Meatless burgers and other plant-based products have been all the craze, especially among the millennials, in the last couple of years. While most of the innovation in this domain has been happening in the United States, with Impossible Foods and Beyond Meat leading the pack, other countries are not far behind.
The vegan market is growing steadily in the South American continent, led by countries like Colombia, Brazil, Argentina, and Chile. Read on to know more about the South American meatless market, local brands and what they have achieved so far, what the import scenario looks like, and whether there is any long-term future in this newly adopted style of living among youngsters.
South American Meatless Meat Market
A study by Mordor Intelligence shows that the meatless meat market of South America is expected to grow at a compound annual growth rate (CAGR) of 12.4% and reach a value of $328 million by 2025.
Among products, textured vegetable protein holds the major share among types of meat substitutes, which translates to consumers opting for products such as plant-based burgers specially designed to look like meat-based burgers. Other meat alternatives that are also gaining a foothold in the continent include tofu, tempeh, and seitan.
The study also states that among the countries where the proliferation of vegan meat alternatives are seen, Brazil rules the roost, followed by Argentina.
Domestic Plant-Based Brands
Brazil, being the largest market shareholder of the plant-based market in Latin America, naturally is the cradle for several startups in this industry. One such startup is Fazenda Futuro, which recently launched its soy-based burger patty. The product caters to the younger generation and health-conscious people who look for gluten-free and non-GMO options.
Another Brazilian brand called Superbrom has ventured into the domain with meatless burgers made of pea protein. This burger is soy-free, thus finding a niche market among consumers allergic to soy.
Mr. Veggy is one more local brand that has launched a textured patty called Mari Mari, the selling point of which is its low price. At just $1.90, these burgers are perfect for those foodies who wish to switch to vegan alternatives but are deterred by more expensive brands.
Then there is NotCo, Chile’s vegan food manufacturer, which is valued at $250 million after its latest round of funding. The company is developing chicken substitutes after a successful run of veggie burgers.
Vegan Burger Colombia
An ambitious company in Bogota, Colombia is expanding its plant-based offerings through several of its restaurant locations. They make their own pea protein-based patties and popularity is growing exponentially. These burgers definitely have a promising future not only within Colombian borders but across Latin America.
Imports And Collaborations
With the growing relevance of plant-based lifestyles in the South American countries, many of the US and Europe-based manufacturers have begun to collaborate with local food companies to bring their vegan products to every household.
One such initiative is taken by Vegetarian Butcher, a Unilever company. They have joined hands with Burger King that now serves the meatless whopper in its Colombian outlets.
On similar lines, ADM, a US-based company, has partnered with Mafrig, a food processing brand in Brazil, to distribute its plant-based patties across local food joints and retail outlets.
Further, Beyond Meat, one of the pioneers of the modern-day meatless burger, has collaborated with Sannus Food to market their well-acclaimed products in Colombia.
Sustainable Future
The big question is, will this growing trend of opting for meatless meat products bring about a sustainable future? Well, as of now, the prospects look good.
A research study by DuPont states that 78% of consumers in Colombia expressed an interest in meatless products, followed by Brazil at 67%. While most of these consumers favor a flexitarian diet rather than cutting out meat altogether, it certainly is a start from an investor’s point of view.
However, to reach the masses, the manufacturers in this segment must ensure that the texture of the meatless meat resembles the meat as nearly as possible. The DuPont survey also reveals that 82% of Brazilian consumers look for familiar texture when they buy this category of foods.
With growing concerns around public health and the environment, it will not be a surprise if meatless foods take center stage in the next few decades. And when that day comes, the transition can generate as many as 19 million jobs in South America, according to research by the International Labour Organisation (ILO) and the Inter-American Development Bank (IADB).