Plant-Based Food Ingredients Market Projected to Reach .3 Billion by 2030

Plant-based Food Ingredients Market

The plant-based food ingredients market is set for rapid growth

Growth in flexitarian and vegan population, rise in efforts against animal slaughtering, and concerns about their welfare are majorly attributable to increase the demand for plant-based food products.โ€

โ€” Allied Market Research

WILMINGTON,NEW CASTLE, DELAWARE, UNITED STATE, April 11, 2024 / — Plant-based food ingredients Market by Type, Application: Global Opportunity Analysis and Industry Forecast, 2021-2030. 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.

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The plant-based food ingredients market has been experiencing rapid growth driven by several key factors including shifting consumer preferences towards plant-based diets, increasing awareness about health and sustainability, and advancements in food technology. Here are some key insights into the plant-based food ingredients market:

Market Trends:

Rising Demand for Plant-Based Alternatives:
There is a growing consumer demand for plant-based food products as more people adopt vegetarian, vegan, flexitarian, or plant-forward diets.
Factors such as concerns about animal welfare, environmental sustainability, and health benefits are driving this trend.

Health and Wellness Focus:
Consumers are increasingly concerned about their health and are seeking out foods that are perceived as healthier alternatives to traditional animal-based products.
Plant-based ingredients are often associated with health benefits such as lower cholesterol, reduced risk of chronic diseases, and increased intake of vitamins, minerals, and fiber.

Innovations in Food Technology:
Advancements in food processing and ingredient technology have enabled the development of a wide range of plant-based alternatives to traditional animal-derived ingredients.
This includes plant-based proteins, dairy alternatives, meat substitutes, egg replacers, and more, catering to diverse dietary preferences and culinary needs.

Expanding Product Offerings:

Food manufacturers and retailers are introducing an increasing variety of plant-based food products to meet the growing demand.
Plant-based ingredients are now found in a wide range of food categories including dairy alternatives, meat substitutes, snacks, baked goods, beverages, and condiments.


Market Segmentation:

Types of Plant-Based Ingredients:
Plant-based food ingredients include a diverse range of products such as plant proteins (soy, pea, wheat, rice, etc.), plant-based fats and oils (coconut, avocado, olive, etc.), plant-based sweeteners (stevia, monk fruit, agave, etc.), and plant-based fibers (inulin, psyllium, chicory, etc.).

Plant-based ingredients are used in various food and beverage applications including dairy alternatives (milk, cheese, yogurt), meat substitutes (burgers, sausages, nuggets), bakery and confectionery products, snacks, beverages, and more.

Regional Analysis:
The market for plant-based food ingredients is growing globally, with significant growth observed in regions such as North America, Europe, Asia-Pacific, and Latin America.
Each region has its own market dynamics driven by factors such as dietary trends, cultural preferences, regulatory environment, and availability of raw materials.

Key Players:

Some of the major players in the plant-based food ingredients market include:

โ†’ ADM (Archer Daniels Midland Company)
โ†’ Cargill, Incorporated
โ†’ DuPont de Nemours, Inc.
โ†’ Ingredion Incorporated
โ†’ Kerry Group plc
โ†’ Tate & Lyle PLC
โ†’ Roquette Frรจres
โ†’ Corbion N.V.
โ†’ Beyond Meat, Inc.
โ†’ Impossible Foods Inc.

Market Size and Growth Projections:

1. Market Size in 2020 and Growth Forecast:
– The plant-based food ingredients market was valued at $2,895.6 million in 2020.
– It is estimated to reach $12,341.4 million by 2030.
– This reflects a robust Compound Annual Growth Rate (CAGR) of 15.3% from 2021 to 2030.
– The substantial growth forecast underscores the increasing demand for plant-based food ingredients driven by changing dietary preferences, health consciousness, and sustainability concerns.

Segment Analysis:

2. Significant Growth in Fibers Segment:
– Among different types of plant-based ingredients, the fibers segment is estimated to witness significant growth.
– It is projected to register a remarkable CAGR of 21.2% during the forecast period.
– This highlights the growing recognition of the health benefits associated with dietary fibers, such as improved digestion, weight management, and heart health.

Application Insights:

3. Bakery Segment Dominance:
– In 2020, the bakery segment held a prominent position within the plant-based food ingredients market.
– It was valued at $554.6 million, representing 19.2% of the global market share.
– The popularity of plant-based ingredients in bakery products reflects consumer preferences for healthier and more sustainable alternatives to traditional baked goods.

Regional Analysis:

4. Germany Leading in Europe:
– In 2020, Germany emerged as the most prominent market for plant-based food ingredients in Europe.
– It is projected to reach $623.9 million by 2030, growing at a CAGR of 10.1% during the forecast period.
– Germany’s leadership in the European market is driven by factors such as a strong economy, robust food industry, growing vegan and vegetarian population, and government initiatives promoting sustainable food production and consumption.

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David Correa
Allied Market Research
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