Brazil Food Ingredient Market:
Growth opportunities in the Brazil food ingredient market look promising over the next six years. This is mainly due to the growing preference for natural food colorants, the increasing number of heart disease and obesity patients, and the rising consciousness towards healthy food options.
Brazil Food Ingredient Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The growing inclination in favor of natural food colorants is the major driver responsible for the growth of the Brazil food-ingredient market. These food colors are progressively used to produce different processed food products like candies, cheese, soft drinks, jams/jellies, snacks, margarine, and pie fillings. Moreover, an organic food color made from chili peppers, Paprika is employed to create several vibrant colors in the preparation of food. Thus, these factors fuel the market demand.
The augmenting cases of diabetes, heart diseases, and obesity witnessed by the country also promote market size. In accordance with IDF, approximately 463 million people suffer from diabetes, out of which around 32 million people are situated in the SACA region. Also, the total cases of diabetes amount to nearly 16,780,800, with 11.4% adults in the country. According to the Brazilian Institute of Geography and Statistics estimates, one out of every four individuals was obese in 2019. Together, these factors have surged the health awareness across consumers, thereby encouraging them to switch towards a protein-based diet, which is projected to increase the demand for healthy food ingredients, further fuelling the market size.
Arla food ingredients organized a survey that asserted that almost two-thirds of South Americans are ready to pay extra for food and beverage products with higher protein levels. The survey also stated that Brazil accounts to be the second most eminent nation, where nearly 60% of individuals are willing to spend more on health-oriented food products, which is likely to pave the way for market growth. In addition to this, the widespread outbreak of coronavirus has positively influenced market growth. This is because consumers are now keen to know where their food comes from are extensively seeking food options with healthy nutritional value. Thus, it will further bolster the market growth.
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