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Due to a variety of factors including shifting consumer preferences, ethical concerns, and increased knowledge of sustainable and nutritious eating, the market for plant-based food ingredients is currently experiencing dramatic transformations. One major issue affecting this sector is the growing demand for components produced from ordinary beasts as well as plant-based druthers. The need for plant-based food ingredients has increased significantly as more people adopt plant-based diets for ethical, environmental, and health-related reasons. One of the primary drivers of the industry's growth for plant-based food ingredients is the shift in customer behavior.
The need for healthier options and changing health preferences have a big impact on the market dynamics for plant-based food ingredients. As consumers become more aware of the health benefits linked to diets derived from factories, they are assiduously searching for items that provide the nutritional benefits of plant-based ingredients. This comprises filaments, plant-based proteins, and other elements that support a diet high in nutrients and well-balanced. In response, the market has provided a vast array of plant-based ingredients that work as alternatives to conventional plant-based food, satisfying the various health preferences of customers. The impact of many culinary traditions and the globalization of food tastes both contribute to the market's perceived innovation in flavor.
Manufacturers are adding plant-based ingredients to vibrant food products, such as snacks and flaming goods, as well as meat backups and dairy druthers. Customers may easily include ingredients from factories into their diets thanks to this range of operations, which offers a delicious and flexible alternative to traditional selections. The range of ingredients included in plant-based food items meets the needs of consumers with varying palates and helps the industry as a whole expand. The development of component manufacturing and food processing technologies has significantly influenced market dynamics. The advent of sophisticated methods for extracting proteins, filaments, and other components from stores makes it possible to produce plant-based food ingredients with improved nutritional profiles, texture, and taste.
This technological innovation improves the whole customer experience and propels the market for plant-based food ingredients by addressing issues with the sensitive qualities of these products. The foodservice industry has a big impact on how market dynamics are shaped. Plant-based food ingredients are becoming more and more popular in cafés and restaurants, but chefs and other culinary professionals are becoming less and less receptive to utilizing plant-based meals. The expansion of the foodservice sector and the popularity of plant-based and flexitarian diets are fueling the rising demand for quality plant-based food ingredients.
Producers and chefs frequently work together to develop innovative plant-based recipes that meet the needs of professional kitchens, which makes it harder for the market to adapt to the shifting dynamics of the food industry. In the market for plant-based food ingredients, digitalization has affected marketing and distribution tactics. E-commerce sites have become vital conduits for connecting with customers, offering a convenient means of perusing and purchasing items made with plant-based components. Online resources facilitate effortless brand comparison, review reading, and access to a vast array of possibilities, which influences opinion copping.
Manufacturers must utilize digital marketing proactively to enhance their online presence, engage with consumers, and stay competitive in this rapidly shifting regional market. The market dynamics for plant-based food ingredients are mostly determined by regulatory issues, particularly with regard to labeling and health claims. Manufacturers must abide by these rules in order to guarantee transparency, consumer confidence, and safety. Nonsupervisory standards are still developing as the plant-based food ingredients gains momentum; therefore, market participants need to keep up to date and adjust their operations to comply with the relevant norms. The competitive geography introduces a new subset into the market dynamics pertaining to plant-based food ingredients.
Many businesses compete for market share, ranging from well-known producers of food components to sophisticated directors of plant-based food ingredients. These businesses use innovation, product differentiation, and strategic alliances as key tactics to obtain a competitive advantage. In a congested market, successful marketing juggernauts that highlight the durability, health advantages, and adaptability of food ingredients sourced from factories help brands stand out. The juggernauts of consumer education and mindfulness have a significant influence on market dynamics. Customers are more likely to assiduously search out and include plant-based food ingredients into their menus as they get more knowledgeable about the advantages of plant-based diets, the origins, and the workings of plant-based food ingredients.
Manufacturers make investments in teaching customers about the nutritional benefits, environmental implications, and gastronomic potential of ingredients sourced from factories. This helps to promote a better understanding among consumers and encourages them to give up on vibrant parts of daily life.
Plant Based Food Ingredients Market Highlights:
Global Plant-Based Food Ingredients Market Overview
Plant-based food ingredients market Size is estimated to reach a valuation of USD 213 billion by 2032 at a CAGR of 9.88% during the forecast period that ends in the year 2032. Plant-based ingredients are ingredients that are sourced through plants and are used as a primary raw material in food and beverages that are marketed as plant-based. These ingredients include soy, rice, almond, cashew, coconut, and oats. These ingredients are either used in their raw form or further processed into forms such as flour, oil, and milk for their application in various food industries.
The proteins extracted from these plant sources are also used as primary ingredients in the plant-based food. The adoption of these ingredients is increasing tremendously in the food industry, owing to the rising demand for plant-based food and beverages among consumers across the globe. The various industries wherein plant-based ingredients are applicable include plant-based milk & derivatives which include retail products such as plant-based milk, plant-based cheese, plant-based ice cream, plant-based yoghurt, and plant-based butter, bakery & confectionery, sweet & savoury snacks, meat substitutes, fats & oils, and RTE & RTC meals.
Plant-Based Food Ingredients Market Trends Insights
The growing trend of consumption of plant protein in regular diet is helping the market grow.
Plant-based proteins and organic plant-based foods are highly gaining interest among people globally owing to their health benefits. As the awareness and proof regarding the benefits of vegan protein sources and gluten-free plant-based foods are rising rapidly, the plant-based food ingredients market is boosting revenues. Soy proteins dominate the plant protein market due to their widespread acceptance as an ingredient in many meals and their expanded production, resulting in global availability. Significant investments in research, swift technological breakthroughs, and sophisticated innovation processes are key elements driving the utilization of enhanced protein components, such as soy proteins.
As consumer acceptance and consumption of plant-based proteins and meat alternatives have rapidly evolved, manufacturers are compelled to develop novel plant-based food products that incorporate these constituents. In addition to wheat, rice, and soybeans, other widely ingested grains in Japan include corn and peasants. Food manufacturers are anticipated to continue to benefit from the increase in plant-based protein in the future years.
Plant-Based Food Ingredients Market Segment Insights
The global plant-based food ingredients market is primarily segmented based on source, category and application.
Based on the Source, the said market is further segmented into Soy, Pea, Rice, Almond Milk, Cashew and oats. The Soy segment accounts for the major market share of 19.56% in the year 2022, whereas the pea segment is estimated to record a CAGR of 10.43% during the said forecast period. Soy is a vital component in the global food supply chain as it is considered to be one of the basic ingredients to be included in food. With the ongoing trend of a vegan diet, the soy segment is growing faster during the said forecast period. Apart from this, soy milk is also included as a dairy-free alternative to beverage products which is one of the reasons why the soy segment dominates the market share.
Based on Category, the global plant-based food ingredients market is further divided into conventional and organic sub-segments, where the conventional segment owns the major market share compared to the organic segment and is estimated to achieve a growth rate of 9.73% during the forecast period.
Based on application, the global plant-based food ingredients market is further classified into Plant-based milk and derivatives, bakery and confectionary, sweet and savoury snacks, meat substitutes, RTE & RTC meals, and others. Among these many sub-segments based on application, the plant-based milk and derivatives segment dominates the global market share accounting for almost 45% in the year 2020 and is estimated to continue its dominance, while the meat substitutes segment is projected to have the highest growth rate of 10.27% by the end of the forecast period.
Plant-Based Food Ingredients Market Region Insights
The global plant-based food ingredients market is primarily studied across four major regions, namely, North America, Europe, Asia-Pacific and the Rest of the World. Out of which, the European region dominates the global market share.
Europe accounted for the largest market share of 35.37% of the plant-based food ingredients market in the year 2020. The plant-based food ingredients market in the European region is expected to register a CAGR of 9.97% during the forecast period. The demand for plant-based food ingredients in Europe is growing at an exponential rate, owing to the increasing consumer preference towards organic and genetically modified (GM) free supply chains combined with an increasing number of flexitarians, vegetarian and vegan diets are anticipated to boost the demand for the plant-based food ingredients market in Europe. Additionally, there is a shift in consumer behaviour towards plant-based food products owing to the growing popularity of international cuisines. Plant-based food products are becoming so mainstream in Europe that retailers are promoting plant-based food products on the same shelves, along with traditional dairy and other conventional food products.
Followed by Europe, North America accounts for a market share of about 31.66% of the global plant-based food ingredients market. The said market in the North American region is expected to register a CAGR of 9.67% during the forecast period. The increasing demand for plant-based food ingredients products in the region is attributed mainly to the rise in demand for nutritional foods and healthy diets. The concept of veganism and plant-based diet interest and enthusiasm is growing across North America. According to MRFR analysis, more than 9.5 million individuals in the US currently consume plant-based food products. According to data published by the Good Food Institute and Plant-Based Foods Association, the consumption of plant-based food products in the US, such as meat alternatives, plant-based eggs, and dairy alternatives, has outpaced conventional animal products and is growing at a six-times faster rate compared to animal products consumption.
Plant-Based Food Ingredients Market Key Players & Competitive Insights
The global plant-based food ingredients market comprises tier-1 players along with some local players with diverse product portfolios. Companies such as Ingredion Inc. (US), Archer-Daniels-Midland Company (US), DuPont de Nemours, Inc. (US), Cargill Inc. (US) and Puris Proteins, LLC (US), dominate the global market due to brand reputation, product differentiation, financial stability, and diversified regional presence.
Plant-Based Food Ingredients Market Key Companies Insights
- 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)
- The Scoular Company (US)
Recent Developments
April 2024- Green Boy, a leading plant-based food ingredients supplier, has announced the launch of the latest unit devoted to plant-based pet food ingredients, expanding its operations across the globe. The latest joint focuses on offering a thorough range of plant-based ingredients, such as proteins, sweeteners, starches, and fibers, to pet food manufacturers. The newly established pet food ingredient sector at Green Boy will offer ingredients obtained from grains, vegetables, cereals, and pulses. This involves a range of proteins such as vital wheat gluten, chickpea proteins, potato, pea, and pumpkin. Extra offerings will include arrowroot, psyllium husk, sweet potato, and tapioca. Peter van Dijken, co-founder, and owner of Green Boy, said that Green Boy has always functioned with the aim of boosting plant-based food reformation to assist with the shift from animal-based food products to plant-based food products. The company wishes to reduce its reliance on meat, dairy, and fish. He further added that the growth into pet food as a "logical next step" offered the brand a history of supplying ingredients like those of the human food market.
March 2024 – A prominent global merchant and processor of agricultural goods, Louis Dreyfus Company (LDC), is displaying its variety of plant-based ingredients and packaged cooking oils as the first-ever applicant at the Food Ingredients China (FIC) exhibition. The LDC's Head of Ingredients for North Asia, Zhao Hong, said that propelled by the enhancing health-conscious consumer base in China, demand for plant-based diet selections is on the rise, accelerating the constant growth of China's plant-based ingredients market. He further added that aligned with the company's commitment to rising with the country, and the company is forging deliberate partnerships across the value chain to deliver high-quality ingredient solutions and products to be used in functional foods, personal care products, nutraceutical products, and other non-food applications.
January 2020 -
In January 2020, Ingredion Inc. launched Vitessence Pulse 1803, the company’s first pea protein isolate in the pulse protein line. The ingredient contains 80% protein and can be used in dairy and meat alternatives, nutrition and sports bars, powdered and ready-to-drink beverages, and snacks & baked goods.
April 2020 -
In April 2020, Oaktree Capital Management, L.P. and Engaged Capital, LLC, leading investment management firms, invested USD 60 million in SunOpta Inc. The investment will help SunOpta Inc. in expanding its plant-based food production capabilities.
May 2022 -
In May 2022, BENEO, signed an acquisition deal with Meatless BV, a leading producer of functional ingredients, to expand its product offerings and texturize its solutions for meat and fish alternatives.
Plant-Based Food Ingredients Regional Outlook
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North America
- US
- Canada
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Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
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Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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South America
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