South America Plant-based Cheese Market Outlook, 2028

Plant based proteins are important macronutrients in the human diet, crucial for cell development in our bodies and for supporting the immune system. Given their nutritional and functional properties, plant–based proteins are excellent candidates for the development of vegan foods. Among other things, plant–based cheese has been identified as a potential enabler for future innovation through improvements in ingredient technology. Unlike traditional dairy cheeses, plant–based cheeses are made from a variety of ingredients such as nuts and legumes that can be fortified with nutrients also found in traditional cheese. Moreover, advancements in food technology and innovation have greatly improved the taste and texture of plant-based cheeses, making them more appealing to a broader audience. These innovations have allowed manufacturers to produce plant-based cheeses that closely mimic the flavor and meltability of dairy-based cheese, enhancing their acceptance among consumers. In South America some start-ups have promoted the use of vegan cheese; it includes Heartbest Foods which is a food tech startup from Mexico, produces plant-based dairy alternatives. Their Vegicheez products range from plant-based mozzarella to cheddar and parmesan. Another start-ups includes NotCo, Nativos, Vegconos, and Veggielution. According to the research report, “South America Plant Based Cheese Market Overview, 2028” published by Bonafide Research, the market is anticipated to add near to USD 85 Million from 2023 to 2028. The South America Health-conscious consumers are the driving force behind the growth of the plant-based cheese market. Many individuals are opting for plant-based alternatives to reduce their intake of saturated fats and cholesterol associated with traditional dairy cheese. Other factors like Plant-based cheeses offer a more environmentally friendly option with lower greenhouse gas emissions, making them an attractive choice for eco-conscious consumers. Plant-based cheeses are becoming increasingly popular among vegans, vegetarians, lactose-intolerant individuals, and those looking to reduce their consumption of animal products for health or ethical reasons. Plant based cheese comes in variety of textures, color, flavors, odor and with the involvement of innovative ingredients. Additionally, many plant-based cheeses are fortified with essential nutrients like vitamins B12 and D, calcium, and protein, making them a more nutritionally balanced choice.

With the region’s geography, the market is segmented into country; Brazil, Argentina, and Columbia. Brazil dominates the market with more than 45 Million in 2022. Brazil’s vegan movement has taken a big leap forward as four plant-based companies come together to form the trade group “Base Planta.”Brazil and Argentina, the two largest countries in South America, have played pivotal roles in driving this market's growth. In Brazil, the plant-based cheese industry has seen a substantial uptick, with consumers increasingly embracing vegan and dairy-free alternatives, thus it has the market size of more than USD 45 Million in 2022. Major Argentina countries have witnessed a proliferation of vegan restaurants and specialty stores, boosting the demand for plant-based cheese products. Columbia, too, has seen a surge in plant-based cheese consumption, particularly in urban centers such as Barranquilla, Bogotá, Cali, Cartagena and Medellin. As more consumers in both countries seek healthier and more environmentally friendly options, the plant-based cheese market in South America is poised to continue its expansion, with a diverse range of innovative products catering to a broad spectrum of tastes and dietary preferences. The market for plant-based cheese is expanding quickly and diversifying, and it has been divided into different cheese product segments. Popular cheese kinds like Mozzarella, Cheddar, Feta, Parmesan, Roquefort, and others are included in this segmentation. Due to its broad use in numerous culinary applications and its frequent association with pizza, mozzarella has been a focus of the market for plant-based cheese. Since it has the desired meltability and stretchiness, plant-based mozzarella cheese is a mainstay in the vegan pizza and pasta sectors. Plant-based substitutes for cheddar, which is renowned for its sharp and acidic flavor, have becoming increasingly popular. Sandwiches, burgers, and snacks use plant-based Cheddar cheese to deliver a great cheesy sensation without dairy. Feta is a salty, crumbly cheese that has become popular in Mediterranean cooking. Customers enjoy the genuine flavor and texture of Feta cheese while adhering to their dietary requirements in foods like salads and pastries. Another type of cheese that has made a home in the plant-based market is parmesan, known for its nutty and umami-rich taste. Plant-based substitutes for Roquefort, a blue cheese with a distinctively moldy flavor, have been developed for those who value its peculiar flavor and texture. These substitutes meet the rising demand for vegan cheese alternatives. According to the distributional channels, the market is segmented into Conventional Stores, Hypermarkets/Supermarkets, E-commerce and others. The Conventional store and hypermarkets/supermarkets being the traditional source of purchasing, provides the consumers the most convenient way to buy with their clear labels. These stores often carry a curated selection of plant-based products, catering to local preferences and ensuring that plant-based cheese remains readily available to a broad customer bases. In recent years, the online channel has witnessed remarkable growth in the South American plant-based cheese market. Consumers are increasingly turning to e-commerce platforms to explore and purchase plant-based cheese products. The online channel offers convenience, a broader variety of choices, and the ability to compare products and prices, which resonates with consumers seeking specific dietary preferences and niche flavors. Additionally, the rise of direct-to-consumer brands and specialized online retailers has further fueled the online sales of plant-based cheese. Considered in this report: • Geography: South America • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report: • South America Plant Based Cheese market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Product Type: • Mozzarella • Cheddar • Feta • Parmesan • Roquefort • Others

By Distribution Channel: • Hypermarkets and Supermarkets • Convenience Stores • E-Commerce • Others The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources. Intended audience: This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Plant Based Cheese industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.