Mexico Plant-based Food Market Overview, 2028

Plant-based eating has been increasingly popular over the past few years in the country. According to a study in 2019 by Vegconomist, around 20% of Mexicans are classified as vegetarians or vegans, indicating the wide spread acceptance of the vegan diet. Additionally, Mexican Cuisine was originally plant-based, which in turn allows chefs and eateries to inventively highlight their roots. Historically, plant-based diets have roots in Mexican culture and cuisine, with traditional dishes incorporating plant-based ingredients like beans, corn, and various vegetables. However, the recent surge in popularity of modern plant-based food products and alternatives is a more recent development. The plant-based food movement in Mexico began to gain traction, with small health food stores and specialty markets offering some vegan and vegetarian products. Local plant-based food companies started to emerge, focusing on producing meat and dairy alternatives. The concepts of vegetarianism and veganism began to be more widely understood and accepted in Mexico. Health and wellness trends gained popularity, leading to an increased interest in plant-based diets and products. Further, the demand for plant-based food products started to grow rapidly as more consumers became health-conscious and environmentally aware. International companies specialising in plant-based alternatives, such as soy-based products and plant-based meat substitutes, have entered the Mexican market. According to the research report "Mexico Plant Based Food Market Overview, 2028," published by Bonafide Research, the Mexico Plant Based Food Market is expected to grow at an above 12% CAGR rate from 2023 to 2028. Vegan activists and influencers in Mexico have been able to share recipes, stories, and resources thanks to social media. Therefore, conventional Mexican dishes have been rethought with veggie-loving fixings, for example, jackfruit carnitas, almond-based cheeses, and plant-based chiles rellenos. Showcases presently offer a rising assortment of plant-based items, making it simpler for people to adopt a veggie-loving way of life. Governments and non-governmental organisations are extremely helpful in advancing veganism by supporting plant-based projects, educating the public, and enacting policies. A more vegan-friendly atmosphere is created, for instance, by increasing the number of plant-based alternatives in school lunch plans or encouraging nearby farmers to cultivate sustainable crops. Further, Eugenio Derbez is a well-known actor, comedian, and producer in Mexico. He has publicly spoken about his transition to a plant-based diet and has used his social media presence to share plant-based recipes and promote the benefits of a vegan lifestyle.

Based on the products types includes the Plant-based Milk, Plant-based Meat and Seafood, Plant-based Cheese, Plant-based Desserts, Plant-based Ice Cream, Plant-based Yoghurt, Plant-based Butter, Plant-based Bars, Plant-based Bakery Snacks and Confectionery, Plant-based Creamer, Plant Based Mayonnaise and Salad Dressing and other. Among them, plant-based yoghurt will grow at the highest CAGR rate. Mexico has a diverse population with varying dietary preferences, including vegetarians, vegans, and flexitarians. Plant-based yoghurt offers an option that accommodates these different dietary choices. Further, the availability of plant-based yoghurt options in supermarkets and health food stores has increased, offering consumers a wide range of choices to suit their preferences. As for the types of plant-based yoghurt consumed more by Mexican consumers, some popular options include soy yoghurt, coconut Yoghurt, almond Yoghurt, oat Yoghurt, and many more. Plant-based milk is the leading market in Mexico; Mexican consumers are influenced by global food trends, and the growing popularity of plant-based diets and alternative milk options is part of a broader global movement towards more sustainable and plant-centric eating habits. The increasing focus on health and environmental sustainability presents a significant opportunity for the plant-based food market. Consumers in Mexico are becoming more conscious of their food choices and are seeking healthier and more sustainable alternatives, driving demand for plant-based products. Further, Mexico has a large and diverse population, providing a sizable consumer base for plant-based food products. As the market continues to expand, companies have the opportunity to reach a wide range of consumers with various dietary preferences and cultural backgrounds. As well, the Mexican government has shown support for sustainable and eco-friendly initiatives. Incentives and policies promoting plant-based diets and food production can create a conducive environment for the growth of the plant-based food market. Despite the growing interest in plant-based foods, there is still a need for consumer education about the benefits and nutritional value of plant-based diets. Raising awareness about plant-based options and dispelling myths surrounding these products can be a challenge. Further, the cost of some plant-based food products is higher than their conventional counterparts due to factors such as production costs and supply chain logistics. Ensuring affordability and price competitiveness may be challenging, especially for lower-income consumers. Traditional Mexican cuisine often includes meat and dairy products, which are deeply rooted in the country's culinary heritage. Convincing consumers to shift towards plant-based options while maintaining cultural food traditions may be a challenge. Distribution channels include hypermarkets and Supermarkets, Convenience Stores, E-commerce, and others. Hypermarkets and Supermarkets have the highest market share, and hypermarkets and supermarkets are leading the plant-based food market in Mexico due to their widespread presence, extensive product offerings, and established distribution networks. These retail giants have the advantage of reaching a large consumer base, making them key players in promoting and selling plant-based food products to a wide audience. They also have the capacity to stock a diverse range of products, including various plant-based alternatives, catering to the increasing demand from health-conscious and environmentally conscious consumers. Here are some prominent hypermarkets and supermarkets in Mexico known for offering a wide range of plant-based food products, including Walmart de México y Centroamérica, Soriana, H-E-B México, and more. There were several start-ups in Mexico's plant-based food market, and the government had begun taking some initiatives to promote sustainable and plant-based food options. Dairyfree is a Mexican start-up that produces a variety of plant-based dairy alternatives, including milk, yoghurt, and cheese. They aim to offer sustainable and cruelty-free alternatives to traditional dairy products. Further, El Cardenal Vegano is a start-up known for producing vegan versions of traditional Mexican dishes, such as tacos, tamales, and chilaquiles, using plant-based ingredients. The Mexican government has shown some support for promoting sustainable and plant-based food initiatives. National Strategy for the Prevention and Control of Overweight, Obesity, and Diabetes: The Mexican government has been working on strategies to address health issues related to nutrition and lifestyle. Promoting plant-based food consumption could align with efforts to combat obesity and improve public health. The government has collaborated with non-governmental organisations and environmental groups to promote sustainable agriculture and healthier food choices, which may indirectly encourage the growth of the plant-based food market. Recent Development: In August 2022, NotCo and Starbucks Mexico announced the partnership. Starbucks Mexico Introduces New Plant-based Menu options Made with NotCo Plant-based Products. In October 2021, Heura, a company that produces plant-based meat, expanded its presence in Mexico and now sells its products in Walmart, City Market, Fresko, and La Comer. Heura is dedicated to offering Mexico four distinct SKUs that are healthier and more environmentally friendly. In June 2021, JBS Foods brand Planterra Foods expands into Mexico. The company announced a supply agreement with UNFI. Planterra aims to increase the market for its plant-based burgers, ground, and Mexican Seasoned ground beef products through a partnership with UNFI. Considered in this report • Geography: Mexico • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028

Aspects covered in this report • Mexico Plant-based Food 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 • Plant-based Milk • Plant-based Meat and Seafood (Tofu, Quorn, Seitan, Fish, TVP, Burger Patties, Tempeh, Hot Dogs and Sausages, Meatballs, Ground Meat, Nuggets, Crumbles, Shreds, Crab, shrimp, Others) • Plant-based Cheese • Plant-based Desserts (Cakes, Pastries, Custard, Pudding, etc.) • Plant-based Ice Cream • Plant-based Yogurt • Plant-based Butter • Plant-based Bars (Protein Bars, Energy Bars, Cereal Bars, Fruit & Nut Bars, etc.) • Plant-based Bakery Snacks and Confectionery (Biscuit and Cookies, Bread and Rolls, Chocolate, etc.) • Plant-based Creamer • Plant Based Mayonnaise and Salad Dressing • 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 and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone 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 making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations and organisations related to the Plant-based Food industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.