Market Overview:
Global Plant-Based Ingredient Market size is expected to grow from USD 8.2 billion in 2022 to USD 20.74 billion by 2030, at a CAGR of 12.3% during the forecast period (2023–2030).
The term "ingredients" refers to a specific category of plant-derived mixtures that are added to food and beverages in trace quantities to enhance their flavor and nutritional value. Additionally, some plant-based ingredients are utilized in the cosmetic and pharmaceutical sectors. Since ancient times, human civilization has relied on these plant-based ingredients. The majority of people today are switching to a vegan diet, which will boost market growth over the forecast period. Ingredients made from plants come from a variety of parts, like the roots, leaves, trunk, flowers, seeds, and buds. Global demand for plant-based foods and drinks is growing. Plant-based products may have anti-inflammatory and anti-aging properties, according to recent research.
Top Key Players Covered In The Plant-Based Ingredient Market:
- Cargill (US)
- Impossible Foods (US)
- Beyond Meat (US)
- Eat Just (US)
- Greenleaf Foods (US)
- Good Dot (India)
- Vezlay Food Pvt Ltd (India)
- Vegeta Gold (India)
- Urban Platter (India)
- Tate & Lyle PLC (UK) and Other Major Players.
Market Dynamics and Factors:
The expansion of the market for plant-based ingredients is likely to be sped up by raising consumer awareness of meat substitute products. The plant-based ingredients provide significant nutritional content to the body and prevent various chronic diseases like diabetes and obesity. The market is expanding as a result of these products’ better and more useful qualities, such as their non-allergic nature, digestibility, and sustainability. The expansion of the plant-based ingredients industry should be encouraged by the rising demand for clean-label trends and the desire for a healthy lifestyle.
Manufacturers of plant-based ingredients stand to benefit financially from several market innovations. Plant-based ingredients will eventually be in high demand due to the rising number of vegan and health-conscious consumers worldwide. The market for plant-based ingredients will benefit from strategies designed to raise consumer awareness of these ingredients. During the forecast period, manufacturing companies of vegan food products, dairy, and meat substitute products are concentrating on research and development and launching products with clean label and Plant-based food labels.
Plant-Based Ingredient Market Report Highlight:
- By Type, the Emulsifiers segment is anticipated to lead the growth of the Plant-Based Ingredient market in the forecasted timeframe. Around 75% of the world's production of emulsifiers comes from mono-diglycerides and their derivatives, a class of plant-based emulsifiers. Typically, these are made from palm or soya oil. Another common emulsifier is lecithin, which comes from oils of soy, canola, and sunflower.
- By Source, the Nuts segment is expected to have the highest share of the Plant-Based Ingredient market over the projected period. In a well-balanced food plan, nuts can be a staple in a plant-based diet. Nuts are an excellent way to get your body's protein, iron, zinc, calcium, and vitamin B12. Nuts can be added to a variety of dishes, whether cooked, raw, soaked, or finely ground for ice cream, milk, and spreads.
- By Application, the Food & Beverages segment is set to develop at the highest share during the forecasted timeframe. Increasing demand for health supplements to intake specific vitamins is increasing the adoption of plant-based food& beverage ingredients.
- The North American region is expected to have the highest share of the Plant-Based Ingredient market over the projected period. North America, is driven by the size of the markets in Canada, Mexico, and the United States. Because people are more aware of diseases and how to live a healthy life. Sports nutrition is likely to be in high demand in the region as a result of rising health awareness, which has increased the demand for fitness centers and health clubs.
Key Industry Development:
In September 2021, the launch of plant-based pork in Hong Kong by impossible food, which performed better than ground pork from pigs, was announced. In a visually impaired test, 54% of individuals favored plant-based pork.
In January 2021, Maple Leaf Foods, a subsidiary of Greenleaf Foods, will purchase and transform a plant in Indianapolis, Indiana, into a production facility to expand the company's capacity for plant-based production. When it is fully operational, the production facility will employ 115 individuals and begin producing.
Plant-Based Ingredient Market Segmentation:
By Type
- Emulsifiers
- Binding Agents & Stabilizers
- Preservatives
- Others
By Source
- Pulses
- Cereals
- Nuts
- Others
By Application
- Food & Beverages
- Animal Feed
- Bakery & Confectionery
- Others
For this report, Introspective Market Research has segmented the Plant-Based Ingredient Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Spain
- Rest Of Europe
- Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
- Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
- South America
- Brazil
- Argentina
- Rest of SA
