New York, US, June 21, 2022 (GLOBE NEWSWIRE) -- Plant-Based Food Ingredients Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), "Plant-Based Food Ingredients Market Information by Source, Category, Application, and Region - Forecast till 2030”, the Market will be garnering a CAGR of 15.5% between 2022 and 2030 and touch USD $12,341.6 Million by 2030.
Market Synopsis
Plant-based food ingredients contain plants as well as indigestible compounds including yeast, starch, and cellulose that easily reproduce and can survive in every climatic condition. Plant-based ingredients in food items consist of all types of grains, vegetables, seeds, fruits, and legumes, which can be utilized as processed items such as sugar, cereals, oils, bread, jams, pasta, spices, juices, and jaggery, etc.
The most prominent benefit of plant-based food ingredients is that they can be consumed raw with no need for processing.
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Repot Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 12,341.6 Million |
| CAGR | 15.5% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Source, Category, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Healthy eating is contributing |
Market USP Covered:
Market Drivers:
The COVID-19 outbreak has had a massive impact on the worldwide market for plant-based food ingredients. The buying habits of the consumers have changed notably, with them being more cautious about the food products that they purchase. Healthy eating habits have become quite prevalent among consumers. The pandemic has also changed people’s perception of these types of food products, throwing light on their importance. Consumers are increasingly focusing on plant-based food products for out-of-home and at-home purchases; therefore, enhancing the application scope of these ingredients in a variety of food products.
The global market growth has been in response to the surging consumer interest in understanding the types of ingredients used in foods and beverages. This could also be due to the rising health consciousness worldwide. Products that are free-from different toxic elements have become extremely popular and are therefore enjoying widespread availability in a mounting number of retail stores worldwide.
The heightened preference for transparent ingredients targeted at kids is pushing parents to go for plant-based and organic food ingredient-based products.
Market Restraints:
The less usage of advanced food technologies in underdeveloped countries and the low penetration rate of renowned brands would be a huge restraining factor for the worldwide market.
COVID 19 Analysis
The COVID-19 outbreak’s negative impact has led to a series of severe repercussions on people’s health status across the world. The aftermath is linked with the significant social and economic burden on people worldwide. While the major policymakers are implementing new frameworks and industries are adopting advanced models of expansion to maintain their relevance, people are facing a series of mental trauma.
However, there is a huge demand for functional and natural food products with plant-based ingredients among consumers. Several industries dependent on the plant-based food ingredients industry have been affected by the COVID 19 pandemic. However, with the growth rate of the plant-based food ingredients market picking up along with the escalating demand for healthy, high-quality ingredients in foods, there will be a rise in lucrative opportunities in the future.
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Market Competitive Landscape:
The eminent vendors in the plant-based food ingredients industry include
- Ingredion Inc. (US)
- Archer-Daniels-Midland Company (US)
- DuPont de Nemours Inc. (US)
- Cargill Inc. (US)
- Puris Proteins LLC (US)
- BI Nutraceuticals Inc. (US)
- Olam International (Singapore)
- SunOpta Inc. (Canada)
- Döhler GmbH (Germany)
- The Scoular Company (US)
Market Segmentation
By Source
Plant-based food ingredients are commonly sourced from Coconut, Pea, Almond, Soy, Oats, Cashew, Rice, and more.
Soy-based food ingredients market has been thriving at the highest rate in the market, given their extensive use as a primary ingredient in the food sector. These are some of the most crucial parts of the worldwide food chain. Surging applications in dietary supplements as well as the heightened preference for a vegan diet will also stimulate the growth rate of the soy-based food ingredients segment.
Soy-based ingredients have extensive food & beverage applications with numerous manufacturers now expanding their product portfolio by including soy milk as dairy-free alternatives. The surging vegan diet trend, ethical concerns with regard to animal exploitation, and the soaring awareness of fats in animal-based diets will bolster the demand for soy-based food ingredients.
By Category
Categories listed in the study are conventional coupled with organic. With the heightened emphasis on a healthier lifestyle, a rising number of consumers are choosing food products that contain organic ingredients. For this reason, the organic plant-based food ingredients segment will be garnering maximum traction in the worldwide market.
By Application
Plant-based food ingredients have applications in Plant-Based Milk & Derivatives {Plant-Based Milk, Plant-Based Butter, Plant-Based Yogurt, Plant-Based Cheese, and Plant-Based Ice Cream} as well as Meat Substitutes, Sweet & Savory Snacks, RTE & RTC Meals, Bakery & Confectionery, and more.
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Regional Insights
Europe, with the biggest share of 35% in the worldwide market, is the global leader. The plant-based food ingredients market in the region is bolstered by the mushrooming consumer base along with their heightened preference for healthy and nutritious alternatives to meats and high-calorie food products. Rise in technical upgrades with respect to manufacturing and the renowned brands competing in terms of price and product quality will further elevate the plant-based food ingredients market position in the years to come. Besides, with the escalating demand for genetically modified (GM)-free, organic food ingredients and the mounting number of vegetarians, vegans, and flexitarians in the region, the market is bound to see substantial growth in subsequent years.
The Asia Pacific market will be soaring at the highest rate between 2020 and 2027, on account of the rapidly booming urban populace with significant health awareness and their surging inclination toward organic food products. Consumers’ increasing purchasing prowess across India and China in line with the rise in their discretionary incomes should also benefit the plant-based food ingredients market.
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