Market Trends of Mexico Plant-Based Food and Beverages Industry
This section covers the major market trends shaping the Mexico Plant-Based Food & Beverages Market according to our research experts:
Rapid Expansion of Vegan Culture
Plant-based eating has been increasingly popular over the past few years in the country and holds the highest vegan population in Latin America. According to the study released in 2019 by Vegconomist, almost 20% of Mexicans are classified as vegetarians or vegans, indicating the widespread acceptance of a vegan diet. Additionally, Mexican cuisine was originally plant-based, which in turn allows chefs and eateries to inventively highlight their roots.
Furthermore, consumers are increasingly aware of the risk of premature death due to hypertension, obesity, excessive cholesterol, and saturated fats, which are primarily associated with the consumption of animal-based food and beverages, Therefore, people are increasingly choosing plant-based meat in place of conventional meat as former contains higher levels of nutrients like magnesium, folic acid, vitamin C, vitamin E, iron, and dietary fiber. Besides personal health, concerns for the environment, and animal welfare. are among the primary considerations for accepting veganism. In response to changing consumer perception, several companies have expanded their manufacturing facilities and distribution capabilities to ensure the optimum supply of plant-based food and beverages. For instance, in April 2021, Heartbeat Foods, a Mexican vegan food company launched its new e-commerce store, that allows consumers to purchase its plant-based milk via a subscription model.
New Product Launches and Celebrity Endorsement
The development of innovative products, such as plant-based milk, eggs, and meat, is acting as a growth-inducing factor. These products are high in essential nutrients and taste nearly identical to those derived from animals. Further, innovative plant-based food and beverage products are booming with the penetration of local entrepreneurs. Consumers' desire for variety, flexibility, and increased ethical awareness is fuelling the need to incorporate new vegan products. For instance, in September 2021, a new brand of vegan food called Somo was launched in Mexico, featuring a line of meal kits, sides, salsas, and chips. Other vegan food brands including Veganisimo, Butcher, and Benji have also launched a range of innovative products in Mexico during 2020-2022. Further, extensive promotional activities by celebrities and athletes encourage the consumption of vegetarian food. For instance, key Mexican celebrities support veganism through their social media platforms including Eugenio Derbez, Marianna Burelli, Juan Pablo Di Pace, and Marco Antonio Regil, among others, which in turn influences their fan followings to consume plant-based food and beverages.
