The South American Meat Substitute Market Research Report 2018-2023 provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand and supply data. It states that veganism is trending in South America and predicts that the meat replacement market will double in value by 2023.
In 2017, the South American meat substitute market was valued at USD 144.86 million. It is estimated to be worth USD 291.95 million by 2023, registering a CAGR of 12.4% during the forecast period, 2018-2023. Companies Included are Beyond Meat, Impossible Foods Inc., Mr. Veggy, The Superbom, Tofurky and Vegabom, to name a few.
The report shows that the rising popularity of ethnic cuisines from the Asian region is a major factor boosting the market growth of meat substitutes in South America. However, the availability of products and brands is still lower when compared to the global level, and this is restraining the market.
South America’s meat substitute market is segmented on the basis of product type, source and geography. The meat substitute market in South America was led by Brazil, with a share of 80.06% in 2017, then by Argentina and the rest of South America.
Most of the meat substitutes are based on old traditional recipes, such as wheat gluten (also known sometimes as seitan), mushrooms, legumes, tempeh, and pressed tofu, with added flavourings to make them ‘meatier’. The TVP (textured vegetable protein) category remains the most popular meat substitute in the region, owing to the entry of various brands such as Mr. Veggy, Superbom, and Vegabom.