New research by Mintel shows that in the four-year period between 2014 and 2018, the Brazilian vegan market grew by 677%. The figure is probably higher now since 2019 saw a considerable increase in vegan products on the shelves.
Besides, Brazil appears at number six in a ranking of countries that launch most vegan products.
Despite all the growth, the Brazilian Supermarket Association says that the demand for vegan products surpasses supply, which is great news for potential vegan entrepreneurs.
The revenue generated by sales of health food products is R$55 billion (or US$13 billion).
A recent survey by Ibope Inteligência revealed that 60% of Brazilians would consume more vegan products if they cost the same as non-vegan items. The challenge, then, is to achieve more competitive prices.
In some countries, vegan products attract governmental support such as tax reductions and funding programs for vegan companies. The justification is that they can generate new jobs and have a lower impact on the environment.
In 2018 alone, the vegan milk market grew by 51.5%, including plant milk types based on soya, rice, oat, coconut and almonds, with a revenue of R$545 million (US$131 million), according to Euromonitor International.
With lower cost in the production process, the replacement of animal products with plant-based ones can be accelerated.
In relation to meat, the future in Brazil is also promising for plant-based alternatives. According to Datafolha, in 2017 alone, when the number of vegans and vegetarians was lower than now, a survey revealed that 73% of Brazil felt guilty about the source of their meat. At the time, 63% said they intended to reduce their consumption of meat.
The catering segment has also seen an increase in the number of venues offering vegan options or specializing in vegan food. The city of Campinas, in São Paulo state, is an example of such growth. The vegan sector there has grown by 475%, as we’ve reported here.
Besides, a 2018 survey found that 14% of the Brazilian population is either vegetarian, vegan or is open to the idea.