South America rice protein market is estimated to grow at a CAGR of 7.12% during the forecast period. According to a report by the United Nations, adult obesity rates in Latin American and Caribbean region has tripled in 2016 since 1975. Every year, around 600,000 people die due to diet-related diseases like diabetes, and cardiovascular diseases. The report also suggested developing flavored foods to promote healthier food consumption. Additionally, a high proportion of people residing in both urban and rural areas suffer from parasitic infection, protein-calorie malnourishment, and vitamins and mineral deficiency. Obesity, hypertension, and obesity are also increasingly becoming common in this region.
Countries like Brazil and Argentina are witnessing a change in consumption patterns of people in this region towards healthier diets. The number of fitness centers in Brazil has increased over the years, followed by the adoption of protein powders to supplement muscle growth and development. In Argentina too, the adoption of vegan diets is becoming a new normal for people concerned with climate, health and animal protection. All such factors are expected to fuel the demand for rice protein in the forecast period as rice protein has some additional advantages over its other plant-based proteins such as whey or soy protein in terms of taste, digestibility and nutritional profile.
The high prevalence of chronic diseases in the South American region is expected to boost the demand for the Rice Protein market.
Due to the high consumption of red or processed meats, the risk of acquiring certain diseases like diabetes, coronary heart disease, among others, also increases. Besides, increasing global pandemics like Ebola, SARS, MERS and other viruses are also raising awareness among people to adopt healthier diets. As a result, the dependence on plant-based products is expected to witness a surge in the South American region.
Geographically, Brazil is anticipated to hold a large share of Rice Protein Market in South America, while Argentina is expected to grow at a high CAGR throughout the forecast period.
Brazil is a major producer and exporter of rice grain. It gets support from the government and institutions for various developments in this market. Rice protein market players can benefit from this major raw material providing country to supplement their market. Also, a “self-care” trend is being followed by people in Brazil as a by-product of maintaining health and people are resorting to organic food items. Younger populations are joining fitness centers like the gym, and this is expected to raise the demand for protein supplements in Brazil.
In Argentina, due to several crises in the past, the people in this country have become more reticent in their buying decisions. People get attracted to cheaper products and don’t maintain brand loyalty. Due to cost and health issues, people in Argentina are shifting towards plant-based food items. Also, the younger and wealthier populations, with the economy recovering gradually, are becoming brand and quality conscious. Rice protein, being a relatively safer option than other protein powders, is expected to witness rising demand in this country throughout the forecast period.