The global plant-based ingredients market is flourishing, projected to reach a value of $10.4 billion by 2032, with a healthy CAGR of 12.2%. This surge is driven by a confluence of factors, making plant-based ingredients a compelling investment opportunity for B2B investors.
Demand Sprouts: Consumers Craving Plant-Powered Products
Several key trends are fueling the demand for plant-based ingredients:
- The Vegan Revolution: A growing number of consumers are embracing vegan diets due to health concerns, ethical considerations, and environmental awareness. This dietary shift translates to a heightened demand for plant-based ingredients.
- Health-Conscious Choices: Consumers are increasingly seeking healthy and nutritious food options. Plant-based ingredients are often perceived as a healthier alternative to animal-based ingredients, owing to their lower fat content, presence of essential nutrients, and potential health benefits.
- Sustainability on the Menu: Consumers are becoming more environmentally conscious, and plant-based ingredients are generally considered a more sustainable option compared to animal-based ingredients. This focus on environmental responsibility is driving demand.
- Lactose Intolerance on the Rise: The growing prevalence of lactose intolerance is pushing consumers towards dairy-free alternatives, further propelling the market for plant-based ingredients used in dairy substitutes.
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The plant-based ingredients market is experiencing robust growth due to several key drivers:
- Product Innovation: Manufacturers are constantly innovating to develop new and improved plant-based ingredients. This includes exploring alternative protein sources, creating better-tasting and more versatile ingredients, and mimicking the texture and functionality of animal-based products.
- Convenience Reigns Supreme: Consumers today prioritize convenience. Manufacturers are responding by developing plant-based ingredients that are easy to use and integrate into existing food production processes. This caters to the growing demand for ready-to-eat and convenient plant-based food options.
- The Rise of E-commerce: The burgeoning e-commerce sector is providing wider access to plant-based ingredients, making it easier for consumers to find and purchase these products. This online platform creates a global marketplace for B2B transactions within the plant-based ingredients industry.
- Strategic Partnerships: Collaboration between plant-based ingredient manufacturers and food producers can create a win-win situation. Ingredient suppliers can gain valuable insights into market needs, while food producers can leverage innovative ingredients to develop successful plant-based food products.
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.
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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.
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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