Plant Based Ingredients Market
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Plant Based Ingredients Market size is estimated to record more than 7.4% CAGR from 2023 to 2032, driven by the growing consumer importance regarding weight management, cardiovascular health, and overall well-being. The rising limitations of traditional animal-based proteins is escalating the popularity of plant-based proteins, derived from soy, peas, lentils, and hemp. In recent years, several companies are also exploring wide range of plant sources for ingredients, including seaweed, algae, and mushrooms for providing unique flavors, textures, and nutritional profiles. To illustrate, in September 2023, Korean food-tech award-winning start-up, HN Novatech introduced the first-ever proprietary heme-based seaweed ingredient, ACOMS for plant-based meat applications.
With the growing shift towards minimally processed and natural ingredients, clean label products without artificial additives and preservatives are also gaining preference. Increasing innovations in processing techniques to render improved texture and taste of plant-based protein products will also contribute to the plant-based ingredients market size.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Plant Based Ingredients Market Size in 2022: | |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 7.4 |
| 2023 Value Projection: | |
| Historical Data for: | 2018 to 2022 |
| No of Pages: | 380 |
| Tables, Charts & Figures: | 624 |
| Segments Covered: | Product and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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The surging awareness regarding the environmental impacts of animal agriculture is driving multiple consumers to opt for plant-based options as more sustainable and eco-friendly choices. The University of Colorado Boulder suggests that raising livestock for human consumption generates nearly 15% of the total global greenhouse gas emissions. However, the influx of several government regulations for GMO crops and the higher production costs of the ingredients may limit the plant-based ingredients market growth to some degree.
The COVID-19 pandemic had positive impact on the industry expansion. The heightened consumer awareness of health and wellness led to the higher interest in healthier options, driving the preference for plant-based diets. The emerging consumer behavior changes during the pandemic, including increased cooking at home, also influenced the demand for plant-based ingredients as a large number of people sought healthier and more sustainable food options.
The increasing number of investments and acquisitions of plant-based startups by major food companies will prove favorable for the market demand. To cite an instance, in October 2023, leading vegan fried chicken firm VFC Foods purchased Clive’s Purely Plants, a U.K. plant-based pie, quiches, rolls, and nut roasts manufacturer to cater to consumers increasingly seeking varied plant-based options. The ongoing R&D efforts focused on creating innovative plant-based ingredients to mimic the taste and texture of traditional animal-based products will also add to the product uptake.
The wheat product segment is poised to grow at 6.5% CAGR through 2032.
With respect to application, the wheat-based ingredients market from the dietary supplements segment is expected to register over 5% CAGR till 2032.
Europe plant based ingredients market, comprising Germany, the U.K., France, Italy and Spain, is set to observe over 6.5% CAGR during the forecast period. The rising consumer awareness regarding health, environmental sustainability, and animal welfare is driving the preference for low-fat, multigrain and organic baked products, adding to the adoption of plant based items. With the growing number of flexitarian and vegan consumers, many restaurants and fast-food chains are incorporating plant-based options into their menus. As per the Agriculture and Horticulture Development Board (AHDB), nearly 16% of Britishers are flexitarians. The strong presence of regulatory frameworks for accommodating the increasing plant-based demand will also prove favorable for the regional product uptake.
Leading plant based ingredients industry players are placing targeted efforts on various growth-targeted strategies, such as partnerships, acquisitions, new product developments and capacity building to garner significant revenue sales. To cite an instance, world-known sustainable agricultural frontrunner Cargill is attempting to emerge as an inclusive protein provider by innovating in plant-based meats category with portfolio expansions and recent partnerships.
Some of the other prominent plant based ingredient providers include:
Market, By Product
The above information has been provided for the following regional and countries:
Some of the prominent plant based ingredient producers are Cargill, DuPont, Roquette, Dohler Group, Health Warrior, and Naturex.
The market size of plant based ingredients is expected to grow at 7.4% CAGR from 2023 to 2032, led by the growing consumer importance regarding weight management, cardiovascular health, and overall well-being.
Europe market size is set to witness 6.5% CAGR during the forecast period, attributed to the higher preference for low-fat, multigrain and organic baked products in the region.
The wheat product segment may expand at over 6.5% CAGR during 2023 to 2032, due to the rapidly expanding number of health-conscious consumers worldwide.