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Plant-Based Dairy in Latin America

November 2022

Plant-based dairy was continuing to see strong growth in 2022, driven mainly by other plant-based milk. Plant-based yoghurt and cheese were also seeing dynamic growth, but still remain very small categories compared to plant-based milk. The decline in soy drinks sales seems to have been halted, although only very modest sales increases will be seen in this category over 2022-2027, with other plant-based milk, plant-based yoghurt and cheese continuing to record much more dynamic performances.

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This report comes in PPT.

Key findings

Other plant-based milk driving overall category growth

The plant-based dairy market, while still relatively small, is enjoying strong growth in Latin America, appealing in particular to vegans, vegetarians, flexitarians and lactose-intolerant consumers. However, with health consciousness having increased during the pandemic, many consumers have been looking to improve their diets in order to help maintain good health. The main growth driver continues to be other plant-based milk, although the much smaller plant-based yoghurt and cheese categories also continue to see dynamic growth.

No-added-sugar products being launched

For products that tend to have a USP revolving around healthiness, consumer concerns about the sugar content in some plant-based milks has seen industry players increasingly launching no-added-sugar variants. For example, Danone’s Silk brand introduced soy-, almond-, rice-, oat- and coconut-based milk without added sugars or artificial sweeteners in Mexico.

E-commerce a small but growing channel

The pandemic saw strong growth in the e-commerce value sales share, which more than doubled between 2019 and 2020, and it also made further strong gains in the next two years as well. However, it still remains a very small distribution channel, with a share of just 2% in the region as a whole in 2022. Small local grocers remains the biggest individual channel (40%), despite losing share in recent years, with consumers attracted by the one-stop shopping and competitive prices offered by modern grocery retailers.

Further strong growth expected in 2022-2027

Plant-based dairy will continue to see strong growth in Latin America over the forecast period, with other plant-based milk continuing to account for the bulk of the actual new value sales added in 2022-2027, but with plant-based yoghurt and cheese also seeing strong growth. Soy drinks will record positive, if only modest, growth, as players successfully work to combat the negative image that these products had been developing.

Key findings
Latin America seeing strong growth in 2022
More healthy growth expected for Latin America over the 2022-2027 period
Dynamic growth seen in Colombia over 2017-2022
Other plant-based milk “on the charge”
Soy drinks in decline in many of the major markets in the region in 2017-2022
Other plant-based milk drinks is driving the overall plant-based dairy market
Small local grocers remains the main distribution channel in Latin America…
…albeit with its sales share continuing to decline
Concentrated competitive landscapes in most countries
Danone gaining share with its Silk brand over 2017-2022
Plant-based dairy has a number of single-market players in its top 10 companies
Argentinian brands La Serenísima and Tratenfu moving up the rankings
More strong growth expected over 2022-2027 for Latin America
Other plant-based milk will drive actual sales, with cheese also seeing dynamic growth
Habit persistence expected to be the main growth driver in the coming years
Argentina: Market Context
Argentina: Competitive and Retail Landscape
Bolivia: Market Context
Bolivia: Competitive and Retail Landscape
Brazil: Market Context
Brazil: Competitive and Retail Landscape
Chile: Market Context
Chile: Competitive and Retail Landscape
Colombia: Market Context
Colombia: Competitive and Retail Landscape
Costa Rica: Market Context
Costa Rica: Competitive and Retail Landscape
Dominican Republic: Market Context
Dominican Republic: Competitive and Retail Landscape
Ecuador: Market Context
Ecuador: Competitive and Retail Landscape
Guatemala: Market Context
Guatemala: Competitive and Retail Landscape
Mexico: Market Context
Mexico: Competitive and Retail Landscape
Peru: Market Context
Peru: Competitive and Retail Landscape
Uruguay: Market Context
Uruguay: Competitive and Retail Landscape


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