The demand for plant-based alternatives is having a ripple effect across industries, and the Plant Based API Market is no exception. This market is poised for significant growth, driven by the surging popularity of plant-based meat substitutes. According to projections, the market value is expected to reach a staggering USD 34.9 billion by 2024, with a healthy CAGR of 7.1% propelling it to a remarkable USD 69.0 billion by 2034.
One of the major factors contributing to the growth of the market is cultivated and lab-grown alternatives. The development of lab-grown and cultivated plant-based alternatives provides new opportunities for creating sustainable and scalable sources of plant-based ingredients.
Ongoing research into enhancing the nutritional content and functional properties of plant-based ingredients can open doors to a wider range of applications, including pharmaceuticals and supplements. Consumers are increasingly looking for clean-label products and transparency in the sourcing and processing of plant-based ingredients, driving a trend towards more transparent supply chains.
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Beyond traditional sources like soy and pea, the exploration of alternative plant protein sources such as algae, fungi, and new plant varieties, can provide opportunities for market expansion. Increased adoption of plant-based diets in emerging markets presents opportunities for companies to expand their reach and tap into new consumer bases.
The growth of online retail and e-commerce platforms provides a convenient channel for consumers to access a variety of plant-based products, including those incorporating plant-based APIs. The market for plant-based dairy alternatives, such as milk, cheese, and yogurt, is expanding, presenting opportunities for plant-based APIs used in the formulation of these products.
Initiatives aimed at educating consumers about the benefits of plant-based diets and products can positively impact market growth by influencing purchasing decisions. The ability to customize plant-based products based on individual preferences and dietary requirements may become a key trend, leading to opportunities for API development.
Key Takeaways from the Plant-Based API Market Study:
- Global plant-based API market was valued at US$ 32.9 billion by 2023-end.
- From 2019 to 2023, the market demand expanded at a CAGR of 5.7%.
- The market in Australia is expected to expand at a CAGR of 10.6% through 2034.
- By molecule type, the alkaloids segment to account for a share of 32.0% in 2024.
- From 2024 to 2034, plant-based API market is expected to flourish at a CAGR of 7.1%.
- By 2034, the market value of plant-based API is expected to reach US$ 69.0 billion.
“Plant-based technologies are being explored for the production of pharmaceuticals and biopharmaceuticals, presenting a unique intersection between the plant-based and healthcare industries”, Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
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Plant Based API Market Key Companies Profiled:
- Roquette Freres SA
- EVONIK Industries, AG
- Cargill, Inc.
- Novartis AG
- Sanofi SA
- Kothari Phytochemicals & Industries Ltd.
- Centroflora Group
- Arboris, LLCs
- BASF SE
- GlaxoSmithKline, plc.
Plant Based API Market Recent Development
In 2023, Capitol Wellness Solutions and Southern University launched inaugural chewable THC product, of Louisiana, featuring a 40 milligram THC dosage. The innovation may extend the waiting period for individuals seeking relief from chronic pain. A partnership between a local dispensary and Southern University led to the introduction of a high dosage medical marijuana candy.
Restraints:
Despite the market’s promising growth trajectory, challenges such as high production costs, limited scalability, and variations in regulatory frameworks across regions may hinder the full realization of the Plant Based API Market’s potential.
Segmentation Analysis of the Plant-Based API Market
Molecule Type:
- Alkaloids
- Phenolic Acids
- Terpenoids
- Lignin and Stilbenes
- Anthocyanin
- Flavonoids
- Others
End Use:
- Pharmaceuticals
- Nutraceuticals
- Herbal Based Industries
- Others
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
About the Author:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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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