Plant-Based Food Ingredients Market

Plant-Based Food Ingredients Market Overview:

The global plant-based food ingredients market was valued at USD 9,124.6 billion in 2022 and is likely to reach USD 15,245.8 billion by 2030, at a CAGR of 7.6%. Global plant-based food ingredients market are referred to ingredients made from plants which include fruits, vegetables, nuts, whole grains, seeds and/or legumes. These ingredients have emerged as a substitute for high protein sources that has encouraged product manufacturers to experiment & innovate tasty, high fiber, and alternatives to meat. These ingredients are a high source of minerals, essential amino acids, and vitamins that are required by the body to prevent any dangerous diseases and promote a healthy lifestyle. Increasing consumer awareness pertaining to chemical composition & artificial mixtures that can further prefer products consisting natural plant sources are expected to boost the product demand in the coming years. 

Plant-Based Food Ingredients Market Segmentation:

By product, the global plant-based food ingredients market is classified into soy, rice, pea, canola, wheat, potato, and corn. The soy segment held the largest market share in 2022. Soy is used as primary ingredient in the food industry and forms a vital part of food chain globally. Growing usage in dietary supplements coupled with increasing trend of veganism boosts the segment growth. Also, product manufacturers are expanding product portfolio by including soy milk as dairy-free alternatives for rising lactose-intolerants and vegans. In addition, increasing ethical concern for animal exploitation as well as rising awareness for fats present in animal-based diets offers significant growth potential. The wheat segment is likely to register a healthy CAGR by 2030. This is mainly attributed to rising adoption of nutrition-rich, healthy, and whole grain diet by consumers. Also, key market players are encouraging products such as high fiber biscuits & whole wheat bread due to the growing health concerns, thus augmenting the segment growth.

Based on product, the global plant-based food ingredients market has been classified into food & beverages, dietary supplements, snacks, animal feed, and others. The food & beverages segment witnessed the highest market share in 2022. Plant-based ingredients are evolving as an ideal substitute to dairy products. Different types of plant-base milk are produced these days, mainly from coconut, almond, rice, and oats. Moreover, increasing lactose-intolerant population further demands for plant-base beverages. In addition, whole-foods & plant-based diets have significantly generated interest among people worldwide in past few decades, thus bolstering the segment growth. The dietary supplements segment is projected to register a substantial CAGR during the forecast timeline. Plant-based diets is known for their high nutritional profile, mainly owing to their high fiber content. Rising awareness of broad spectrum of various health benefits of protein-enriched foods mainly in managing chronic diseases is expected to proliferate the segment growth.

Plant-Based Food Ingredients Market Dynamics and Factors:

Increasing consumer consciousness towards meat alternatives is a key driving factor for global plant-based food ingredients market. The plant-based ingredients is known to prevent several chronic diseases such as obesity & diabetes and offer high nutritional content to the body. These products are gaining traction due to their superior properties such as easy digestibility, sustainable nature, and non-allergic nature, which further bolster the global plant-based food ingredients market growth in the following years. Moreover, rising demand for plant-based dietary supplements due to growing importance of proteins among consumers offers significant growth potential. In addition to this, consumers prefer protein shakes & drinks produced from natural sources that contribute to general health & wellness, further fostering the global plant-based food ingredients market expansion. Furthermore, increasing demand for clean label products as well as a strong desire among people for a healthy lifestyle promotes global plant-based ingredients market. Plant based ingredients offer vital vitamins, lower the cholesterol level, offer minerals & amino acids required by the body, and further increase the life span of people, thereby escalating the global plant-based food ingredients market growth in the coming years.

Plant-Based Food Ingredients Market Geographical Analysis:

The North America market garnered the highest market share in 2022 and is likely to garner the highest CAGR during the review period. This is mainly ascribed to the rising awareness for diseases and healthy lifestyle. Also, increasing awareness for health that have surged the demand of health clubs & fitness centers is expected to boost the sports nutrition demand in the region. Companies in the region are producing organic whole plant protein shakes, and meals that contain no sugar and offer the same taste that has resulted in a surge of meat substitute products, further augmenting the regional and global plant-based food ingredients market growth. The European market held the second-largest share in 2022. Technological developments have made it easier for manufacturers to focus on developing new & innovative baked products that is made from gluten-free, whole wheat, and sugar-free products, thus bolstering the European and global plant-based food ingredients market growth.

Plant-Based Food Ingredients Market Report Scope

Key Market Segmentation

Plant-Based Food Ingredients Market- By Product

o   Soy

o   Rice

o   Pea

o   Canola

o   Wheat

o   Potato

o   Corn

Plant-Based Food Ingredients Market - By End Use

o   Food & Beverages

o   Dietary Supplements

o   Snacks

o   Animal Feed

o   Others

Plant-Based Food Ingredients Market - By Region

North America

US

o   Canada

o   Mexico

Europe

o   Germany

o   UK

o   France

o   Italy

o   Spain

Rest of Europe

Asia-Pacific

o   China

o   India

o   Japan

o   South Korea

Rest of Asia-Pacific

Middle East and Africa

South America