The increasing desire for healthier food around the world is fueling a boom in Plant Based Ingredients which is expected to reach US$ 10.4 billion by 2032, at a 12.2% CAGR. Notwithstanding challenges in the supply chain, the growth of plant-based businesses can be attributed to rising health consciousness. The industry is evolving due to advancements in vegan ingredients such as plant-based proteins, cellulose flours, and algae.
A recent estimate by the competitive intelligence and market research organization Future Market Insights projects that sales of plant-derived components would reach USD 10.4 billion by 2032, growing at a compound annual growth rate of 12.2% throughout that period.
A growing number of people worldwide are advocating for healthier diets as they become more conscious of their own health. It is anticipated that plant-based food companies would prosper in the future in spite of disruptions in the supply chain, rash purchases, and storage issues. In recent years, there has been a surge in innovation in the market for vegan ingredients. Many meatless alternatives to sections that need meat are being researched. Plant-based proteins, cellulose flours, and algae are used in their place.
Even though they are spending less time in stores and supermarkets, consumers are stockpiling food and packaged goods that might contain food additives in case they need to treat the illness in the early stages of the pandemic.
Examine the Potential of Ingredients Made from Plants: See the FMI sample report for more on the $10.4 billion market that is growing :
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Key Takeaways from Market Study
- North America is expected to have 38% Plant Based Ingredients market share.
- US holds 65 % Plant Based Ingredients market share in North American Market.
- Europe is expected to have 31 % Plant Based Ingredients market share.
- Germany holds 22 % Plant Based Ingredients market share in European Market.
- Asia is expected to have 20 % Plant Based Ingredients market share.
- China holds 32 % Plant Based Ingredients market share in Asian Market.
- Market players are experimenting with new ways on increasing production capacity and also doing research and innovation to create products.“ The growing focus on the consumption of plant based products in developed regions such as Europe and North America is likely to open lucrative opportunity for market players in the long run”, –says a lead analyst at Future Market Insights.
Competitive Landscape
Plant Based Ingredients have a strongly competitive global market. The agro-based enterprises which provide grains are the market’s main players
Some of the leading companies offering Snack Pellets are 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), Dohler GmbH (Germany), The Scoular Company (US), Trader Joe’s, Simply Balanced, Sweet Earth Natural Foods, Lightlife are the major players in the market.
Make Your Own Insights: Use FMI’s Report to Conduct a More in-depth Analysis of the Plant-Based Ingredient Market :
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Plant-Based Ingredients Market By Category
By Product Type, the Plant-Based Ingredients Market is Segmented as:
- Soy
- Wheat
- Pea
- Corn
- Canola
- Rice
- Potato
By End Use Application, the Plant-Based Ingredients Market is Segmented as:
- Meat Substitutes
- Infant Foods
- Bakery
- Confectionery
- Snacks
- Cosmetics
- Sports & Energy Nutrition
- Preservatives
- Animal Feed
By Sales Channel, the Plant-Based Ingredients Market is Segmented as:
- Convenience Store
- Specialty Stores
- Direct Sales
- Modern Trade
- Small Groceries
- Online Retail
- Other Sales Channels
By Region, the Plant-Based Ingredients Market is Segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle east and Africa
Do You Want More Details? Ask Our Analysts About Plant-Based Ingredient Market Segmentation and Trends :
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Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the Plant Based Ingredients presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study divulges compelling insights on the Plant Based Ingredients Market By Type (Dairy substitutes, Staple food, Specialty food, Food additives, Nutrients & supplements), By Claim (Non-GMO, GMO, Organic), By Sales Channel (Direct Sales, Specialty Stores, Modern Trade, Convenience Store, Small Groceries, Online Retail, Other sales Channels), By Buyers Type (Food processors & Manufacturers, Household & Residential., Horeca)
By End-use Application (Food & beverages, Cosmetics & personal care, Nutraceuticals, Agricultural), & Region & Region for 2022 – 2032 and across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, APEJ, and MEA).
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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