The ingredients market for plant-based food & beverages is predicted to capture a valuation of US$ 2.3 billion in 2023 and is projected to rise to US$ 9.30 billion by 2033. The market is estimated at a CAGR of 15% during the forecast period.
Increasing disposable income and changing lifestyles towards healthy diets are fueling the demand for plant-based food & beverage ingredients. Moreover, the consumers’ growing demand for health supplements and organic food ingredients is driving the market expansion. Furthermore, manufacturers are developing plant-based food & beverages for consumers to maintain proper nutrients and proteins, propelling the market growth.
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A rising number of infectious, food poisoning and digestion problems are increasing the adoption of plant-based food & beverage ingredients. The food & beverage manufacturers develop vitamin supplements in the form of capsules, powder, and tablets, which in turn booming the sales of plant-based food & beverage ingredients. In the United States, around 50% of the population above 65 consumes health supplements for healthy living.
The growing demand for probiotic products for bakery products is flourishing the market opportunities. The rising popularity of vegan and Omega-3 products among consumers to enhance the quality of their lifestyle is further accelerating the demand for plant-based food & beverage ingredients. Food & beverage manufacturers of innovative plant-based food & beverages for lactose intolerance and milk allergy patients are surging the market opportunities.
High Cost of Plant-based Food & Beverages Decline the Market Growth
Plant-based food & beverages are high in nutrients such as protein and minerals. The consumption of daily plant-based food & beverages is a sign of a healthy lifestyle. Apart from it, a few factors limiting the market growth are as follows:
- The limiting availability and high cost of plant-based ingredients are expected to decline in market growth.
- Governments’ stringent regulation on Omega-3 nutrition and the availability of low-quality plant-based ingredients may restrain market growth.
- The Food Safety and Standards Association of India announced its new regulation to restrain the selling of low-quality plant-based products.
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Takeaways:
- The ingredientsmarket for plant-based food & beverages is expected to have a valuation of US$ 9.30 billion by 2033.
- With a CAGR of 15%, the global market is increasing from 2023 to 2033.
- The United States ingredientsmarket for plant-based food & beverages is anticipated to secure a maximum share through 2033.
- In the historical period, the market secured a CAGR of 14.1% between 2017 and 2022.
- In the historical period, the market captured US$ 2.02 billion between 2017 and 2022.
Who is Winning?
The essential players are contributing prominent roles in the global market through their innovative skills and ideas. These players upsurge the market by investing vast amounts in research & development activities. The market players are innovating better vegan-based products to boost the immune system and maintain proper nutrients for consumers. A few marketing tactics followed by the market players are acquisitions, mergers, partnerships, collaborations, and agreements.
Other Prominent Vendors in the Market:
- Nestle SA
- Conagra Brands Inc
- Danone S.A.
- Beyond Meat Inc
- Tofutti Brands Inc
- Kerry Group
- BASF SE
- Ingredients
- Beneo GmbH
- Ajinomoto
- Hansen
- Sugarlogix
- Sensus B.V.
- A & B Ingredients
- Tate & Lyle
- Foodchem International Corporation
- Dupont Nutrition & Biosciences
- Nutra Food Ingredients
- Stratum Nutrition
Recent Developments in the Market:
- In 2022, a beverage company- Gaia’s Farming Co., launched a milk alternative to drinks such as hemp and oats drinks to fulfill the vegan consumer’s requirements.
- In 2021, Conagra, a consumer packaged goods company launched a plant-based burger to expand its growth in Canada.
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Market by Category
By Product Type:
- Probiotics
- Phytochemicals
- Protein & Amino Acids
- Enzymes
- Fatty Acids
- Prebiotics
- Vitamin
- Specialty Carbohydrates
- Fibers
- Minerals
By Region
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
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