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 21.2 billion by 2034, surging at 8.6% CAGR through the decade.
Rising advancements in technology and investment in research and development in the plant-based ingredients market is propelling the sales of the product in various parts of the world.
For meat substitute companies, finding suitable plant-based ingredients is only the first step. Plant-based replacements with a fibrous texture similar to chicken have recently been developed by Vivera in the Netherlands, while plant goods with a bite and mouthfeel comparable to ribs and steak have recently been developed by Vivera in the Netherlands.
Combining different plant-based ingredients is also a rising trend. While it may be possible to get a desirable texture with just one plant protein, food experts at Leatherhead Food Research believe that combining proteins together could improve the textural character. Impossible Foods, for example, uses a blend of soy and potato proteins, as well as hydrocolloids for a more meaty feel.
Apart from that, suppliers and academics have also been striving to address some of the flavor issues that have been connected with plant-derived proteins in the past.
For example, PURIS, a pea proteins provider, has worked on reducing off-flavors at the seed level, while NIZO Food Research has discovered enzymes that can break down hexanol, one of the primary molecules responsible for unwanted flavor and fragrance in soy and pea proteins.
The aforementioned advancements in plant-based ingredients are positively affecting its growth, globally.
Key Takeaways from Market Study
- North America is expected to hold a 38% plant-based ingredients market share owing to the rising vegan trend in the region.
- Europe is expected to hold a 31% plant-based ingredients market share owing to the movement against animal cruelty.
- Germany holds a 22% plant-based ingredients market share in European Market. It is due to a surge in the plant-based claims in food products.
- Asia is expected to have a 20% plant-based ingredients market share. This growth is attributed to the rising health consciousness and consumer awareness regarding the product’s health benefits.
- Market players are experimenting with new ways of increasing production capacity and also doing research and innovation to create products.
“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“, says Nandini Roy Choudhury, Client Partner at Future Market Insights
Competitive Landscape
Key players operating in the global plant-based ingredinets market are focusing on reaching a large consumer base by implementing various strategies such as product innovations, marketing & promotional activity, strengthening distribution channels, and adopting sustainable production.
Leading Plant-Based Ingredients Brands
- Ingredion Inc.
- Archer-Daniels-Midland Company
- DuPont de Nemours, Inc.
- Cargill Inc.
- Puris Proteins LLC
- BI Nutraceuticals Inc.
- Olam International
- SunOpta Inc.
- Dohler GmbH
- The Scoular Company
- Trader Joe’s
- Simply Balanced
- Sweet Earth Natural Foods
- Lightlife
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the plant-based ingredients presenting historical demand data (2019-2023) and forecast statistics for the period from 2024-2034.
The study divulges compelling insights on the plant-based ingredients market by product type (soy, wheat, pea, corn, canola, rice, and potato), by end use application (meat substitutes, infant foods, bakery, confectionery, snacks, cosmetics, sports & energy nutrition, preservatives, and animal feed), by sales channel (convenience store, specialty stores, direct sales, modern trade, small groceries, online retail, and other sales channels) across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
Complete Market Review, A Full Industry Analysis: https://www.futuremarketinsights.com/reports/plant-based-ingredients-market
Key Segments of Market Report
By Product Type:
Plant-based ingredients industry is segmented as Soy, Wheat, Pea, Corn, Canola, Rice, and Potato
By End Use Application:
As per end use application, the industry has been categorized Meat Substitutes, Infant Foods, Bakery, Confectionery, Snacks, Cosmetics, Sports & Energy Nutrition, Preservatives and Animal Feed
By Sales Channel:
Sales Channel further includes Convenience Store, Specialty Stores, Direct Sales, Modern Trade, Small Groceries, Online Retail and Other Sales Channels
By Region:
Industry analysis has been carried out in key countries of North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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