Plant-Based Food Ingredients Market Synopsis:
The plant-based food ingredients market could continue to thrive at a rate of 15.5% between 2022 and 2030 (the appraisal period), reveals Market Research Future (MRFR). Market Research Future further expects the market size to reach USD 12,341.6 Million by the end of 2030.
Plant-Based Food Ingredients Market Growth Boosters and Impediments:
With major brands focusing on improving the taste and texture of their products, combined with the rising preferences as well as values of the consumers, the Plant-Based Food Ingredients Market Analysis should experience strong growth in the years to come.
In the past couple of decades, the global food industry has noted incredible growth, thanks to the supportive government policies coupled with the exploding worldwide population. This helps bolster the application scope of various plant-based food ingredients. The demand is further boosted by the escalating preference for healthier alternatives to meat. This could be owing to the alarming rise in heart diseases, obesity, and diabetes.
Majority of the contenders are realizing the magnitude of growth avenues in the market and are therefore acquiring, investing, or merging with other brands. Most of the plant-based food ingredient developers are also emphasizing on conducting vigorous research and development activities to extend the application range of their products and elevate their market standings.
What are the leading vendors in the market for plant-based food ingredients?
Top Manufacturers: The reputed brands in the plant-based food ingredients industry include The Scoular Company (US), Cargill Inc. (US), Döhler GmbH (Germany), Ingredion Inc. (US), DuPont de Nemours, Inc. (US), Puris Proteins, LLC (US), Archer-Daniels-Midland Company (US), BI Nutraceuticals, Inc. (US), SunOpta Inc. (Canada), Olam International (Singapore), and many more.
Plant-Based Food Ingredients Market Segmental Reviews:
By Source: Soy, Pea, Rice, Almond, Cashew, Oats, Coconut and Others
By Category: Organic, Conventional)
By Application: Plant-Based Milk Derivatives, {Plant-Based Milk, Plant-Based Cheese, Plant-Based Ice Cream, Plant-Based Yogurt, Plant-Based Butter, Others} Bakery Confectionery, Sweet Savory Snacks, Meat Substitutes, RTE RTC Meals, Others
By Region: North America, Europe, Asia-Pacific, and Rest of the World - Forecast till 2027
Recent Industry Developments:
Impossible Foods (US) got funding of 500 million US dollars in 2020 to produce and use plant-based meats and use them in their burger recipes have seen increased sales in the US market. In the latter half of 2020 Beyond Meat (US) has seen a growth in the Plant-Based Food Ingredients Market by 49% by partnering with Starbucks globally to sell their products by the initiative called “Feed a Million+” whose aim is to sell millions of plant-based meat burgers. Larger organizations like McDonald’s and KFC have also introduced plant-based burgers into their menu thus, adding value to the plant-based market. Omni Pork (Hong Kong) and Swedish Oatly have campaigned with the Chinese retail market of Plant-Based Food Ingredient manufacturers to increase the said of plant-based food.
Regional Outlook:
Europe grabbed the highest share of 35% and is at present, the most lucrative market for Food Ingredients Analysis The market size is bolstered by the burgeoning consumer base and their rising preference for nutritious as well as healthy alternatives to meats and other high-calorie food items. Surge in technological upgrades in terms of production along with top brands battling it out with respect to price as well as quality could enhance the plant-based food ingredients market share in the years to follow. Also, with the heightened demand for organic, genetically modified (GM)-free food ingredients and soaring number of vegetarians, flexitarians, and vegans, the market demand is bound to rise rapidly in the next couple of years.
Asia Pacific could soar at the fastest pace from 2022 to 2030, thanks to the exploding urban populace with high health awareness and the resultant surge in their preference for organic food items. The growing purchasing prowess of the consumers across India and China in conjunction with the increase in their discretionary incomes will elevate the demand for Food Ingredients Analysis as well. Rise in the Western culture influence in the region, coupled with the mounting veganism trend also pushes the market growth.
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