South America's Plant-Based Milk market is expanding steadily at a 9.83% CAGR during the forecast period. The market for plant-based milk is five times larger than that for traditi
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Agriculture and mining form the two most important bases for South America economy that is a developing region. The land is full of minerals and other raw materials. As compared to North America and Europe, per capita income here is mere USD 27.8 thousand, with which dairy spending is not that significant. South America is more often conferred with a third world tag that is not much developed. It lacks knowledge and innovation that results in slow production and competitiveness and excess inequality. Unemployment and corruption hinders the economic growth in South America. Due to violence more prevalent the populace remains in constant uncertainty and persistent inequality. The region lacks basic structural requirements like roads, dense forests and poor communication and transportation facilities. The South America diet revolves around meat, beans and rice in varied forms. Vegetarian diet or even Veganism is by far, a distinct phenomenon in this region as it is not so widespread among populace in this region. The bigger cities have a few specific restaurants serving vegan food on their palate. Going shopping for vegan products is very difficult as the supermarkets do not have space allotted to plant based products. The dairy industry in this region is not developed yet, as the smaller cities and interior regions still have loose packaging that makes it difficult to come to actual consumption on milk. With proper packaging, developed infrastructure and transportation new products can be placed here. Covid-19 pandemic had adverse effects on South America’s economy with fewer investments, productivity coming to a halt, increased unemployment and poverty. However, in 2023 it is fast recovering, but plant based milk being a niche market has to be still propagated well among populace in this region.
According to the research report “South America Plant Based Milk Market Outlook, 2029" published by Bonafide Research, the plant based milk market is expanding slowly at a CAGR of 9.83% during the forecast period. The South America plant based milk market is five times more than South America plant based meat market, which is prudent that plant based milk market is a matured market. Still, South America when compared globally holds a scanty market position. Almost 70% of the population in South America are lactose intolerant. Adults suffer from hypolactasia that is the most common enzyme deficiency. As a result of which they are turning towards plant-based milk options that are free of any dairy or animal origin. Soy milk is one of the oldest plant based milk and so it is widely available and has massive acceptance. Whereas, Almond milk has recently captivated, vital reason being soy milks allergenic property. Brazil and Argentina makes almost 50% of the plant based milk market, while Columbia is an emerging country in this region. Oat milk is the fastest growing plant milk given its health benefits. By consumption plain milk is mass consumed as compared to flavoured milk, as the latter is high priced. Sales through supermarkets/ hypermarkets are dominant as consumers prefer buying their essentials from branded chains with trust worthy names.
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