Plant Based Ingredients Market Size

Plant Based Ingredients Market Size

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.

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.