The Peru plant protein market is projected to grow at a CAGR of 8.27%, from US$52.086 million in 2020 to US$90.866 million in 2027.
Rapid industrialization and urbanization have led to an improvement in the availability of jobs and the accelerated development of the corporate sector, which has led to an increase in the 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 to avoid serious diseases, thereby increasing the demand for plant proteins and acting as a factor slowing the market’s growth over the forecast period.
In addition, the risks that excess animal slaughter has on the environment, such as leaving a carbon footprint, which is a contributing factor to global warming, are 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 demand for plant protein products and acting as a driving factor for the market’s growth over the forecast period.
Increased participation by major players
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 less saturated fat and has the ability to be used in different foods. The Peruvian Chia Seeds offered by the company contain 5g of protein, are a good calcium source, and are rich in fibre. They are increasingly suitable for consumption as a breakfast meal or for the purpose of replacing eggs in baking applications.
Food and Beverages will grow at a considerable pace.
By application, the plant protein market has been segmented on the basis of dietary supplements, food and beverages, 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 are increasing in the daily diet. In addition, superfoods such as quinoa, chia seeds, and sacha inchi are gaining popularity among the younger generation, which is also contributing to the market share of the industry.
The launch of innovative products will further support market growth.
Furthermore, the growing demand for plant-based meat alternatives and the increasing consumption of plant-based proteins in the innovative offerings being launched by the key players are anticipated to add impetus to the market growth. In January 2022, for instance, NotCo, an AI-powered food tech firm, launched its new brand NotChicken in the Latin American market. In 2021, the firm launched more than 20 offerings across multiple countries in Latin America, including Colombia, Peru, and Colombia, among others. Pea protein, vegetable base, cane sugar, and maltodextrin are a few of the primary ingredients used in the offerings. Furthermore, the firm alleges that NotChicken consumes 86 percent less water and reduces CO2 emissions by 73 percent in the production process than chicken meat.
Product Offerings by the Key Players
COVID-19 had a positive impact on the Peru plant protein market. Amid the surging infected cases, the demand for plant-based proteins significantly increased owing to the high amount of proteins and low fat. Furthermore, the supply chain restraints in the meat segment further supplemented the plant protein demand.
The Superfood Company
Herbalife Nutrition Ltd.
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