According to a recent report by Future Market Insights, a market research and competitive intelligence provider, sales of Plant Based Ingredients are estimated to reach a value of USD 42 billion by 2032, surging at 12.2% CAGR through the decade.
As people become even more increasingly health – conscious across the world, there is a growing desire for healthier foods.
Plant-based food firms are projected to experience development prospects over the years, despite supply chain interruptions, panic purchasing, and storage. The vegan ingredients industry has experienced an upsurge in innovation in recent years. As a substitution for vegan components, a variety of alternatives to meat-based products are being studied. The alternatives are made from plant-based proteins, algae, and cellulose flours.
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During the pandemic’s early stages, consumers are decreasing their time in stores and supermarkets, but they are also stocking up on food and packaged products containing food additives as a possible treatment.
Key Takeaways from Market Study
- North America is expected to have 38% Plant Based Ingredients market share.
- US holds 65 % Plant Based Ingredients market share in North American Market.
- Europe is expected to have 31 % Plant Based Ingredients market share.
- Germany holds 22 % Plant Based Ingredients market share in European Market.
- Asia is expected to have 20 % Plant Based Ingredients market share.
- China holds 32 % Plant Based Ingredients market share in Asian Market.
- Market players are experimenting with new ways on increasing production capacity and also doing research and innovation to create products.
“ The growing focus on the consumption of plant based products in developed regions such as Europe and North America is likely to open lucrative opportunity for market players in the long run”, –says a lead analyst at Future Market Insights.
Competitive Landscape
Plant Based Ingredients have a strongly competitive global market. The agro-based enterprises which provide grains are the market’s main players
Some of the leading companies offering Snack Pellets are Ingredion Inc. (US), Archer-Daniels-Midland Company (US), DuPont de Nemours, Inc. (US), Cargill Inc. (US), Puris Proteins LLC (US),BI Nutraceuticals, Inc. (US), Olam International (Singapore), SunOpta Inc. (Canada), Dohler GmbH (Germany), The Scoular Company (US), Trader Joe’s, Simply Balanced, Sweet Earth Natural Foods, Lightlife are the major players in the market.
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Future Market Insights, in its new offering, provides an unbiased analysis of the Plant Based Ingredients presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
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The study divulges compelling insights on the Plant Based Ingredients Market By Type (Dairy substitutes, Staple food, Specialty food, Food additives, Nutrients & supplements), By Claim (Non-GMO, GMO, Organic), By Sales Channel (Direct Sales, Specialty Stores, Modern Trade, Convenience Store, Small Groceries, Online Retail, Other sales Channels), By Buyers Type (Food processors & Manufacturers, Household & Residential., Horeca)
By End-use Application (Food & beverages, Cosmetics & personal care, Nutraceuticals, Agricultural), & Region & Region for 2022 – 2032 and across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, APEJ, and MEA).
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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