Plant-Based Food Ingredients Market Scope:
The plant-based food ingredients market could continue to thrive at a rate of 9.88% between 2022 and 2030 (the appraisal period), reveals Market Research Future (MRFR). Market Research Future further expects the market size to reach USD 21,351.90 Million by the end of 2030.
Growth Boosters and Impediments:
With major brands focusing on improving the taste and texture of their products, combined with the rising preferences as well as values of the consumers, the plant-based food ingredients industry should experience strong growth in the years to come.
In the past couple of decades, the global food industry has noted incredible growth, thanks to the supportive government policies coupled with the exploding worldwide population. This helps bolster the application scope of various Plant-Based Food Ingredients Market. The demand is further boosted by the escalating preference for healthier alternatives to meat. This could be owing to the alarming rise in heart diseases, obesity, and diabetes.
Majority of the contenders are realizing the magnitude of growth avenues in the market and are therefore acquiring, investing or merging with other brands. Most of Plant-Based Food Ingredients Market Insights developers are also emphasizing on conducting vigorous research and development activities to extend the application range of their products and elevate their market standings.
Segmental Review:
The Plant-Based Food Ingredients Market is segmented by source, application, and Category
Major sources of plant-based food ingredients are Pea, Soy, Coconut, Almond, Rice, Oats, Cashew, and more.
Categories covered in the report are conventional as well as organic. With surging focus on a healthier lifestyle, more and more consumers are opting for food products with organic ingredients. Consequently, the organic plant-based food ingredients segment could flourish at the highest pace in subsequent years.
Applications of plant-based food ingredients are Plant-Based Milk Derivatives {Plant-Based Butter, Plant-Based Cheese, Plant-Based Milk, Plant-Based Yogurt, Plant-Based Ice Cream} along with Sweet Savory Snacks, Bakery Confectionery, RTE RTC Meals, Meat Substitutes, and more.
Top Companies:
The reputed brands in the plant-based food ingredients industry include The Scoular Company (US), Cargill Inc. (US), Döhler GmbH (Germany), Ingredion Inc. (US), DuPont de Nemours, Inc. (US), Puris Proteins, LLC (US), Archer-Daniels-Midland Company (US), BI Nutraceuticals, Inc. (US), SunOpta Inc. (Canada), Olam International (Singapore), and many more.
Regional Insight:
Europe grabbed the highest share of 35% and is at present, the most lucrative Plant-Based Food Ingredients Market Outlook. The market size is bolstered by the burgeoning consumer base and their rising preference for nutritious as well as healthy alternatives to meats and other high-calorie food items. Surge in technological upgrades in terms of production along with top brands battling it out with respect to price as well as quality could enhance the plant-based food ingredients market share in the years to follow. Also, with the heightened demand for organic, genetically modified (GM)-free food ingredients and soaring number of vegetarians, flexitarians, and vegans, the market demand is bound to rise rapidly in the next couple of years.
Asia Pacific could soar at the fastest pace from 2020 to 2027, thanks to the exploding urban populace with high health awareness and the resultant surge in their preference for organic food items. The growing purchasing prowess of the consumers across India and China in conjunction with the increase in their discretionary incomes will elevate the demand for Plant-Based Food Ingredients Market as well. Rise in the Western culture influence in the region, coupled with the mounting veganism trend also pushes the market growth.
Recent Updates:
January 2022 Burger King has launched vegan chicken nuggets in the UK, with the latest menu item expected to be available in nine-piece, 20-piece and six-piece, boxes alongside sweet chili dipping sauce. These vegan chicken nuggets have been made using a blend of soy as well as plant protein while being coated in a textured, crispy batter.
About Market Research Future:
Market Research Future (MRFR) is a world-renowned market research company that offers a wide range of services, complete with accurate and precise analysis about diverse markets, sub-markets and target consumers. Our approach is a combination of extensive information and multiple data sources that help provide an exhaustive comprehension about the latest major developments to the client, in addition to future events and what measures and decisions to take on the basis of the same.
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