Pune, Feb. 27, 2023 (GLOBE NEWSWIRE) -- Globally, the Plant Based Food Ingredients Market Size is expected to expand at a significant CAGR over the next few years due to its growing scope and applications. Key factors such as rising demand for plant-based products, increasing number of health-conscious populace, and growing consumption of vitamin-based health supplements are expected to drive global market revenue growth during the forecast period.
Over years, changing lifestyle patterns, rising prevalence of chronic and lifestyle-associated diseases, and increasing awareness about environmental impact have resulted in rising number of vegetarians and vegans and increased consumption of plant-based food. Plant based food is primarily made from fruits, vegetables, plant extracts, nuts, seeds, oils, whole grains, legumes, and beans which are rich in proteins, fats, carbohydrates, minerals and help to boost immune system, reduce inflammation, maintain a healthy weight, increase fiber and lower the risks of cancer and chronic diseases. Some of the commonly used plant-based food ingredients include soy, mushroom, peas, rice, quinoa, sweet potatoes, almond, cashew, berries, bananas, oatmeal, peaches, figs, and lentils among others.
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However, factors such as high cost of plant-based food ingredients, low awareness about the environmental impact of consuming animal-based products and benefits of plant-based food are expected to hamper overall market growth to a certain extent during the forecast period.
Plant based Food Ingredients Market Analysis By Company:
- Ingredion
- Archer-Daniels-Midland Company
- DuPont de Nemours
- Cargill
- Puris Proteins
- BI Nutraceuticals
- Olam International
- SunOpta
- Döhler GmbH
- The Scoular Company
Plant based Food Ingredients Industry Recent Developments:
- In May 2022, Novolutions launched a novel plant-based food brand, ‘Just Dig In’ to expand its plant-based protein portfolio.
- In November 2022, International Flavors & Fragrances announced the launch of a soy-based ingredient, Supro Tex that can mimic products with similar texture to chunks of whole muscle meat.
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The global plant based food ingredients market has been segmented based on type, application, and region:
Market Segment by Type:
- Soy
- Pea
- Rice
- Almond
- Cashew
Soy Segment To Register Rapid Revenue CAGR:
The soy segment is expected to register rapid revenue CAGR over the forecast period. Factors such as increasing preference for protein-rich and animal-free products, growing inclination towards vegan and vegetarian diets, and high demand for soy and soy foods due to high protein content and ability to be processed into meat and milk substitutes are expected to drive segment revenue growth during the forecast period.
Market Segment by Application:
- Plant-based Milk
- Bakery and Confectionery
Plant-based Milk Segment to Account for Largest Revenue Share:
The plant-based milk segment is expected to account for largest revenue share between 2022 and 2028. This can be attributed to steady increase in the adoption of veganism across the globe, high preference for milk extracted from soy, almonds, and cashew, growing awareness about rising environmental concerns and benefits of plant-based products, and rising availability of various types of plant-based milk and milk products.
Market Regional Analysis:
- North America (USA, Canada)
- Europe (Germany, France, UK, Italy, Russia)
- Asia Pacific (China, Japan, South Korea, India, Australia, Taiwan, Indonesia, Thailand, Malaysia, Philippines, Vietnam)
- Latin America (Brazil, Argentina)
- Middle East & Africa (Turkey, Saudi Arabia, U.A.E)
North America to Lead In Terms of Revenue Share:
North America is expected to account for largest revenue share in the global market during the forecast period owing to rising number of health-conscious people across the region, growing demand for plant-based good products, increasing number of lactose intolerant cases, and presence of leading plant-based food ingredients. In addition, growing consumer preference for fortified confectionery and bakery products, rising veganism across the region, and increasing investments in developing more tasty ingredients are expected to drive North America market growth during the forecast period.
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Key Questions Addressed in the Report:
- What revenue CAGR is the global market expected to register during the forecast period?
- Which key players are leading in the global plant based food ingredients market?
- What is the expected market size of the global plant based food ingredients market between 2023 and 2028?
- What factors are expected to open new growth avenues and opportunities for existing and emerging market players?
- What are some of the key challenges that the global market is expected to face during the forecast period?
- Which region is expected to account for largest revenue share over the forecast period?
Key Reasons to Purchase the Report:
- Estimates 2023 to 2028 plant based food ingredients market current market trends and development trends
- Market dynamics along with growth opportunities of the market in the years to come
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the Plant based Food Ingredients market
- Competitive landscape involving market share of the major players, new strategies and projects adopted by players in the last five years
- Comprehensive company profiles covering product offerings, key financial information, SWOT analysis and strategies employed by major market players
- Brief about impact of COVID-19 on the global Plant based Food Ingredients market
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