Global Plant Based API Market Overview:
As per MRFR analysis, the Plant Based API Market Size was estimated at 30.64 (USD Billion) in 2022. The Plant Based API Market Industry is expected to grow from 32.66(USD Billion) in 2023 to 58.0 (USD Billion) by 2032. The Plant Based API Market CAGR (growth rate) is expected to be around 6.59% during the forecast period (2024 - 2032).
Key Plant Based API Market Trends Highlighted
The trend in the growth of the Plant Based API Market can be attributed to the growing popularity of plant based and allergen-free products. The consumers are health aware and are looking for healthy and eco-friendly options instead of regular meat products. The growth of the market is anticipated to be sustained in the years ahead owing to key factors such as an increase in health-conscious people, a rise in the number of vegans and technological progress.
Areas for growth include the formulation of newly derived plant based APIs that resolve targeted nutrition gaps and capture developing regions. New developments in the API Plant Based industry include the booming development of pea and soy-derived proteins, the funding of R for high-quality plant-derived extracting APIs, and the usage of plant-sourced proteins in the making of dietary and nutritional supplements.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Plant Based API Market Drivers
Rising Demand for Plant Based Products
Growing awareness of the environmental and health benefits of Plant Based products has increased demand for Plant Based products. People look for plant based alternatives to traditional animal-based products, such as food, beverages, personal care, and others. The expanding community of vegetarians, flexitarians, and vegans around the world results in great opportunities for the growth of the Plant Based API Market Industry.
Technological Advancements in Plant Based Ingredient Production
Different technologies employed in the extraction and processing of plant based ingredients have made it possible for manufacturers to produce items that have a flavor, taste, and even nutritional content that is equal to or superior to animal-based ingredients. Consequently, these novelties appeal to a larger number of potential consumers, thus defining the enhanced growth rates in the Plant Based API Market Industry.
Government Support for Plant Based Industries
Governments worldwide recognize the potential of the plant based industry to contribute to sustainable development and improve public health. As a result, many governments are implementing policies and initiatives to support the growth of this industry. These measures include providing financial incentives, promoting research and development, and raising awareness about the benefits of Plant Based products.
Plant Based API Market Segment Insights:
Plant Based API Market Source Insights
The Plant Based API Market by Source is segmented into Soy, Pea, Hemp, Sunflower, and Rice. The soy-Based API segment holds the largest market share, and it is attributed to higher demand for soy-Based API due to its high protein content, versatility, and cost-friendly. In addition, the growing demand for Plant Based proteins in the food and beverage industry is further propelling the growth of soy-Based API segment. Pea-based protein is a popular source of Plant Based protein across the sports nutrition industry, as it contains a superior amino acid profile and digestibility.The sunflower-based protein is emerging as an appropriate source for individuals who are allergic to soy or peas. On the other hand, hemp-based protein is being widely used across various end-use applications due to its high-quality protein content and sustainability. Furthermore, the demand for Plant Based rice protein is increasing due to its gluten-free nature and hypoallergenic. The major factors contributing to the growth of the Plant Based API Market include the increasing number of vegetarians and individual preference towards adopting a vegan diet.Furthermore, the growing awareness about the health benefits of Plant Based proteins and rising applications of Plant Based proteins influence the growth of the Plant Based API Market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Plant Based API Market Form Insights
Within the form segment of the Plant Based API Market, the liquid, powder, and granule forms are divided. Notably, the liquid form demonstrated the largest segment of the market share in 2023. Additionally, the revenue of the Plant Based API Market for the liquid form is expected to reach $20.2 billion by 2032, which corresponds to a CAGR of 6.8% throughout the period from 2024 to 2032. The choice of the liquid form is linked to its handling ease, high exact dosing, and rapid absorption. The powder form is also prevalent among consumers in the Plant Based API Market due to its higher stability and longer shelf life.The usefulness and adaptability of the granule form make it increasingly popular. In summary, the segment data offer a number of insights into the Plant Based API Market and provide a coherent understanding of the possible opportunities for growth.
Plant Based API Market End-Use Industry Insights
The Plant Based API Market is segmented by end-use industry into Food and Beverage, Dietary Supplements, Cosmetics, and Pharmaceuticals. Among these segments, the Food and Beverage industry is expected to hold the largest share of the market in 2023, and is projected to continue its dominance throughout the forecast period. The Dietary Supplements segment is expected to witness the fastest growth rate over the forecast period, owing to the increasing demand for Plant Based supplements for health and wellness. The Cosmetics segment is also expected to exhibit significant growth, driven by the rising popularity of natural and organic skincare products.The Pharmaceuticals segment is expected to account for a smaller share of the market, but is expected to witness steady growth due to the increasing use of Plant Based APIs in the development of new drugs and therapies.
Plant Based API Market Functionality Insights
The Functionality segment of the Plant Based API Market is categorized into Emulsifying, Gelling, Foaming, and Texture Enhancing. Emulsifying agents, such as soy and pea proteins, are expected to hold a significant share of the market in 2023 owing to their ability to stabilize oil-in-water emulsions. Gelling agents, like xanthan gum and carrageenan, are projected to witness steady growth due to their use in creating Plant Based meat alternatives. Foaming agents, including chickpea and potato proteins, are gaining popularity in Plant Based whipped toppings and desserts.Texture Enhancing agents, such as cellulose and starch, are utilized to improve the mouthfeel and texture of Plant Based products, contributing to the overall market growth.
Plant Based API Market Distribution Channel Insights
The Plant Based API Market segmentation by distribution channel comprises online retailers, supermarkets/hypermarkets, specialty food stores, and foodservice. Among these channels, online retailers are projected to hold a significant market share in the coming years. The growth of online grocery shopping and the convenience offered by e-commerce platforms are key factors driving the demand for Plant Based APIs through this channel. In 2023, the Plant Based API Market revenue through online retailers is estimated to be around USD 6.5 billion, and it is expected to reach USD 12.5 billion by 2032, growing at a CAGR of 7.2%.Supermarkets/hypermarkets are another important distribution channel for Plant Based APIs, with major players such as Walmart, Tesco, and Carrefour offering a wide range of Plant Based products.
Plant Based API Market Regional Insights
The regional segmentation of the Plant Based API Market provides insights into the geographical distribution of market share and growth potential. North America is expected to hold a significant market share due to rising consumer demand for Plant Based products and the presence of key industry players. Europe is anticipated to follow suit, driven by increasing awareness of Plant Based diets and government initiatives promoting sustainable food systems. The APAC region is projected to experience notable growth owing to the growing population, rising disposable incomes, and increasing urbanization.South America and MEA are expected to have a relatively smaller market share but present promising growth opportunities due to expanding health-conscious consumer base and supportive government regulations.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Plant Based API Market Key Players And Competitive Insights:
Major players in the Plant Based API market industry are constantly engaged in research and development activities to strengthen their market position. Leading Plant Based API Market players are focusing on developing innovative products and expanding their global presence through strategic partnerships and acquisitions. The Plant Based API Market is highly competitive, with numerous established and emerging players. This competitive landscape drives innovation as companies strive to differentiate their offerings and gain market share.A leading company in the Plant Based API Market is Beyond Meat. Founded in 2009, Beyond Meat is a pioneer in the Plant Based meat industry. The company's mission is to create Plant Based meat that is indistinguishable from animal meat in terms of taste, texture, and nutritional value. Beyond Meat's products are available in over 55,000 retail and food service outlets in more than 80 countries worldwide. The company has a strong focus on product innovation, and its research and development team is constantly working to improve the taste, texture, and nutritional value of its products. Beyond Meat is also committed to sustainability, and its products are made from Plant Based ingredients that are grown without the use of antibiotics or hormones.A prominent competitor in the Plant Based API Market is Impossible Foods. Founded in 2011, Impossible Foods is another leading player in the Plant Based meat industry. The company's mission is to create Plant Based meat that is as delicious and nutritious as animal meat, but without the negative environmental and ethical impacts. Impossible Foods' products are available in over 20,000 retail and food service outlets in the United States, Hong Kong, Singapore, and Macau. The company has a strong focus on research and development, and its team of scientists is constantly working to improve the taste, texture, and nutritional value of its products. Impossible Foods is also committed to sustainability, and its products are made from Plant Based ingredients that are grown without the use of antibiotics or hormones.
Key Companies in the Plant Based API Market Include:
- Axiom Foods
- Puris Foods
- Burcon Nutrascience Corporation
- Glanbia PLC
- Ecoideas
- The Scoular Company
- EverGrain
- Ingredion Incorporated
- Dao Foods International
- Scoular
Plant Based API Market Industry Developments
The Plant Based API Market is expected to witness significant growth over the forecast period, driven by rising demand for Plant Based products, increasing health consciousness, and growing awareness of the environmental impact of animal agriculture. In 2023, the market was valued at approximately USD 32.66 billion and is projected to reach USD 58.0 billion by 2032, exhibiting a CAGR of 6.59% during the forecast period. Key market players include Archer Daniels Midland Company, Ingredion Incorporated, Kerry Group, Cargill, Incorporated, and Tate Lyle PLC. Recent developments in the market include the launch of new Plant Based API products, strategic partnerships and collaborations among industry players, and increasing investments in research and development. The market is expected to benefit from the growing trend towards vegan and flexitarian diets, as well as the increasing adoption of Plant Based ingredients in food and beverage applications.
Plant Based API Market Segmentation Insights
-
Plant Based API Market Source Outlook
- Soy
- Pea
- Hemp
- Sunflower
- Rice
-
Plant Based API Market Form Outlook
-
Plant Based API Market End-Use Industry Outlook
- Food and Beverage
- Dietary Supplements
- Cosmetics
- Pharmaceuticals
-
Plant Based API Market Functionality Outlook
- Emulsifying
- Gelling
- Foaming
- Texture Enhancing
-
Plant Based API Market Distribution Channel Outlook
- Online Retailers
- Supermarkets/Hypermarkets
- Specialty Food Stores
- Foodservice
-
Plant Based API Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
30.64(USD Billion) |
| Market Size 2023 |
32.66(USD Billion) |
| Market Size 2032 |
58.0(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
6.59% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Axiom Foods, Puris Foods, Burcon Nutrascience Corporation, Glanbia PLC, Ecoideas, The Scoular Company, EverGrain, Ingredion Incorporated, Dao Foods International, Scoular |
| Segments Covered |
Source, Form, End-Use Industry, Functionality, Distribution Channel, Regional |
| Key Market Opportunities |
Increasing demand for sustainable ingredients Growing popularity of vegan diets Innovations in extraction technologies Expanding applications in food and beverage industry Rising focus on health and wellness |
| Key Market Dynamics |
Increased consumer demand for vegan products, technological advancements, growing awareness of animal welfare, rising disposable income and expansion of retail distribution channels |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Plant Based API Market was valued at USD 32.66 Bn in 2023 and is projected to reach USD 58 Bn by 2032, exhibiting a CAGR of 6.59% during the forecast period.
North America is expected to dominate the Plant Based API Market, accounting for the largest market share in 2023 and is projected to continue its dominance throughout the forecast period.
The growing demand for Plant Based food products, increasing awareness of the health benefits of Plant Based ingredients, and the rising popularity of vegan and vegetarian diets are key factors driving the growth of the Plant Based API Market.
Plant Based APIs are primarily used in the food and beverage industry, followed by the dietary supplement and personal care industries.
Some of the key competitors in the Plant Based API Market include Archer Daniels Midland Company, Cargill, Incorporated, DuPont, Ingredion Incorporated, and Kerry Group.
The challenges faced by the Plant Based API Market include the high cost of production, limited availability of raw materials, and regulatory hurdles in different regions.
The Plant Based API Market is expected to grow at a CAGR of 6.59% from 2024 to 2032.
The key trends in the Plant Based API Market include the growing demand for clean label products, the increasing popularity of Plant Based meat alternatives, and the rising awareness of the environmental benefits of Plant Based foods.
The opportunities for growth in the Plant Based API Market include the expansion into emerging markets, the development of new and innovative products, and the strategic partnerships between key players.
The key challenges faced by the Plant Based API Market include the high cost of production, the limited availability of raw materials, and the regulatory hurdles in different regions.
