Plant-based ingredients refer to ingredients that are sourced through plants and are used as a primary raw material in food and beverages that are marketed as plant-based. These ingredients include soy, rice, almond, cashew, coconut, and oats. They are either used in their raw form or further processed into flour, oil, and milk for their application in various food industries. The global market for plant-based food ingredients is expected to grow significantly during the forecast period. The rising health-conscious population and growing adoption of a healthy diet are factors that are driving the market growth. The growing prevalence of lactose intolerance among the population worldwide leads to an increased demand for non-dairy products. This has increased the sales of plant-based milk and derivatives. Additionally, the growing consumer preference for a vegan and vegetarian diet is driving the growth of the global Plant-Based Food Ingredients Market Forecast. However, poor sensory properties and allergic reactions associated with certain plant protein sources are likely to hamper market growth.
Europe is anticipated to acquire the largest market share during the review period. There is a shift in consumer behavior towards plant-based food products owing to the growing popularity of international cuisines. Plant-based food products are becoming so mainstream in Europe that retailers are promoting plant-based food products on the same shelves, along with traditional dairy and other conventional food products. Additionally, increasing awareness for the reduction of animal product consumption coupled with consumer awareness towards environmental costs associated with intensive livestock production are some of the factors influencing the food manufacturers to introduce plant-based food products in Europe. The Asia-Pacific market is expected to register the highest CAGR during the study period. The scenarios are changing with increasing awareness for plant-based food products, increasing per capita disposable income, and rising health consciousness. Moreover, consumers are shifting towards a healthy lifestyle and adopting veganism. All these factors are anticipated to create substantial growth opportunities for plant-based food ingredients producers in the coming years
The global Plant-Based Food Ingredients Market Forecast has been segmented on the basis of type, category, application, and region.
By type, the market has been divided into soy, pea, rice, almond, cashew, oats, coconut, and others. The soy segment accounted for the maximum market share in 2019 whereas the pea segment is expected to register the highest CAGR of 10.43% during the forecast period. Soy is widely used for partial or complete replacement of meat owing to its comparative nutrient level and low chances of cardiovascular diseases. Soy protein serves as an attractive alternative for consumers seeking non-animal protein sources and those suffering from lactose intolerance. Protein isolates present in soy are of comparable biological value to that of meat.
By category, the market has been divided into organic and conventional. The conventional segment accounted for the maximum market share in 2019, whereas the organic segment is expected to register a higher CAGR of 10.28% during the forecast period. This segment includes plant-based food ingredients that are grown in an organic environment without the use of pesticides and other harmful synthetic chemicals. These ingredients are chemical-free as they are cultivated under stringent guidelines and supervision to maintain purity and low-to-zero chemical concentration.
Based on application, the global Plant-Based Food Ingredients Market Forecast has been classified as plant-based milk derivatives, bakery confectionery, sweet savory snacks, meat substitutes, RTE RTC meals, and others. The plant-based milk derivatives segment is further divides into plant-based milk, plant-based cheese, plant-based ice cream, plant-based yogurt, plant-based butter, and others. The plant-based milk derivatives segment accounted for a dominant share of the market in 2019 in terms of value. Plant-based milk and derivatives are often marketed as wholesome and appropriate substitutes for dairy products. Though plant-based milk may not be complete in terms of important mineral composition, it is considered a substitute, especially for the lactose intolerant.
Geographically, the global Plant-Based Food Ingredients Market Forecast has been categorized as North America, Europe, Asia-Pacific, and the Rest of the World. As per MRFR analysis, Asia-Pacific dominated the market, accounting for the largest overall market share in 2019. Asia-Pacific Plant-Based Food Ingredients Market Forecast is projected to register a CAGR of 10.14% during the forecast period.
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Market Research Future recognizes include 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), Döhler GmbH (Germany), and The Scoular Company (US) as the Key Players in the Global Plant-Based Food Ingredients Market Forecast.
Key Findings of the Study
- Increasing adoption of a vegetarian and vegan diet is projected to propel the growth of the global Plant-Based Food Ingredients Market Forecast.
- The soy segment is estimated to retain its prominent share by 2027, whereas the pea segment is anticipated to register a growth rate of 10.43% during the forecast period.
- The conventional segment is estimated to retain its prominent share by 2027, whereas the organic segment is anticipated to register a growth rate of 10.28% during the forecast period.
- The plant-based milk derivatives segment is estimated to retain its prominent share by 2027 whereas the meat substitutes segment is anticipated to register a growth rate of 10.27% during the forecast period.
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