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2022

Plant-based Food Ingredients Market

Plant-based Food Ingredients Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, Application : Global Opportunity Analysis and Industry Forecast, 2021-2030

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Author's: Anil Kamble | Roshan Deshmukh
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The Plant-based food ingredients market size was valued at $2,895.6 million in 2020, and is estimated to reach $12,341.4 million by 2030, registering a CAGR of 15.3% from 2021 to 2030.          

Plant-based food ingredients are extracted from fruits, vegetables, plant roots and other parts of the plant. It is majorly used in a certified Plant-based food & beverages. Food ingredients are any substances that can be added to get a desired effect in foods & beverages. It is added to food to impart specific functional qualities such as sweeteners, which are added to get desired sweetness and preservatives to retard spoilage, whether from microbial growth or undesirable chemical changes. 

Plant-Based-Food-Ingredients--Market-2021-2030

Rise in adoption for vegan culture, growing health conscious among people and increase in concerns for animal welfare are some of the major attributes influencing demand for Plant-based foods. This propels growth of the Plant-based food ingredients market.

The outbreak of the pandemic has positively affected the global plant-based food ingredients market, owing to rise in health consciousness, especially among people after COVID-19. People are dynamically changing their preferences from conventional food to organic, Plant-based and clean label foods & beverages products. 

However, lack of awareness regarding hazardous health effects of chemical ingredients based food. Health effects such as gastrointestinal symptoms, kidney damage, liver disease, impairment of the nervous system.

According to the plant-based food ingredients market analysis, the market is segmented on the basis of type, application, and region. On the basis of type, the plant-based food ingredients market is categorized into emulsifiers, texturants, binding agents & stabilizers, cultures & probiotic ingredients, preservatives, enzymes, fibers, sweeteners, and others. On the basis of application, the market is segmented into, bakery, confectionery, beverages, snack products, ready meals, nutrition & supplements, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).

According to the plant-based food ingredients market trend, on the basis of type, the emulsifiers segment was the highest contributor to the market, with $738.4 million in 2020, and is estimated to reach $2,305.0 million by 2030, at a CAGR of 11.8% during the forecast period. Emulsifiers are used to create and maintain emulsions that help reduce food waste and calories to replace fat. They are added to food to create a smooth texture, prevent separation and extend shelf life. Plant-based emulsifiers are majorly used in the foods & beverages industry, owing to its versatile applications such as smooth mixing of ingredients, prevention of separation, stability of emulsified products, reduction in stickiness, control crystallization, dispersed ingredients, and easy product dissolution. The Plant-based emulsifiers segment is driven by increase in demand for Plant-based food and premium products.                

Plant-based Food Ingredients Market
By Type
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Emulsifiers segment helds the major share of 25.5% in 2020

On the basis of application, the preservatives segment has highest share in the market. Food preservatives are gaining significant traction in the plant-based foods & beverages industry. This is majorly attributed to benefits associated with them such as increased shelf life, slow or prevent changes in color, flavor, or texture and delay rancidity. Increase in demand for vegan ready-to-eat food and processed food & meals are expected to garner demand for Plant-based preservatives. Plant-based meat products face unique challenges such as limited refrigerated shelf life. In such instances, Plant-based preservatives play vital role and overcome these challenges by increasing shelf life, pathogen inhibition, spoilage inhibition, improved process efficiency, flavor loss, taste, and appeal. Thus, above mentioned factors are expected to propel plant-based food ingredients market growth.   

According to the Plant-based food ingredients market opportunities, Region wise, North America garnered a considerable share in the market in 2020, and is expected to maintain its share throughout the plant-based food ingredients market forecast period.  

Plant-based Food Ingredients Market
By Application
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Beverages segment helds the major share of 27.8% in 2020

North America is the most established and mature market for Plant-based food, owing to rise in number of health-conscious customers in the region. Growth of the North America plant-based ingredients market is driven by increase in demand for Plant-based food products, owing to rise in concerns about animal welfare and lactose intolerance among people. Moreover, surge in prevalence of diseases caused by artificial ingredients has encouraged people to opt for Plant-based food ingredients, which boosts growth of the market in North America plant-based food ingredients market.

Plant-based Food Ingredients Market
By Region
2030
Europe 
North America
Asia Pacific
LAMEA

Europe region helds the major share of 38.2% in 2020

Key Benefits For Stakeholders

  • The report provides a quantitative analysis of the current trends, estimations, and dynamics of the market size from 2020–2030 to identify the prevailing opportunities.
  • Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
  • In-depth analysis and the market size and segmentation assist to determine the prevailing market opportunities.
  • The major countries in each region are mapped according to their revenue contribution to the Plant-based food ingredients market share. 
  • The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the Plant-based food ingredients industry.

Plant-based Food Ingredients Market Report Highlights

Aspects Details
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By Type
  • Emulsifiers
  • Texturants
  • Binding agents & stabilizers
  • Cultures & probiotic ingredients
  • Preservatives
  • Enzymes
  • Fibers
  • Sweeteners
  • Others
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By APPLICATION
  • Bakery
  • Confectionery
  • Beverages
  • Snack products
  • Ready meals
  • Nutrition & supplements
  • Others
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, UK, France, Italy, Spain, Rest of Europe)
  • Asia-Pacific  (China, Japan, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, South Africa, Saudi Arabia, Rest of LAMEA)
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Key Market Players

DUPONT DE NEMOURS, INC., INTERNATIONAL FLAVORS & FRAGRANCES, INC., ARCHER-DANIELS-MIDLAND COMPANY, TATE & LYLE, KERRY GROUP, PALSGAARD A/S, CARGILL INCORPORATED, INGREDION INCORPORATED, NOVOZYMES, KEMIN INDUSTRIES

Analyst Review

According to CXOs of leading companies, the Plant-based food ingredients market is expected to grow at a high rate during the forecast period, owing to various factors such as change in lifestyle patterns of consumers, increase in demand for convenience foods, and consumer preferences for healthier food products. In addition, rise in number of vegan population and awareness regarding benefits of the Plant-based food products and organic products are expected to support growth of the global market during the forecast period. Furthermore, availability of the Plant-based food products in retail stores and their expansions in remote areas are expected to garner demand for Plant-based food ingredients. People are proactively enquiring about ingredients used in the food products and their awareness regarding harmful effects of artificial or chemical based ingredients, which favor generation for more demand of Plant-based food ingredients during the forecast period.

The CXOs, further added that Asia-Pacific is projected to register highest growth rate as compared to saturated markets of Europe and North America, owing to increase in penetration of a wide range of Plant-based bakery and confectionary and beverage products in tier 2 & 3 cities of China and India.

The demand for plant ingredients in innovative food and other applications has led manufacturers to invest more in R&D. Therefore, this has led to rise in manufacture of Plant-based food ingredients with better functionalities for preparation or processing of innovative products in the market. Rural markets are expected to gain access to enhanced transport and electricity facilities, the overall market size would gradually increase in upcoming years. Vegan frozen food products comprising healthy and natural ingredients are perceived to be healthier food alternatives by consumers and have witnessed a double-digit growth since past few years in developed markets.

 

 

Author Name(s) : Anil Kamble | Roshan Deshmukh
Frequently Asked Questions?

The Plant-based food ingredients market size was valued at $2,895.6 million in 2020

15.3% is the CAGR of Plant-based Food Ingredients Market.

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2021-2030 is the forecast period in the market report.

Archer-Daniels-Midland Company, Cargill Incorporated, DuPont de Nemours, Inc., Ingredion Incorporated, and International Flavors & Fragrances, Inc. are some of the top companies in the Plant-based Food Ingredients Market

The market is segmented on the basis of type, application, and region.

Growing vegan population and growing demand for the clean label food products are upcoming trends in Plant-based Food Ingredients Market.

By Region, Europe segment will dominate the market by the end of 2030.

COVID-19 positively impacted the growth of the market is expected to sustain its impact throughout the plant-based Food Ingredients Market

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Plant-based Food Ingredients Market

Global Opportunity Analysis and Industry Forecast, 2021-2030