opt for and adopt a vegan diet among the millennials and the younger generation is being observed. Therefore, these factors are leading to a surge in the demand for plant protein products and acting as a driving factor for the market growth over the forecast period.
Furthermore, the market players are increasingly participating and involved in the market through enhanced product offerings in order to cater to the rising demand among the consumers effectively and to contribute to the growth of the market over the forecast period. For example, The Superfood Company, one of the leading companies dealing in the provision of health food products, based in Lima, Peru, offers a variety of superfoods under their portfolio including Sacha Inchi Seeds, and Chia Seeds, which are sources of plant protein. The “Peruvian Sacha Inchi Seeds” offered by the company are rich in Omega-3, Omega-6, and Omega-9 fatty acids. The protein content is 9g and it is free of allergens and cholesterol. It also contains lesser saturated fat and has the ability to be used in different foods. The Peruvian Chia Seeds offered by the company contain 5g of proteins, are a good calcium source, and rich in fiber. They are increasingly suitable to consume as a breakfast meal or for the purpose of replacing eggs in baking applications.
Food and Beverages to grow at a considerable pace
By application, the plant protein market has been segmented on the basis of dietary supplements, food and beverage, animal feed, pharmaceuticals, and others. The food and beverage industry is expected to hold a noteworthy market share and grow at a considerable pace over the forecast period on account of the fact that the importance and inclusion of superfoods and plant proteins is increasing in the daily diet. In addition, the superfoods such as quinoa, chia seeds, and sacha inchi is gaining popularity among the younger generation is also contributing to the market share of the industry.