Plant-Based Food Ingredients Market Overview:
The Plant-based food ingredients market is predicted to reach a CAGR of 9.88% in the forecast period and a market price of USD 21,351.90 million by 2030.
Food ingredients derived from plants are referred to as Plant-based food ingredients. These ingredients are utilized as the main raw material in foods and beverages promoted as plant-based. Almond, soy, oats, coconut, cashew, and rice are some plant-based food sources. For various food businesses, these ingredients are used in their raw form or processed into flour, milk and oil. The basic ingredients in plant-based foods include proteins isolated from plant sources. The use of these ingredients is rapidly growing due to the growing consumer demand for plant-based foods.
The global Plant-Based Food Ingredients Market Research is rapidly increasing due to their health concern and following healthy eating habits. There is a rising demand for non-dairy products due to the increase in the lactose-intolerant population. In addition, people prefer for vegan diet drives the growth of plant-based food ingredients. However, allergic reactions from plant sources might limit the market's growth.
The COVID-19 outbreak caused a global crisis which has affected more than 195 countries. The increasing number of cases has impacted the global plant-based food ingredient market in many different ways. People have become more aware of the virus's spread by consuming red meat, which makes them inclined toward plant-based foods, which led to an increase in demand for plant-based ingredients globally, and the growth is exponential.
Market Segments:
The Plant-based food ingredients market segments include market category, source and application.
Based on category, the Plant-based food ingredients market is divided into conventional and organic. In 2020, the conventional segment held the biggest market share of 73.55% and was predicted to expand at a CAGR of 9.73% in the next few years.
Based on source, the Plant-based food ingredients market is divided into almond, soy, oats, coconut, cashew, rice and pea. In 2020, the soy sector held a market share of 19.56%, while the pea segment is expected to grow at a CAGR of 10.43% in the forecast period.
Based on application, the Plant-based food ingredients market is divided into sweet and savoury snacks, plant-based milk derivatives, meat substitutes and bakery confectionary. In 2020, plant-based milk derivatives held the largest market share of 44.11%. The meat substitute category is expected to grow at a CAGR of 10.27% in the forecast period.
Regional Analysis:
According to the geographical distribution and global growth analysis, the plant-based food ingredients market shows growth in regions such as Europe, Asia-pacific, North America, and the rest of the world.
Among the above geographical regions, the Plant-based food ingredients market is noticing significant growth in Europe. The market is predicted to rise at a CAGR of 9.97% in the forecast period. The demand for plant-based food ingredients is predicted to increase in Europe due to the rise in organic and genetically modified free supply chains with an increase in vegan and vegetarian diets.
Top Key Player:
Prominent players in the Global Plant-Based Food Ingredients Market Report 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), and The Scoular Company (US).
Industry News:
In January 2022 – Puratos, service and food ingredients supplier for a bakery, partnered with Shiru, a functional ingredients producer, to analyze and produce a new generation of egg replacement.
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